Laundry Detergent Pods Industry 2020 Global Growth Opportunities, Key Driving Fa
Posted by MRFRresearch on November 18th, 2019
The Global Laundry Detergent Pods Market Size is estimated to expand to USD 3,567.7 million by 2023, asserts Market Research Future (MRFR). It can exhibit 5.04% CAGR over the forecast period (2018-2023) to reach this benchmark. Its value in 2017 was USD 2,664.3 million.
Development of new household care products for customers in urban areas is likely to bolster the market demand. The superior functionality and convenience offered by detergent pods over its liquid and powder counterparts can augur well for pod manufacturers. In addition, the inclusion of sweet-smelling fragrances in formulations is likely to drive market growth. Options of releasing different smells which ensures a long-lasting scent on fabrics have been devised by detergent manufacturers to entice customers in buying the product.
But high prices of detergent pods and environmental concerns associated with them are factors which can restrain market growth.
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The laundry detergent pods market is segmented by application and distribution channel.
By application, the residential segment can generate close to USD 2,945.9 million by 2023 for the laundry detergent pods market.
By distribution channel, the store-based segment can generate USD 2,527.1 million in revenue for the laundry detergent pods market by 2023.
The APAC region can reach a market value of USD 478.8 million by 2023 expanding at 4.67% CAGR during the forecast period. The region can accrue close to 526.7 million units by 2023. The increasing population in economies of China, India, and Indonesia coupled with their increased purchasing power can be a welcome move for the laundry detergent pods market looking to expand their base in the region.
The RoW region can generate revenue totaling USD 113.8 million by 2023, growing at 3.05% CAGR over the assessment period. It can accumulate a demand of 193.1 million units by 2023. South America is expected to be the most prominent contributor to the market, followed by the Middle East. Aggressive marketing strategies to promote the product coupled with tie-ups with online platforms are other factors touted to drive the regional growth.
The North America laundry detergent pods market size can touch USD 1,997.2 million by 2023 at a CAGR of 5.12% over the forecast period. The market can accumulate 8,199.4 million units of demand by 2023. The region is extremely lucrative owing to consumer looking for convenience solutions and consumers ready to adopt new products. Presence of major detergent manufacturers coupled with promotional activities to create consumer awareness are likely to skyrocket sales in the region.
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The laundry detergent pods market encompasses industry leaders by the names of Church & Dwight Co., Inc. (U.S.), Henkel AG & Co. KGaA (Germany), Procter & Gamble Co. (U.S.), Dapple (U.S.), and MaddieBrit Products LLC (U.S.). Agreements, product launches, and acquisitions are some of the strategies of these players to sustain their standing in the market. For instance, Church & Dwight has signed an agreement with Major League Baseball Properties for promoting its proprietary product as the baseball league’s official sponsor.
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