Laundry Detergent Pods Market Size is estimated to expand to USD 3,567.7 million
Posted by Pradeep Zende on March 27th, 2020
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.
Investments in research and development by detergent manufacturers to create and manufacture innovative products for consumers is expected to work in favor of the laundry detergent pods market. The dissolvable nature of the pods coupled with its functional benefits have appealed to consumers. In addition, their compatibility with washing machines is a plus for the market growth. Integration of new and aromatic fragrances which can remain on fabrics can drive market demand. Furthermore, the need for convenient solutions by consumers in urban areas in developing countries is expected to open up expansion opportunities for the laundry detergent pods market till 2023.
Environmental concerns regarding these pouches can act as growth deterrent. The unsafe nature of these pods for children owing to unseemly challenges taken by them has led to manufacturers taking preventive measures to safeguard their health.
TheLaundry Detergent Pods Market Value 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. The segment can accumulate close to 9,881.1 million units at 3.68% CAGR over the forecast period. This can be credited to maximum number of consumers of detergent pods in urban households. On the other hand, the commercial segment is predicted to accrue USD 621.8 million in revenue by the end of the forecast period. The segment can command a demand totaling 2,119 million units by 2023. Emergence of hotels and other institutions which require convenient cleaning solutions can boost the segment demand in 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. This channel can sell close to 8,416.8 million units by 2023 at a CAGR of 3.27% over the forecast period. Preference of consumers to shop at outlets close to their house has led to manufacturers tying up with local and reputed retail chains to distribute the product. On the other hand, the non-store based segment can accumulate close to USD 1,040.6 million by 2023. The segment can generate sales of 3,583.3 million units at 4.36% CAGR during the assessment period. Emergence of ecommerce stores owing to the popularity of online shopping is likely to drive the segment’s growth till 2023.
By geographical locations, the laundry detergent pods market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America held close to 55.2% market share in 2017, followed by Europe (27.6%), APAC (13.7%), and RoW (3.6%).
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.
The Europe market size can expand to 997.9 million by 2023 at 5.31% CAGR over the forecast period. The region is predicted to accumulate close to 3,080.9 million units by 2023 at a CAGR of 3.75% over the assessment period. Early adoption of products by consumers coupled with presence of prominent detergent manufacturers are likely to boost the regional market growth. Inclusion of new fragrances, emphasis on packaging, and launch of new products are other factors which can drive the demand of the laundry detergent pods market.
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.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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