According to a new report published by Allied Market Research, titled, Fabric Wash and Care Market by Product Types and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022, the fabric wash and care market was valued at $77 billion in 2015 and is projected to reach $112 billion by 2022, growing at a CAGR of 5.6% from 2016 to 2022. In 2015, detergent segment dominated the market, whereas fabric softener/conditioner is anticipated to exhibit faster growth over the forecast period.
Fabric wash and care products are used to clean garments, furniture and upholstery. A number of fabric cleaning and care products such as detergents and fabric softeners are available in the market. Increase in awareness about the benefits of fabric care products, growth in population, rise in disposable income of middle-class customers, and diversification of product portfolio are the major factors that drive the market growth. Global players such as Procter & Gamble, Hindustan Unilever Limited, and Henkel AG & Co. KGaA have launched innovative fabric cleaning and care products to expand their market share. In addition, these players have launched ecofriendly fabric softeners and detergents to cater to the needs of customers.
Detergents are the largest selling fabric wash and care products, constituting around 58% of the overall fabric wash and care market size in 2015, followed by fabric softener/conditioner. From a growth perspective, fabric softener/conditioner segment would witness the highest CAGR among the different fabric wash and care product types. Growth in purchasing power has encouraged customers to buy branded premium quality garments, which in turn, has led to the increased demand of fabric softener/conditioner to maintain the fabric quality, thus driving the growth of the fabric softener/conditioner segment.
Based on application, the residential sector occupies the largest fabric wash and care market share of over 40%. The adoption of these products has been gaining popularity among the residential users owing to the availability of a wide range of affordable detergents and fabric conditioners. Additionally, the growing demand for liquid detergents among the households, owing to the comfort and ease they offer over the conventional washing soaps and bars, supplements the market growth.
North America generated the highest revenue in 2015, and is projected to remain one of the dominant markets throughout the analysis period. However, Asia-Pacific is expected to witness the fastest growth rate, owing to emerging economies such as China and India.
Key findings of the Fabric Wash and Care Market
- Improvement in lifestyle and increase in awareness about the variety of fabric wash and care products have accelerated the growth of the overall fabric wash and care market.
- China is expected to generate the highest revenue within the Asia-Pacific region, growing at a CAGR of 6.5% during the forecast period
- In 2015, detergent segment accounted for nearly 58% of the overall fabric wash and care market size
- Hospitality segment is anticipated to grow at a notable CAGR of 6.0% during the forecast period
Key players profiled in this report include Unilever Group, Procter & Gamble, Reckitt Benckiser Group, Henkel AG & Co. KGaA, The National Detergent Company SAOG, Church & Dwight Co. Inc., SEITZ GMBH, Nice Group, Wipro Enterprises Limited, and Colgate-Palmolive Company.