The global fabric care market is cleaning up, with an estimated value of $90.7 billion in 2018, projected to increase at a CAGR of 5.9% during 2018 to 2027. That’s according to a new report from Future Market Insights, which notes that fabric detergents are a key target segment for fabric care manufacturers.
Notes the report, the key factors driving the demand for fabric care products across the globe include:
· Increasing use of liquid fabric care products
· Rise in the adoption of washing machines in developing countries
· Frequent launch of new fabric care products compatible with various types of washing machines
· Ease of use associated with liquid fabric care detergents as compared to soaps, bars, and blocks
· Rapidly growing population
· Increasing per-capita expenditure on household cleaning products
· Expanding global Consumer Packaged Goods industry
· Growing trend of hygienic personal care
Companies in the fabric care market are adopting various marketing strategies to increase their market share, revenue, penetration, and customer base, the report explains. For instance, various players offer combo deals, which help boost their sales and generate profits, provide product innovation to create loyalty to the brand, and introduce various products in same product category for different user groups.
When it comes to packaging, consumers are not only concerned about buying natural and green-label home care, personal care, and fabric care products, but are also demanding environmentally friendly packaging. Thus, growing consumer expectations for eco-friendly packaging and consciousness about the detrimental effects of fabric care containers and plastic packaging on the environment are projected to accelerate the growth of the natural fabric care market worldwide. Moreover, the frequent launch of fabric care products that target specific customers, coupled with an increasing demand for green products, is creating considerable opportunities in the global fabric care market.
In its report, Future Market Insights segments the global fabric care market into six regions: North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa, and Japan. Among all the regions, the report indicates APEG and Europe are estimated to have a substantial value share. APEJ is the most attractive region in the global fabric care market and is expected to grow at a CAGR of 6.9% from from 2018 to 2027.