July 25, 2024
Fabric Wash And Care Product Market

Increasing Consumer Awareness To Drive The Growth Of Fabric Wash And Care Product Market

Fabric wash and care products are cleaning agents used for laundry cleaning and stain removal. They include detergents, fabric softeners, bleaches, and other specialty cleaners. Detergents are the most common type of fabric wash products used for general cleaning of textile fabrics. Fabric softeners are used to reduce fabric stiffness and static cling and make fabrics feel softer. Bleaches help remove tough stains from fabrics. Specialty cleaners target specific types of stains such as oil, grease, perspiration, etc. Fabric wash and care products aid in effective removal of dirt, grime and odors from fabrics thereby prolonging the life of textiles. Their regular use also helps maintain the texture and color integrity of fabrics over multiple washes.

The global Fabric Wash and Care Product Market is estimated to be valued at US$ 114.0 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The global fabric wash and care products market is driven by increasing consumer awareness regarding the benefits of regular laundry cleaning and proper fabric care. Consumers are increasingly conscious about hygiene and maintenance of premium fabrics. The growing importance given to laundry self-care during the ongoing pandemic has also boosted market growth. The introduction of eco-friendly and natural ingredient-based products catering to rising demand for sustainable alternatives is a major trend. Manufacturers are engaging in new product innovations, including concentrated formulas and multi-purpose products, to improve formulation efficiency. The expanding e-commerce sector has also increased the accessibility of fabric care products. However, availability of low-cost private-label brands poses competition to major players.

Porter’s Analysis

Threat of new entrants: Low economies of scale exist however there are high capital costs associated with establishing fabric wash and care brands. Advertising and distribution channels are well-established by existing players.

Bargaining power of buyers: Buyers have high bargaining power as there are many substitutable fabric wash and care product brands available. Buyers can easily switch between brands based on prices and offers.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials required for fabric wash and care products such as surfactants and emulsifiers have few substitutes and suppliers.

Threat of new substitutes: Threat of new substitutes is moderate as few product categories can effectively substitute fabric wash and care needs however better-formulated products from existing categories can pose a threat.

Competitive rivalry: High as the market is dominated by few large players however many small regional players are offering alternative unique formulations intensifying competition on quality, value and marketing.

Key Takeaways

The global Fabric Wash And Care Product Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing consumer spending on laundry care products and rising demand for eco-friendly and sustainable fabric care solutions. The market size for 2023 is estimated to be US$ 114.0 Bn.

The Asia Pacific region dominated the global market in 2022 with a share of around 35%, due to the large population, rising incomes and changing consumer lifestyles in countries like India and China boosting product demand. North America and Europe are other major markets driven by high per capita fabric care spending and the presence of prominent brands.

Key players operating in the Fabric Wash And Care Product Market are Wings Corporation, Lion Corporation, and Procter & Gamble Co. Wings Corporation leads the Japanese market while Lion Corporation and Procter & Gamble Co. have significant shares in Asia and global markets respectively offering a wide range of fabric wash and specialty care products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it