Water Soluble Detergent Pods Market Outlook, Trends, Key Players and Forecast 2023
Laundry detergent pods are disposable pouches containing laundry detergent, fabrics softener, and other laundry products. These pouches are efficient and reliable due to the measurement of quantity it offers to the customer. The global laundry detergent pods market report highlights on important factors, trends, opportunities, and challenged faced by the market in the period between 2018 and 2023 (forecast period.)
The global Water Soluble Detergent Pods Market is set to reach a value of USD 3,567.7 million by 2023 at a CAGR of 5.04% over the forecast period. The market can attract a demand of 12,000.1 million units by 2023 at a CAGR of 3.59% over the same period. Development of new household care products is likely to induce customers in purchasing this product. Its functionality and performance over liquid and powder counterparts can work favorably for the market.
Inclusion of sweet fragrances in these pouches can attract customers. Celebrity endorsements of these products in China and India can drive the consumer awareness level and fuel product demand. The expansion of the retail sector with lucrative offers for customers for purchase of household care products can augur well for the market. Promotional campaigns in the form of Ads, radio Ads, and social media campaigns to maximize reach and improve brand image can drive the sales of detergent pods.
But high prices of pods and environmental regulations can dampen the global laundry detergent pods market growth.
The global laundry detergent pods market is segmented by application and distribution channel.
By application, it is segmented into residential and commercial. The residential segment held a share of 82.1%, while the commercial segment held close to 17.9% in 2017. Residential can continue to dominate due to large number of users belonging in residential areas. Large income levels of customers coupled with the need for efficient fabric cleaning solutions can drive the global laundry detergent pods market growth. On the other hand, the commercial segment can trigger sales in the market due to emergence of various hotels and the booming domestic tourism sector.
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By distribution channel, it is segmented into store-based and non-store-based. The store-based segment accounted for 72.1% share, while the non-store-based segment held 27.9% share in 2017 respectively. The non-store-based segment is touted to generate revenues in the coming years owing to the trend of online shopping. Launch of various mobile applications offering a medium of sale for household products can drive the segment growth in the global laundry detergent pods.
Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions taken into consideration while identifying the various growth factors of the market.
Europe can exhibit the highest growth rate during the forecast period due to launch of next-generation products in the region. Agreements by manufacturers with ecommerce retailers to reach out to maximum customers can aid the global laundry detergent pods market growth.
North America is predicted to be one of the lucrative markets for the global laundry detergent pods market owing to the high demand for new products in household care. Multiple products in a single pod has worked for customers in the region and will benefit the market greatly. For instance, detergent pods contain detergent, stain remover, and brightener. The hotel industry is one of the biggest end-users of the product proving to be highly lucrative for the market due to constant travel by customers for work as well as vacations taken by employees.
MaddieBrit Products LLC, Dapple, Henkel AG & Co. KGaA, Procter & Gamble Co., and Church & Dwight Co., Inc. are prominent players of the global laundry detergent pods market.
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