Los Angeles, CA -- (SBWIRE) -- 08/02/2019 -- The rising demand for consumer goods and essential consumable products is foretold to fuel the growth of the global soap and detergent market. Emerging countries are prognosticated to offer opportunities to increase revenue in the global market. This could encourage vendors to build manufacturing plants in emerging economies such as India and China.
In April 2019, P&G, a US multinational consumer goods corporation, formed a new collaboration with Yara International, International Plant Nutrition Institute, and Malaysia Institute for Supply Chain Innovation as part of its commitment to drive a more sustainable future. Smallholders within the company's palm supply chain in Malaysia will particularly benefit from the collaboration aimed at improving their livelihood.
High Sales of Washing Machines to Push Demand for Soap and Detergent
Increasing use of washing machines, especially in emerging countries, is expected to strengthen the growth of the global soap and detergent market. Development of the textile industry is also anticipated to bolster the global market. Other factors such as improving disposable income of consumers are foreseen to bode well for the global market. The need to maintain cleanliness and hygiene is predicted to positively impact the growth of the global market. Growing healthcare awareness could be another factor creating opportunities for manufacturers.
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Research and Validation Techniques
The report digs deep into critical aspects of the global soap and detergent market while providing a thorough qualitative and quantitative analysis. As part of this analysis, the researchers have focused on revenue and volume forecasts of the global, segmental, and regional markets. In addition, the analysis includes a comprehensive evaluation of the competitive landscape, regulatory and policy scenarios, technology landscape, market drivers, restraints, and opportunities, key issues, and industry trends.
Primary research was used to gain deeper understanding of current and future market situations and validate the findings and data in the report. Secondary sources were mainly used to gather useful data and information on the global soap and detergent market.
Report Summary
? Rise of the textile industry, especially in developed economies, is anticipated to increase the demand for soap and detergent
? The segment of household detergents is foretold to take the lead in the global soap and detergent market
? North America is projected to show remarkable revenue growth among other key regions
? Large multinational corporations are forecast to take command of the global soap and detergent market
Market Segmentation
By Product
? Household Detergents
? Industrial Soaps and Detergents
? Household Soaps
? Others
Among products, household detergents are projected to collect a significant share of the global soap and detergent market due to their high use in emerging regions such as Asia Pacific. Increasing penetration of liquid and powder detergents in both urban and rural areas is also expected to place the segment in a position of strength in the global market.
By Region
Regionally, North America is anticipated to account for a substantial share of the global soap and detergent market in terms of revenue. The US and Canada having large textile manufacturing facilities are forecast to help with the growth of the North America market. Their developed economy is also expected to play an important role in the regional market growth.
Players to Focus on Product Innovation and Strategic Collaboration to Increase Sales
The global soap and detergent market includes top players such as Ecolab Inc., Unilever, Church & Dwight Co., Procter & Gamble, Henkel AG & Co. KGaA, Colgate-Palmolive Company, Lion Corp., Reckitt Benckiser Group PLC, The Clorox Company, and Amway. According to analysts, the global market could witness the dominance of large multinational companies in the coming years. Manufacturers are prophesied to adopt product innovation, strategic collaboration, and merger and acquisition as key growth strategies. Global companies are foreseen to face a tough competition against regional and local players, especially in developing countries.
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