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ALBANY, N.Y. , May 23, 2022 /PRNewswire/ -- Transparency Market Research: The value of the global detergents market stood at US$ 120.7 Bn in 2021. The market is likely to rise at a CAGR of 4.3% during the forecast period from 2022 to 2031. The global detergents market is likely to attain value of US$ 176.3 Bn by the end of 2031. Due to the rising occurrence of infectious illnesses, such as COVID-19, people are becoming more concerned about hygiene and cleanliness. The necessity of hygiene, hand sanitization, and cleanliness has grown due to the rapid spread of infectious illnesses such as influenza and norovirus. This has boosted demand for laundry, hand sanitizers, and home cleaning goods, thereby propelling the global detergents market during the forecast timeframe.
Firms are diversifying their product lines by concentrating on providing environmentally friendly laundry and cleaning items. Healthcare professionals in various developing nations are conducting hygiene awareness initiatives to raise consumer awareness. As a result, customers all over the world are increasingly interested in household cleaning and personal care goods. In addition to that, market participants are developing personal care products, household cleaning products, and hand sanitizers to ensure that their products have beneficial influence in preventing disease spread and growth.
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In 2021, Asia Pacific had the biggest volume share of the global detergents market, accounting for more than 35% of total volume. It is considered the fastest growing market for detergents. As a result of improved lifestyles and rising population, the region's detergent usage is rising. In India, China, and ASEAN countries, growing washing machine penetration and uptake of upscale FMCG products have bolstered demand for premium products including liquid laundry detergents and home cleansers. In addition to that, the personal care industry's rise in Asia Pacific is likely to raise detergent consumption in the region and thus is expected to become largest revenue generator in detergents market. In Asia Pacific , China controls roughly a third of the detergent market.
Key Findings of Market Report
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Global Detergents Market: Growth Drivers
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Global Detergents Market: Key Players
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