29 November 2019
Visiongain’s new report Latin America Detergent Market Report 2020-2030: Forecasts by Types (Powder Detergents, Liquid Detergents, Detergent Tablets, Fabric Softeners, Others), End Users (Residential, Commercial, Hospitals), Sales Channel (Online sales channels, Supermarket and hypermarket, Departmental and convenience stores, Independent grocery stores), by region and analysis of leading companies operating in this industry.
Latin America's detergent market was valued at over USD 18 billion in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. Increasing demand for liquid detergents and increased uptake of environmentally friendly detergents are expected to propel the market over the forecast period. It is projected that increasing awareness of the value of household hygiene would help boost household & kitchen cleaners demand in the region's developing economies. The prevalence of various diseases such as cholera, typhoid, and hepatitis is on the rise due to a lack of adequate sanitation. To stop these, there has been a large increase in demand for household cleaners over the past few years.
Some of the key raw materials used to produce detergents are soda ash, detergent polymer, phosphate, and sodium metasilicate. Nonetheless, manufacturers are choosing phosphate-free raw materials that include plant & vegetable-based ingredients due to increasing demand for biodegradable equivalents. Because liquid products are cheaper to produce, with higher profit margins, manufacturers increase their production. However, the steady penetration rate of powdered products is due to its importance in developing economies, as consumers are looking for economic products. Similar to a powdered form, liquid products are often viewed as premium products.
Latin America's market has enormous potential for private label brands. Consumers now see private-label labels as a substitute for national and global brands and this is anticipated to have a positive impact on the regional market growth. Through e-commerce websites as well as on company websites, both private label and national brands are sold online. E-commerce makes it easier to compare prices and customer reviews for different types of products on the market. Therefore, increasing demand for petroleum-based detergents that replace synthetic forms is likely to boost market growth over the forecast period.
The market is governed by the presence of different government bodies regulating product packaging, labeling, storage, and use. These include the Federal Hazardous Substances Act (FHSA), the International Association for Soaps, Detergents and Maintenance Products (AISE), the Poison Prevention Packaging Act (PPPA), the Environmental Protection Agency (EPA), and the Consumer Product Safety Act (CPSC). To conduct business in the area, manufacturers must comply with the regulations defined by these bodies.
The residential application segment was the leading contributor to revenue generation in the year 2018, contributing over 60% of the Latin America detergent market. The emergence of washing machines in the area is expected to support the residential sector's demand for detergents. Growing sales of washing machines & other detergent products, particularly in countries like Argentina, Colombia, and Mexico can be directly linked to rising disposable income. In these countries, rapid urbanization is further increasing the sales of washing machines.
Increasing fears about infectious diseases lead customers to follow more healthy lifestyle habits. Changing patterns in developed and developing economies for increased use of home care and hygiene products are likely to intensify detergent demand in Latin America. Also, it is anticipated that increased commercial use of household cleaners such as surface deodorizers and fabric softeners/conditioners would create demand for the products in residential applications.
Over the forecast period, Latin America is likely to witness significant growth. Because the region is still in the phases of development, most people are economically backward. They tend to use cheap products containing cheap ingredients. However, the demand for products with higher performance and eco-friendly characteristics is gradually increasing because cheap ingredients are creating a negative impact on the environment. This is anticipated to have a positive effect on the regional market growth over the forecast period.
Some of the key Latin America Detergent market players include 3M Company, BASF SE, Church & Dwight Co., Inc., Clariant AG, Crown Chemicals, DowDuPont, EUD Group AS, General Organics, Inc., Guangzhou Liby Enterprise Group Co. Ltd, Henkel AG & Company KGaA, Kao Corporation, Lion Corporation, Method products, pbc., Nice Group, Proctor & Gamble Co., Sigma-Aldrich Co. LLC, Stepan Company, Unilever Group, Company19, Company20 among other prominent players.
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