The Latin America detergent market size is anticipated to reach USD 28.08 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.9% during the forecast period. Rising demand for washing machines in developing countries in Latin America, coupled with surging demand for powder detergents from rural areas of developing economies, is expected to drive the market.
Powder detergents are witnessing rising competition from liquid detergents. Adoption of liquid detergent in developing economies is experiencing a sharp rise owing to its ease of use and it being pre-dissolved. Application of liquid detergent on stains as compared to powder detergents is much more convenient for consumers.
The market is governed by presence of various regulations that specify safe use of raw materials used to manufacture detergents. In addition, since the demand for biodegradable and environment-friendly detergents is on a rise, this has encouraged manufacturers to spend on research & development and launch innovative products to cater to consumer demand.
The market for household & kitchen detergent is estimated to expand at a steady pace in Latin America over the forecast period.With the population in Latin America increasing, it is important to maintain cleanliness around households and commercial spaces to avoid threats of diseases and infections. These trends are likely to impact the demand for the product over the forecast period.
The commercial application sector is projected to be a lucrative segment on account of increasing investments being made in Latin America. Soaring need for proper sanitation and hygiene in hospitals and commercial spaces is fueling the demand for floor cleaners in the region. Since these spaces see an influx of people on a daily basis, it is important to maintain proper cleanliness for overall safety of the people.
Further key findings from the report suggest:
- In terms of revenue, the laundry detergent product segment is anticipated to reach USD 12.59 billion by 2025, exhibiting a CAGR of 5.8% from 2018 to 2025
- The residential application segment dominated the market in terms of revenue in 2017. It is expected to represent about 60.0% of the market by 2025, owing to increasing awareness regarding importance of hygiene in households
- The Colombia laundry detergent market is estimated to exceed USD 2.74 billion by 2025 owing to presence of various national brands and private label detergent manufacturers in the country
- The market for Latin America laundry detergents is competitive with presence of a number of global, medium, and small scale companies catering to the regional demand
- Some of the key companies present in the market are Productos Qu?micos Panamericanos SA (PQP), Procter & Gamble, California Cleaning Supply LLC, Detergentes Y Jabones Sasil S.A., and Biocloro S.R. The companies in the market use the strategy of mergers & acquisitions to expand their market reach and product portfolios.