Global Detergents Market Witnesses High Demand During COVID-19 Pandemic, Market to Attain Stable Growth in Coming Years, Says PMR
Date : Apr 21, 2020 Author : PMR Editorial Staff Category : Lifestyle
As the corona virus continues to expand across the globe, consumers are changing their purchasing behavior.
As the corona virus continues to expand across the globe, consumers are changing their purchasing behavior. The awareness has shifted towards sanitation and hygiene in light of the touch-based corona virus spread. The sale of washing and cleaning products is witnessing a significant hike owing to the existing panic scenario. The attention of the demographic has shifted towards the cleanliness of the products that are bought from outside. Besides the products, a huge population believes in washing the clothes worn outside during the COVID-19 crisis. Both the situations are cumulatively enhancing the demand in the detergents market.
International organizations such as the World Health Organization are stressing the importance of good hand hygiene as a protective measure against the transmission of corona virus. The growth in hand washing and personal hygiene practices has proportionally increased the demand for soaps and light detergents. PMR highlights the rapid spike in the number of hand washes per individual across the globe to exponentially increase the demand for hand washes.
Lockdown Encourages Stocking Of Detergents
Detergents being one of the major cleaning components are exhibiting varying dynamics in the market. Panic-buying is acting as a major growth lever in the market. People are stocking up commodities to avoid frequent trips to the market. With no viable cure for corona virus, this period of crisis is expected to extend for indefinite times. The growing uncertainty surrounding the lockdown across different regions has a major role to play in the hoarding of detergents in households. Retail shops are also increasing their purchases of detergents in the light of the restrictions in movement. The prominent use of detergents in all the households for cleaning provides continuous thrust to the demand for detergents.
In spite of the stellar rise in demand, COVID-19 is inversely impacting the business of different products in the detergents market. Owing to the lockdown and restricted movements, the outgoing activities have steeply declined. Strict regulations against gatherings and celebrations have halted the outside movement, which inversely influences the usage of occasional wear. Products such as dry laundry detergents that are used in dry cleaning of these clothes are facing the heat. In the light of social distancing and movement restrictions, numerous laundry shops have shut down. Such developments are hampering the consumption of dry laundry detergents, depressing the revenue of the detergents market.
A major challenge comes from the restrained production and manufacturing point of view. With increasing lockdown, the detergents industry is experiencing a huge shortage of workforce, impacting the production capacity of the market.
Industrial Application Surges Revenue In The Market
Products such as detergent alcohols, used in the manufacturing of detergents are witnessing a rise in demand owing to the burgeoning demand of detergents. The surge in cleanliness has scaled the cleaning and disinfection activities in the operational industries, substantially increasing the consumption of industrial detergents. PMR projects the sale of detergent alcohol to a significant increase by the end of COVID-19 pandemic. The application of detergent in wastewater treatment chemicals also contributes to the revenue in the market. The stagnant business in wastewater treatment is expected to hamper the revenue generated by detergent alcohols.
Online distribution channels are expected to generate a major amount of revenue in all types of commodity markets. The revenue loss during lockdown is expected to regain with online orders of detergents. To stay safe, people are using online mode of orders, creating a robust revenue pool in the market. The convenience of at-the-door delivery plays a significant role in the growing popularity of online distribution channels.
The surge in demand for detergents is anticipated to generate major revenue in the market, However, with the extension of the COVID-19 crisis, the market economy is expected to come to standstill. Limited movements are estimated to depress the growth in the market. PMR foresees the detergents market to attain stable growth during the COVID-19 pandemic, owing to the necessity of detergents in daily lives.
Report Highlights: Global Detergents Market
- Parent market overview covering market dynamics during COVID-19 pandemic
- Major market segments
- Changes in market sizing
- Recent trends and developments
- Potential profitable opportunity analysis
- Competitive scenario and changing dynamics
- Strategic evaluation of key market players
- Overall market performance during the forecast period