The global laundry market looks set to be revitalised as producers of household products turn their attention to environmentally friendly products, according to the latest research from Euromonitor International.
A flurry of new and innovative products are currently being introduced by leading detergent manufacturers, such as Procter & Gamble and Unilever, in an attempt to raise their green credentials – and increase profits in the process.
Euromonitor International suggests that these will help revive the global laundry market, where value sales have declined in developed markets by 1.4% since 2001.
Consumers feel the benefit of saving money and the environment.
The new products being launched by global players in the market offer more than the traditional benefits to the environment, by also saving the consumer money.
For example, Procter & Gamble's new range of concentrated liquid detergents is being marketed as environmentally friendly, and also claims energy savings of 40-80%.
Industry Analyst from Euromonitor International, Adrian Atterby, comments, “Leading manufacturers are targeting their customers' wallets as well as their hearts, giving them an advantage over established eco-friendly brands.
By communicating the possible savings and persuading consumers to pay for the combined benefits of helping the environment and saving on energy costs, manufacturers will be able to take a slice of these savings and increase the value of the market”.
Financial benefits outweigh environmental benefits.
Global detergent manufacturers have so far been slow to catch on to environmentally friendly products.
The niche market for environmentally friendly detergents has been available for a number of years, dominated by brands such as Ecover and Method.
Leading manufacturers are now bringing these products to mainstream distribution in order to capitalise on the growing demand for eco-consumerism.
However, it is likely to remain unproven whether these new offerings really are as good for the environment as products offered by niche players.
Euromonitor’s Adrian Atterby comments, “While the intangible environmental benefits are less certain, the marketing messages portrayed by leading manufacturers will certainly ensure mass adoption of the products by consumers”.
As such, Euromonitor International forecasts that the global market for laundry detergents will grow by 7% by 2010.
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