Home & Laundry Care - Panama | Statista Market Forecast

The revenue in the Home & Laundry Care market in Panama is projected to reach US$150.10m by 2024.
It is expected to experience an annual growth rate of 3.62% (CAGR 2024-2029).
The largest segment in the market is Laundry Care, which is estimated to have a market volume of US$75.70m in 2024.
When compared globally, United States generates the highest revenue in the Home & Laundry Care market, amounting to US$32bn in 2024.
In terms of per capita revenue, each person in Panama is expected to generate US$33.15 in 2024.
By 2024, online sales are anticipated to account for 5.9% of the total revenue in the Home & Laundry Care market in Panama.
Panama's Home & Laundry Care market is witnessing a surge in demand for eco-friendly and sustainable cleaning products.

Definition:

The Home & Laundry Care market covers cleaning products used for private households. This market only takes into account consumable detergents for use in private households (B2C). Auxiliary cleaning equipment (e.g., mops and brooms) are not included. Professional products for industry use or household cleaning services (B2B) have also not been included.

Structure:

Home & Laundry consists of 4 different markets:

The Laundry Care covers all detergents purchased by consumers that are intended for the care of textiles in the form of powder, tabs, or liquids.
The Household market covers all consumer products used for the cleaning of surfaces, windows, and toilets.
The Dishwashing Detergents cover cleaning products used for washing up and cleaning dishes and cutlery. Both detergents for dishwashers and hand dishwashing detergents in liquid, powder, or tab form are included in this market.
The Polishes, Room Scents & Insecticides cover several specialty cleaning products for narrowly defined niche uses. The market includes polishes for shoes, floor, furniture, and coach care, along with room deodorants and household insecticides..

Additional Information:

The market comprises revenue, average revenue per capita, sales channel. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). For more information on the displayed data, click the info button on the right side of each box.

Laundry detergents
Household cleaners
Dishwashing detergents
Specialty products (polishes, room scents, household insecticides)
Cleaning products for private consumers (B2C)

Cleaning equipment (e.g. mops or cleaning cloths)
Cleaning services (laundry services, house cleaning)
Professional products for bulk consumers (B2B)

The Home & Laundry Care market in Panama is witnessing mild growth, influenced by factors such as increasing consumer awareness of hygiene, the rising demand for convenient cleaning solutions, and a shift towards eco-friendly products that cater to modern lifestyles.

Customer preferences: In Panama, consumers are increasingly prioritizing hygiene and cleanliness, which has sparked a notable surge in demand for multi-purpose and disinfecting cleaning products. The rise of urban living is leading to smaller living spaces, prompting preferences for compact and efficient laundry solutions. Additionally, younger generations are gravitating towards eco-friendly and sustainable brands, reflecting a cultural shift towards environmental consciousness. This evolving landscape is further influenced by the growing availability of online shopping, making it easier for consumers to access innovative home care solutions.

Trends in the market: In Panama, the Home & Laundry Care market is experiencing a shift towards enhanced hygiene products, driven by consumers' heightened awareness of cleanliness. The demand for multi-purpose and disinfecting cleaners is surging, reflecting a broader societal emphasis on health and safety. Concurrently, urbanization is leading to smaller living spaces, resulting in a preference for compact, efficient laundry solutions. Younger consumers are increasingly favoring eco-friendly brands, indicating a cultural shift towards sustainability. This evolving landscape, bolstered by the rise of online shopping, presents significant opportunities for industry stakeholders to innovate and cater to these changing consumer preferences.

Local special circumstances: In Panama, the Home & Laundry Care market is influenced by the country's tropical climate, which necessitates effective moisture and mold control solutions. Cultural attitudes towards cleanliness and family health drive demand for products that ensure a hygienic living environment. Additionally, the rise of local regulations promoting eco-friendly practices is pushing brands to innovate sustainable offerings. The growing influence of social media among younger consumers fosters a preference for visually appealing packaging and effective marketing, further shaping market dynamics and opportunities for growth.

Underlying macroeconomic factors: The Home & Laundry Care market in Panama is influenced by several macroeconomic factors, including national economic health, consumer spending trends, and global economic conditions. Economic growth in Panama, characterized by rising disposable incomes, leads to increased consumer demand for high-quality home care products. Additionally, inflation rates and currency stability affect pricing strategies and purchasing power. Fiscal policies promoting environmental sustainability encourage companies to invest in eco-friendly production, aligning with global trends. Furthermore, international trade dynamics and supply chain stability impact product availability and pricing, shaping competitive advantages in the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on home and laundry care products. The market encompasses cleaning products designed for private households, including laundry care, household cleaners, dishwashing detergents, and polishes, room scents & insecticides.

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, regression analysis and Monte Carlo simulations are particularly suited for forecasting in the Home and Laundry Care market, due to the unpredictable variability and complex dynamics in consumer behavior and product adoption. The main drivers are GDP and consumer spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Consumers’ interest in cleaning supplies has kept on growing in the last few years. As awareness on the importance of good hygiene practices increases, so does the revenue of the global home and laundry care market, which was estimated to add up to nearly 200 billion U.S. dollars in 2024 and to grow to over 230 billion U.S. dollars by 2029. The United States is the leading region in the market, having recorded over 30 billion U.S. dollars in revenues as of 2023, followed by China and India.