Home & Laundry Care - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue in the Home & Laundry Care market is projected to reach US$502.90m by 2024.
The market is anticipated to grow at a compound annual growth rate (CAGR) of 3.17% from 2024 to 2029.
The largest segment in this market is Laundry Care, which is estimated to have a market volume of US$306.60m in 2024.
When compared globally, in the United States generates the highest revenue in this market, with an expected revenue of US$32,170m in 2024.
In terms of per capita revenue, in Sri Lanka is projected to generate US$22.91 per person in 2024.
Furthermore, it is predicted that online sales will contribute 8.8% of the total revenue in the Home & Laundry Care market by 2024.
Sri Lanka's Home & Laundry Care market is witnessing a shift towards eco-friendly products driven by consumer demand for sustainable and environmentally-friendly options.

Key regions: Worldwide, United States, Philippines, Canada, India

Market

Region

Region comparison

Currency

Analyst Opinion

Consumers’ awareness when purchasing everyday products has increased in recent years. Price and brands are taking a back seat and sustainability is becoming an increasingly important topic for consumers. Even if conventional cleaning agents are the cheaper alternative, more and more consumers are choosing to use cleaning agents that are less harmful to nature and humans. Sustainability not only includes more environmentally friendly and degradable ingredients; packaging is also a key issue. Attitudes towards plastic usage and recycling have changed and are becoming more important to consumers. Products that focus on sustainability have recently developed from a niche product to a top seller.

Methodology

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.