Worldwide Demand for Cleaning Compounds Forecast to RiseJune 9, 2021
The global market for soap and cleaning compounds is expected to grow to US$224 billion by 2025 with a compounded annual growth rate—or CAGR—of 4%, according to a new study from market research firm Research and Markets.
The study found the growth is mainly attributed to companies rearranging their operations and recovering from the impact of the COVID-19 pandemic and rapid urbanization. The Asia-Pacific region is forecast to be the largest region of growth, accounting for 31% of the market in 2020, followed by Western Europe, which had 23% of soap and cleaning compound sales. Rising freight costs are speculated to possibly have a negative impact on the market.