Franchising in Dry Cleaning and Laundry Services Market to Help Drive Growth to $141 Billion by 2026
TBRC’s market analysis for the laundry services market explains the growth rates and opportunities throughout the forecast period.
LONDON, May 25, 2022 /PRNewswire/ — Expansion of the franchise of dry cleaning and laundry service providers is expected to have a positive impact on the dry cleaning and laundry services market. Large laundry service providers offer franchise opportunities while providing the equipment and software needed to efficiently manage the entire dry cleaning and laundry process. The provision of such a franchise model is expected to increase the number of entrepreneurs setting up laundry businesses nationally and globally. The 24/7 operation of franchises equipped with coin-operated laundry machines, combined with the busy lifestyles of the working population, will improve the availability of laundry services for a large number of consumers, thereby encouraging more consumers opting for commercial laundries. laundry services and driving the global dry cleaning and laundry services market.
The global dry cleaning and laundry services market size is expected to grow from $104.23 billion in 2021 for $111.93 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth of the market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The Dry Cleaning and Laundry Services Market is Expected to Reach $141.50 billion in 2026 at a CAGR of 6.0%.
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Key players and their strategies in the laundry and dry cleaning industry
The market for dry cleaning and laundry services is fragmented, with a large number of regional and small players. The top ten market competitors accounted for 17.37% of the total market in 2021. The major market players are Aramark, Cintas Corporation, Elis SA, UniFirst Corporation and Franz Haniel & Cie GMBH.
Strategies adopted by players in the dry cleaning and laundry services market include strengthening service business by expanding portfolio through strategic acquisitions and expanding customer base by enhancing uniform rental capabilities and facility service.
Diversification of services is a key market trend
Laundry service providers are diversifying their service offerings by washing decorative items such as rugs, drapes, and curtains, as well as regular clothing and linens to increase their customer base. Such diversification helps laundry service providers become a one-stop solution for most customer laundry needs, which in turn helps build customer loyalty. For example, Richies Laundry, is a laundry service provider in the United Arab Emirates that provides household laundry, commercial laundry and linen services and special services.
Regional Analysis of the Dry Cleaning and Laundry Market
North America was the largest region in the global dry cleaning and laundry services market, accounting for 33.6% of the total in 2021. It was followed by the Asia Pacific, Western Europe then the other regions. In the future, the Middle East and Africa will be the fastest growing regions in the dry cleaning and laundry services market, where growth will be at CAGRs of 6.7% and 6.4% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 5.4% and 4.8% respectively.
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SOURCE The Trade Research Society