• Friday, June 21, 2024
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Nigeria’s laundry care industry to hit $8.94m in 2033

Nigeria’s laundry care industry to hit $8.94m in 2033

The Nigerian laundry care service industry valued at $8.4 million in 2019, is projected to grow at a compounded annual growth rate (CAGR) of 6.4 percent in the next 10 years – to hit $8.94m in 2033.

Bayo Rotimi, MD/CEO of Greenwich Merchant Bank, said this Thursday, at the launch of Fabricare Professionals and Drycleaners Association (FPDA), themed ‘Raising Global Champions in the Drycleaning Industry in Nigeria’.

In his keynote presentation, Rotimi provided local and global data on the dry cleaning industry.

For data on the Nigerian laundry care service, which the managing director describes as “grossly understated because data is fragmented”, the industry was valued at $8.4 million in 2019, projected to grow by a CAGR of 6.4 percent in the next 10 years.

Read also: Small-scale laundry care operators formalise operations to protect interest

“The global dry cleaning and laundry services market size is expected to hit $79.91 billion by 2027, and it is expected to grow at a CAGR of 3.4 percent in the next 10 years,” he added.

The Association was launched to serve as a national body that can stand strong and advocate for dry cleaners in Nigeria.

“The Dry cleaning Industry has been plagued with so many challenges for decades; we have been lacking standards and a professional code of conduct as well as a structured national platform to regulate the affairs of all stakeholders,” Eniibukun Adebayo, FPDA chairman, said.

“We have suffered from customers, staff, unscrupulous suppliers and vendors as well as unprofessional engineers to mention but a few. But we thank God today, we are all witnessing the formal launch of the association.”

The national body is said to be cardinal at this time as several consumers are actively looking for dry cleaning and laundry services due to their busy lifestyles.