Soap Market

Soap Market

Growth Factors of Soap Market

The soap market size was valued at USD 43.31 billion in 2023, and the market is now projected to grow from 45.58 billion in 2024 to USD 67.18 billion by 2032, exhibiting a CAGR of 5.70% during the forecast period of 2024-2032.

The COVID-19 pandemic was the peak for the increase in the liquid soap market as there was increased awareness on hygiene. Most hand washing became mandatory, people moved around the world demanded liquid soap products. These changes in consumption patterns were occasioned by health promotional messages on hand washing to curb the spread of viruses. Manufacturers started increasing the output with a view to supplying the increasing requirements, and fresh brands emerged with the intention of getting a piece of this activity. Due to the high rate of adoption of liquid soap in the houses, the popularity expanded in houses only, as in other establishments too.

Trends in the liquid soap market are mainly oriented on the elements of sustainability and new developments. Sustainable materials effectively adorn such commodities like biodegradable or returnable packaging materials following increasing concerns on environmental conservation. There is also increasing use of naturally and organically based with more use of natural products rather than chemicals. The second change that this company will experience is likely to come from the increased use of antibacterial soaps due to an increase in health consciousness after the pandemic. Further, fancy packaging and other attachment like gels with different smells and materials which can make the hands moisture when washed are also being consumed by gray people looking for quality and interesting hand washing. Thus, all the above mentioned factors are contributing towards the soap market growth.

The market segmentation in the liquid soap product is stimulated by policies and awareness of hygiene with specific relevance to COVID-19. Consumers are more aware of the frequency at which they need to wash their hands, and so the demand goes up. Besides, increased urbanization, and emerging and improved life standards have increased the demand for easy and efficient sanitation materials. The middle class is expanding; the disposable income is increasing Both these factors come into play when consumers indulge in purchases of personal care products. Other factors that are also driving this market and its expansion are innovations found in liquid soap which include natural ingredients, skin friendly formulation as well as attractive packaging.

Comprehensive Analysis Soap Market

Organization of liquid soap is on the basis of the product type, application and on the distribution channel. Product types comprise of bath and body soap, dish wash soap, laundry soap, and others including surface cleaner soaps and car wash soap. As for its usage liquid soaps are applied both in household and commercial premises. Distribution channels include supermarkets and hypermarkets, convenience stores and internet sales. Moreover, the business category labelled “others” include pharmacies and department stores through which consumers can buy these hygienic necessities.

Currently, North America is the dominating market for liquid soap majorly due to awareness of hygiene and a large market of personal care products. The large-scale established infrastructure including the organized retail channel by supermarkets, hypermarkets and online reach boosts its position. In addition, awareness of health and wellness and availability of the successful manufacturers also increases the market in North America. Concerning its trend, the market also benefits from a focus on eco-friendly and natural ingredient products that are popular in North America, increasing the market’s growth in this area.

Key players in this sector include Procter & Gamble (U.S.), Henkel AG & Co. KGaA (Germany), Colgate-Palmolive Company (U.S.), Unilever (U.K.), Reckitt Benckiser Group plc (U.K.), Kimberly-Clark Worldwide, Inc. (U.S.), the 3M Company (U.S.), Lion Corporation (Japan), Kao Corporation (Japan), Johnson & Johnson Services, Inc. (U.S.)

New product of Liquid soap industry in 2023 was the Procter & Gamble Eco Refill concentrated liquid soap pouches. These pouches enable consumers to dilute a small proportion of concentrate with water and make a whole bottled liquid soap at homes. This innovation lowers the usage of plastics and CO2 emission during transportation of these products hence encourages a sustainable lifecycle of these products. The market for organic products has been on the rise for some time and therefore, the decision to target consumers who are environmentally conscious and provide them with a product in which they do not have to purchase and dispose of plastic ties was a best solution for Procter & Garge.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 5.70% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Product Type

Bath & Body Soaps

Kitchen Soaps

Laundry Soaps

By Form

Solid

Liquid

By Application

Household

Commercial

By Distribution Channel

Supermarkets/Hypermarkets

Pharmacies

Online Channel

Others (Convenience Stores and Department Stores)

By Geography

North America (U.S., Canada, and Mexico)

Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia Pacific)

South America (Brazil, Argentina, and Rest of South America)

Middle East & Africa (South Africa, UAE, Saudi Arabia, and Rest of the Middle East & Africa)




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