Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global soap market size was valued at USD 43.31 billion in 2022 and is projected to grow from USD 45.58 billion in 2023 to USD 67.18 billion by 2030, exhibiting a CAGR of 5.70% during the forecast period.
Fortune Business Insights™ provides this information in its research report, titled “Soap Market, 2023-2030”.
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Leading Players Featured in the Research Report:
Companies leading the soap market are Reckitt Benckiser Group plc (U.K.), Ecolab Inc.(U.S.), Beiersdorf AG (Germany), Colgate-Palmolive Co.(U.S.), Henkel AG & Co. KGaA (Germany), Procter & Gamble Co. (U.S.), Unilever (U.K.), Natura & Co. (Brazil), Kao Corporation (Japan), Johnson & Johnson Services, Inc. (U.S.), and more.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.70% |
| 2030 Value Projection | USD 67.18 Billion |
| Market Size in 2022 | USD 43.31 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 185 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Soap Market Growth Drivers | Increase in Product Innovations to Drive Market Expansion |
| Rising Awareness Regarding Personal and Household Hygiene to Fuel Product Demand |
Report Coverage:
The report gives an analysis of the vital trends impelling the global business scenario throughout the forecast period. It further provides an analysis of the key factors driving market growth over the forthcoming years. The report also furnishes an overview of the pivotal strategies undertaken by leading market players for establishing a strong market footing.
Drivers and Restraints:
Surging Awareness Regarding Household and Personal Hygiene to Propel Industry Growth
The soap market growth is being propelled by the growing awareness regarding the maintenance of household and personal hygiene. The prevalence of infectious diseases such as SARS, pneumonia, and diarrhea, among others, can be decreased by following proper hand-hygiene.
However, the soaring availability of alternative products may hamper industry growth to a considerable extent.
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COVID-19 Impact:
Market Recorded Substantial Growth Owing to Surging Awareness toward Personal Hygiene Products
The pandemic registered an increasing emphasis on frequent handwashing by regulatory authorities. These guidelines were provided for combating the spread of the virus. Besides, the period recorded an upsurge in demand for herbal and organic soap amongst consumers. These factors propelled industry expansion amid the COVID-19 pandemic.
What are the factors driving applications of the Soap Market?
- Hygiene Awareness: Increasing awareness about personal and public hygiene, especially in the wake of health crises like the COVID-19 pandemic, has led to a surge in soap usage. Soap is considered one of the most effective ways to prevent the spread of germs and infections.
- Health and Wellness Trends: Consumers are increasingly seeking natural and organic soap products that promote skin health. This has driven the demand for specialty soaps containing natural ingredients like aloe vera, shea butter, and essential oils.
- Beauty and Cosmetics: Soap plays a crucial role in daily skincare routines. Consumers use a variety of soaps for cleansing, moisturizing, and addressing specific skin concerns. High-end beauty soaps and luxury brands have also gained popularity.
- Fragrance and Aesthetics: Soaps are often chosen for their pleasant scents and aesthetic appeal. The fragrance industry heavily influences soap manufacturers, with a wide range of scented soaps catering to different preferences.
- Environmental Concerns: Growing environmental awareness has led to a demand for eco-friendly and sustainable soap products. Biodegradable and cruelty-free soaps made from organic or responsibly sourced materials are increasingly popular.
- Consumer Preferences: Customization and personalization have become important in the soap market. Brands offer a wide range of soap options, including bar soaps, liquid soaps, and specialty formulations to meet diverse consumer preferences.
- Healthcare and Medical Use: In healthcare settings, soap is essential for hand hygiene and infection control. Hospitals, clinics, and healthcare facilities are major consumers of medical-grade soaps.
- Industrial Applications: Soap is used in various industrial processes, including manufacturing, cleaning, and degreasing. It serves as a versatile cleaning agent in sectors such as automotive, aerospace, and food processing.
Segments:
Bath & Body Soaps Segment to Gain Traction Driven by Growing Usage of the Product
On the basis of product type, the market is fragmented into bath & body soaps, kitchen soaps, and laundry soap. The bath & body soaps segment is estimated to grow at a substantial pace over the estimated period. The rise is driven by the growing demand for bathing products.
Solid Segment to Depict Notable Growth Propelled by Traditional Usage
Based on form, the market is bifurcated into solid and liquid. The solid segment is set to expand at a considerable rate over the study period. The expansion is due to the traditional usage of solid soaps.
Household Segment to Register Substantial Growth Owing to Extensive Application
Based on application, the market is segmented into commercial and household. Of these, the household segment is expected to grow at an appreciable rate over the forecast period. The rise is on account of growing awareness regarding household as well as personal hygiene.
Hypermarkets/Supermarkets Segment to Surge at Considerable Pace Impelled by Rising Purchase Convenience
On the basis of distribution channel, the market is segregated into hypermarkets/supermarkets, pharmacies, online channel, and others. The hypermarkets/supermarkets segment is poised to depict remarkable growth throughout the estimated period. The rise is propelled by the wide product availability.
Based on geography, the market for soaps has been studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Asia Pacific to Emerge as a Leading Region Impelled by Growing Awareness Regarding Hygiene
The Asia Pacific soap market share is set to expand at a substantial rate over the forecast period. The region accounted for the largest market share in 2022. The expansion is driven by the growing rate of literacy and rising awareness regarding hygiene in the region.
The North America market is estimated to depict lucrative expansion over the analysis period. The growth is due to the soaring product demand in the region.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Soap Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Bath and Body Soaps
- Kitchen Soaps
- Laundry Soaps
- By Form (Value)
- Solid
- Liquid
- By Application (Value)
- Household
- Commercial
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Pharmacies
- Online Sales Channel
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued...!
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Competitive Landscape:
Major Companies Formulate Strategic Steps to Strengthen Industry Footing
Leading industry participants are undertaking various initiatives for strengthening their market footholds. These include merger agreements, acquisitions, partnership agreements, and the rollout of new products. An increase in research activities and the development of new solutions are some of the other steps.
Key Industry Development:
- October 2021 – Blue Power Group Limited purchased an additional production line from Kirk-FP Limited, expanding its capacity. The deal will see Blue Power becoming the contracted manufacturer or co-packer of Kirk-FP’s soap brands.
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