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. The surge is propelled by the rising popularity of bathing bars with fragrances and attractive colors.
Fortune Business Insights™ provides this information in its research report, titled “Soap Market, 2023-2030”.
Read More: https://www.fortunebusinessinsights.com/soap-market-102841
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.
List of Key Players Mentioned in the Report:
- Procter & Gamble Co. (U.S.)
- Unilever (U.K.)
- Natura & Co. (Brazil)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
- Reckitt Benckiser Group plc (U.K.)
- Ecolab Inc.(U.S.)
- Beiersdorf AG (Germany)
- Colgate-Palmolive Co.(U.S.)
- Henkel AG & Co. KGaA
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.
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.
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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