Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global soap market size is projected to reach USD 55.29 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period. Rapid transmission of the COVID-19 infection is set to play a central role in fueling the growth of this market, states Fortune Business Insights™ in its recent report, titled “Soap Market, 2020-2027”. According to the World Health Organization (WHO), the coronavirus spreads through respiratory droplets and physical contact. Therefore, to avoid spreading the virus through these routes, the WHO along with many other bodies such as the Centers for Disease Control and Prevention (CDC) has recommended regular washing of hands using soap and water. Comprehensive washing of hands kills the virus and this practice is currently seen as the most effective way to prevent transmission among people, especially given that a vaccine for the infection is many months away. Thus, the demand for soaps in all shapes and forms is slated to experience a meteoric rise as the COVID-19 pandemic intensifies and worsens during the course of the current year.
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Soap Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 5.0% |
| 2027 Value Projection | USD 55.29 billion |
| Base Year | 2019 |
| Soap Market Size in 2019 | USD 34.09 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 125 |
| Segments Covered | By Product Type, By Form, By Application, By Distribution Channel, By Region |
| Soap Market Growth Drivers | Product Innovations to Drive Market Growth |
| Rising Awareness Regarding Personal & Household Hygiene to Fuel Product Demand |
The Soap Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2028.
How will you analyze the competitional analysis between top key players included in the report?
With the aim of clearly revealing the competitive state of the industry, we concretely analyze not only the leading players that have a voice on a global scale but also the regional small and medium-sized players that play key roles and have plenty of potential growth.
Who are some of the key players operating in the Soap Market and how high is the competition in 2023?
- Unilever (U.K.)
- Henkel AG & Co. KGaA (Germany)
- Ecolab Inc.(U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Natura & Co. (Brazil)
- Procter & Gamble (U.S.)
- Colgate-Palmolive Co.(U.S.)
- Beiersdorf AG (Germany)
- Reckitt Benckiser Group plc (U.K.)
- Kao Corporation (Japan)
What are the major information sources?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous Handbag industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Which are the driving factors of the Soap Market?
The soap market growth is likely to benefit from the steadily climbing popularity of organic soaps and soap products. This changing demand trend is driven by the multiple advantages that these types of soaps offer over their traditional counterparts. For example, organic soaps do not contain harmful substances such as paraben and triclosan, which have anti-bacterial properties but are hazardous to the body and the environment as they are made out of petrochemicals. Instead, these soaps are infused with natural ingredients such as Aloe Vera and turmeric, which have natural anti-bacterial properties and cause no harm to the body. Furthermore, organically-produced soaps are rich in natural antioxidants such as essential oils and honey, thereby keeping the skin healthy and nourished as well as slowing down its aging process. Organic soaps offer many more health benefits and as a result, they are being increasingly preferred to regular soaps, especially in western developed countries.
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Which regions are dominating the Soap Market growth?
With nearly 1.5 million confirmed cases and over 86,000 deaths, the US is currently the worst-hit country by the coronavirus pandemic. As a consequence, the demand for soap products is surging in the country, which will enable North America to dominate the soap market share in the immediate future.
In 2019, the market size in Asia Pacific stood at USD 12.63 billion.
Increasing awareness about hygiene and sanitation fueled by the rising literacy rate will be the key factor driving the market in Asia-Pacific and ensuring its prominent position in the market. Furthermore, organizations such as the UN Children’s Fund (UNICEF) regularly conduct awareness campaigns in rural areas to spread awareness about clean hygiene practices and their role in preventing the spread of diseases. In Europe, high hygiene consciousness and demand for personal care products by men are expected to drive the market.
Which segment is expected to lead the global Soap Market during the forecast period?
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, Department Stores, etc.)
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Soap Market Research Scope:
- Global Soap Market size and growth projections (CAGR), 2020-2027
- COVID impact on the Handbag industry with future scenarios
- Soap Market size, share, and outlook across 5 regions and 16 countries, 2020-2027
- Soap Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2020-2027
- Short and long-term Soap Market trends, drivers, restraints, and opportunities
- Porter's Five forces analysis, Technological developments in the Soap Market, Handbag supply chain analysis
- Handbag trade analysis, Soap Market price analysis, Handbag supply/demand
- Profiles of Top leading companies in the industry overview, key strategies, financials, and products
- Latest Soap Market news and developments analysis
Competitive Landscape
Fragmented Market Structure to Shape Competitive Dynamics
The presence of a sizeable number of local, regional, and global players has created a fragmented structure in this market. These players are constantly innovating to align their products with the changing consumer preferences and gain an essential edge against other players.
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Detailed TOC of Soap Market Research Report 2023 - Market Size, Current Insights, and Development Trends:
- Introduction
- Research Scope
- Market SegHouseholdtation
- 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 DevelopHouseholdts - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Soap Market Analysis, Insights, and Forecast, 2016-2027
- 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)
- Pharmacies
- Supermarkets/Hypermarkets
- Online Retail Channels
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
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Industry Developments:
- February 2020: The UK-based cosmetics retailer, Lush Cosmetics, launched its new line of bath and shower products, catering to vegans and themed on Easter. Prominent in this new product range is the avocado-shaped Avo Good Easter soap, which is palm oil-free and has intense skin-moisturizing properties.
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Liquid Soap Market Size [2021-2027] | Industry Projected to be Worth $28.79 Billion at 5.9% CAGR during Forecast Period
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