With 5.9% CAGR, Liquid Soap Market Worth USD 28.79 Billion by 2027
The global liquid soap market size is projected to be worth USD 28.79 billion by the end of 2027 on account of the increasing awareness and serious adoption of health and hygiene protocols. The current pandemic of COVID-19 is also propelling the demand for hygiene maintenance among people. The increasing population and prevalence of infectious diseases have led to a rising need to maintain sanitation both on a personal level as well in surroundings, thereby fueling the demand for innovative home cleaning products such as the liquid soap. According to a recent report by Fortune Business Insights titled, “Liquid Soap Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027,” the value of the market stood at USD 17.48 billion in 2019 and is likely to rise at a CAGR
Drivers & Restraints-
Advent of Innovative Soap Dispenser to Bolster Growth
Liquid soaps have emerged as a strong competition to the conventional bathing and laundry bars ever since their launch about a decade ago. The most important feature increasing its sales across the world is its easy-to-squeeze nature that guarantees zero-germ contact with the previous user. This, coupled with the fact that they come in refillable packs and are an easy way to control the spread of bacterial and viral disease. Besides this, the increasing technological advancements in soap packaging and the advent of innovative dispenser units are likely to aid in the expansion of the market in the coming years.
Segment-
Bath & Body Soaps Segment to Dominate Market on Account of Increasing Inclination Towards Good Hygiene Practices
Based on product type, the bath & body soaps segment earned 58.74% liquid soap market share in 2019 on account of the increasing preference for following good hygiene standards and maintaining the cleanliness of the body. Besides this, the advent of various flavored bath and body soaps further propelled its demand in the market.
Regional Analysis-
Asia Pacific Earned Dominant Shares Owing to Increasing Sensitivity Towards Cleanliness
North America holds significant share in global market. This is since the U.S. launched the first liquid soap, the popularity of which later spread to other parts of the world. Therefore, this region has the significant number of consumers. In addition to this, North America holds the record for the highest number of coronavirus patients as per the John Hopkins University report by April 2020. As per the Healthy Handwashing Study 2020 conducted by Bradley Corporation in January 2020, an average American washes hands more than 6 times in a day comprising of 78% of the total American population. Additionally, this study further reveals that 88% of this population wishes to continue following strict hygiene habits even after the pandemic is over.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/liquid-soap-market-103020
