Liquid Soap Market is estimated to be 29.1 Billion by 2029 with a CAGR of 5.3% during the forecasted period.
Liquid soap is a cleansing agent, which is formulated in various colors, chemicals, scents, etc. i.e., used in daily routine activities such as bathing, cleaning, washing, and many others. Liquid soaps are hygienic and convenient to use in commercial as well as residential sectors. It can be dispensed from a bottle or soap dispenser. Customers are looking for liquid soap products that moisturize, deodorize, and exfoliate the skin along with cleaning.
The report "Global Liquid Soap Market, By Product (Organic, and Conventional), By Application (Household, and Commercial), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, and E-Commerce), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In August 2018, Godrej Consumer Products launched the first ever powder to liquid hand wash called Godrej Protekt Mr. Magic.
· In January 2018, Unilever announced to innovate its current packaging solutions across nine brands. These solutions will also encompass liquid soaps. The company will introduce durable, reusable, and refillable packaging solutions in an attempt to improve its brand image and boost sustainability measures.
· In June 2019, Henkel announced investment in line expansion at west horizon facility in an attempt to strengthen their manufacturing for their liquid body wash and hand wash solutions. This will aid in streamlining operations and strengthening market shares.
Analyst View:
Majority of people today from all across the world are inclined toward using liquid soap instead of other options including soap bars. The key reason behind this shift is the ability of liquid soaps to retain over 30% of skin moisture. Owing to this factor, liquid soaps are considered suitable for dry skin as well. People today are more aware of the importance of personal hygiene. This factor has motivated major global population toward spending on personal hygiene. As a result, players from the global liquid soap market are witnessing remarkable sales avenues. According to the Bureau of Labor Statistics, in 2016, U.S. household spending on personal care products was around USD 707 per year and it was estimated to continue witnessing significant growth in the future. Growing consumer spending on personal hygiene is expected to promote the product in the U.S. during the forecast period.
Rapidly growing consumer awareness regarding health and hygiene is expected to boost the market growth. It has been observed that the consumers are willing to spend on health and personal hygiene products. Manufacturers are concentrating on growing markets such as China and India to gain greater market share. For instance, in 2016, India reported around USD 1.20 billion foreign investments from soap and cosmetic products. However, cost price of liquid soap is high as compare to bar soap which is a factor expected to hinder growth of the target market.
Key Market Insights from the report:
The global liquid soap market accounted for 18.2 billion in 2020 and is estimated to be US$ 29.1 billion by 2029 and is anticipated to register a CAGR of 5.3%. The market report has been segmented on the basis of product, application, distribution channel and region.
· Depending upon product, the conventional segment is projected to grow at highest CAGR over the forecast period owing to cost effectiveness and availability of a variety of fragrance choices. These products are available in fragrance variants including vanilla, melon, peach, apricot, honey, chocolate, citrus, herby, floral, fruity, mild, subtle, delicate, grassy, and sweet among others. Furthermore, rising preference for homemade and handcrafted shops is attributing to the segment growth. Ease of manufacturing these products at low cost will attract many small scale private level players to enter the manufacturing of conventional liquid soaps.
· Depending upon application, the household segment is projected to grow at highest CAGR over the forecast period. This is attributed to this growth includes rising consumer awareness regarding hygiene and a healthy lifestyle in emerging economies.
· Depending upon distribution channel, the supermarkets and hypermarkets segment is projected to grow at highest CAGR over the forecast period. This channel offers a large variety of goods at one place, giving consumers a chance to physically compare the products before buying. Less operating and selling overheads is anticipated to further contribute to the growth of the segment.
· By region, Asia Pacific is expanding at the fastest CAGR of 6.4% from 2019 to 2025. Growing consumer awareness about hygienic products in China and India is contributing to the high demand from commercial and household applications.
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Competitive Landscape:
The prominent player operating in the global liquid soap market includes Reckitt Benckiser Group plc.; Procter & Gamble; Unilever; 3M; Lion Corporation; GOJO Industries, Inc.; Kao Chemicals; Godrej Consumer Products; Bluemoon Bodycare; NEW AVON LLC.; and Pental Products.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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