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 Size, Share & Industry Analysis, By Product Type (Bath & Body Soaps, Kitchen Soaps, and Laundry Soaps), Form (Solid and Liquid), Application (Household and Commercial), Distribution Channel (Hypermarkets/Supermarkets, Pharmacies, Online Channels, and Others), and Regional Forecast, 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) have 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 preventing 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 meteoric rise as the COVID-19 pandemic intensifies and worsens during the current year.
COVID-19 Impact Analysis:
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The report provides that the value of this market stood at USD 34.09 billion in 2019. It also contains the following information:
- In-depth analysis of the individual market segments;
- Exhaustive examination of the factors driving and challenging the growth of the market;
- Projections about the upcoming opportunities in the market; and
- Detailed research into the competitive and regional dynamics shaping the market’s growth trajectory.
Market Driver
Rising Popularity of Organic Soaps to Boost the 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 type 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 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 the western developed countries.
Competitive Landscape
Fragmented Market Structure to Shape Competitive Dynamics
Presence of a sizeable number of local, regional, and global players has created a fragmented structure of this market. These players are constantly innovating to align their products with the changing consumer preferences and gain the essential edge against other players.
Regional Analysis
Escalating Number of COVID-19 Cases in the US to Surge Demand for Soaps in North America
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 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 spread on diseases. In Europe, high hygiene consciousness and demand for personal care products by men are expected to drive the market.
Industry Developments:
February 2020: The UK-based cosmetics retailer, Lush Cosmetics, launched its new line 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.
June 2019: Henkel AG, the German consumer goods major, announced its plans of investing USD 19 million to expand production at its plant in Pennsylvania, US. The capital infusion is aimed at establishing new production lines for the company’s Dial® liquid hand soap and Dial® body wash products.
Source:
https://www.fortunebusinessinsights.com/soap-market-102841
