Global Soap Market Size To Grow At A CAGR Of 4.8% In The Forecast Period Of 2023-2028
Soap Market Report and Forecast 2023-2028
The ‘Global Soap Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global soap market, assessing the market on the basis of its segments like type, form, product, application, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Soap Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.8%
The global soap market is expected to register growth during the forecast period on account of the growing consciousness about cleanliness and hygiene. The surging awareness about the spread and occurrence of diseases caused by unhygienic practices is expected to bolster the market growth of soap. This is because soap helps in cleaning infection-causing microorganisms from utensils, clothing, and hands which further aids to reduce the spread of germs.
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There are increasing initiatives by various governments to spread awareness among the population regarding the significance of washing hands with soap products prior to and after eating food. This is expected to escalate the soap market demand over the upcoming years.
Growing prevalence of infectious diseases like pneumonia, SARS, and diarrhoea, among others, is likely to encourage consumers to use soap for proper hand hygiene. Based on form, the liquid segment is expected to bolster the soap market growth across the globe on account of its ease of use and lower risk of contamination.
Soap Industry Definition and Major Segments
Soap is a product that is used for cleaning and washing, made from natural ingredients such as fats and oils, with a strong alkali added. Both animal and plant-based ingredients can be used in soaps, including animal fat, tallow or vegetable oil, castor oil, olive oil, and coconut oil, among others. Soap is used for bathing, personal hygiene, cleaning cooking utensils, and washing clothes.
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By type, the market is classified into:
• Bath and Body Soaps
• Kitchen Soaps
• Laundry Soaps
Based on form, the market is categorised into:
By product, the market is bifurcated into:
Based on application, the market is classified into:
By distribution channel, the market is segmented into:
• Hypermarkets and Supermarkets
• Convenience Store
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Soap Market Trends
With the provision of basic handwashing facilities in different places like malls and schools, among others, the market growth of soap is expected to fuel over the coming years. Post-pandemic, there has been a greater focus on hand washing, particularly in public spaces, leading to an increased demand for soap.
Geographically, the Asia Pacific region is expected to gain momentum in the soap market share over the coming years on account of the presence of highly-populated countries like India and China in the region. The rising literacy rate in the Asia Pacific is likely to make people more aware of the significance of cleanliness which is further expected to positively influence the demand for soap in the region. Major market players like Unilever in emerging countries like India are spreading awareness regarding sanitation and hygiene, further boosting the market demand for soap.
Meanwhile, the North America region is expected to enhance the soap market growth over the upcoming years on account of the presence of key market players in the region. The extensive usage of cleansing and lubricating products for cleaning hands to prevent infection is driving the market growth. A key trend in the market is the growing inclination of consumers toward the usage of premium soap products. Such products include herbal and organic soaps and those in sustainable packaging.
Key Market Players
The major players in the global soap market report are:
• The Procter & Gamble Company
• Unilever PLC
• Henkel AG & Co. KGaA
• Church & Dwight Co., Inc.
• Colgate-Palmolive Company
• Nice Group
• Reckitt Benckiser Group Plc
• Ecolab Inc
• ITC Limited
• Johnson & Johnson Services Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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