Liquid Soap Market Size [2021-2027] | Industry Projected to Worth $28.79 Billion at 5.9% CAGR during Forecast Period
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 of 5.9% between 2020 and 2027.
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Fortune Business Insights™ lists out all the liquid soap market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- The 3M Company (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Colgate-Palmolive Co.(U.S.)
- Reckitt Benckiser Group plc (U.K.)
- Lion Corporation (Japan)
- Procter & Gamble Co. (U.S.)
- Kao Corporation (Japan)
- Kimberly-Clark Worldwide, Inc. (U.S.)
- Unilever (U.K.)
- Henkel AG & Co. KGaA (Germany)
- Other vendors
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.
On the contrary, the presence of toxin ingredients such as triclosan and parabens in the soap formula may sometimes have adverse effects on the human skin, thereby challenging the market. Besides this, these products packed in plastic to avoid leakage and the excessive use of plastic increases the carbon footprint of the industries, thereby causing hindrance to the overall market in the coming years. Nevertheless, the prevalence of COVID19 is further propelling the demand for liquid soaps and other sanitary products in all parts of the world, thereby creating lucrative growth opportunities for the market in the long run.
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.
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.
In 2019, Asia Pacific earned a revenue of USD 6.12 billion and emerged dominant. Asia Pacific market is likely to continue its dominance in the forecast period on account of the presence of the highest population, evolving hotel management industry, and rise in awareness about the importance of hygiene.
Players Investing Massively on Product Expansion to maintain Foothold in the Market
The nature of this market is highly fragmented owing to the presence of many companies. On the contrary, major players such as Unilever, Colgate, and Henkel are focusing on the expansion of the portfolio to maintain the named of their brand in the top list. Besides this, players are adopting other plans such as new product launches and are massively investing in the same to stay put in the competition.
The Report Discusses the following Questions
- What is the competitive landscape?
- How will favorable population dynamics impact the liquid soap market?
- Which strategies are adopted by players to gain impetus in the market?
- What are the current developments in the market?
Some of the Key Industry Developments of the Liquid Soap Market include:
January 2020 – A new dish soap in the form of spray was introduced by the brand of Procter & Gamble called Dawn for cleaning utensils.
October 2018 – A new online channel called ‘drbronners./tmall.hk’ was launched as an expanded store of Dr. Bronner’s Magic Soaps Company in China via the global platform called ‘Alibaba’. This store offers peppermint-scented liquid soap manufactured by the company to its Chinese consumers.
Browse Detailed Summary of Research Report: