Soap Market to Reach USD 55.29 Billion by 2027 | Soap Industry Striking CAGR of 5.0%
Key companies covered in Soap Market are Beiersdorf AG (Germany), Reckitt Benckiser Group plc (U.K.), Kao Corporation (Japan), Unilever (U.K.), Henkel AG & Co. KGaA (Germany), Ecolab Inc.(U.S.), Johnson & Johnson Services, Inc. (U.S.), Natura & Co. (Brazil), Procter & Gamble (U.S.), Colgate-Palmolive Co.(U.S.), and more players profiled.
Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, 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, 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 course of the current year.
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*Soap Market* *Report Scope & Segmentation:*
*Report Coverage* *Details*
Forecast Period 2020-2027
Forecast CAGR 5.0%
2027 Value Projection USD 55.29 Billion
Base Year 2019
Soap Market Size in 2019 USD 34.09 Billion
Historical Data 2016-2018
No. of Pages 125
Segments Covered By Product Type, By Form, By Application, By Distribution Channel By Region
Soap Market Growth Drivers Rising Popularity of Organic Soaps to Boost the Market
Product Innovations to Drive Market Growth
*Fortune Business Insights™ lists out all the soap market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:*
· Beiersdorf AG (Germany)
· Reckitt Benckiser Group plc (U.K.)
· Kao Corporation (Japan)
· Unilever (U.K.)
· Henkel AG & Co. KGaA (Germany)
· Ecolab Inc.(U.S.)
· Johnson & Johnson Services, Inc. (U.S.)
· Natura & Co. (Brazil)
· Procter & Gamble (U.S.)
· Colgate-Palmolive Co.(U.S.)
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.
*Browse Detailed Summary of Research Report with TOC:*
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*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.
*Rеаѕоnѕ to Get thіѕ Rероrt:*
· A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
· Data on market value for each section and sub-segment
· Indicates the region and market segment that is likely to expand the fastest and dominate the market.
· The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
· The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
*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.
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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market SegHouseholdtation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· Emerging Trends
· *Key Insights*
· Overview of the Parent/Related Markets
· Industry SWOT Analysis
· Regulatory Analysis
· Recent Industry DevelopHouseholdts - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
· *Global Soap Market Analysis, Insights and Forecast, 2016-2027*
· Key Findings / Summary
· Market Size Estimates and Forecast
· By Product Type (Value)
· Bath and Body Soaps
· Kitchen Soaps
· Laundry Soaps
· By Form (Value)
· Solid
· Liquid
· By Application (Value)
· Household
· Commercial
· By Distribution Channel (Value)
· Pharmacies
· Supermarkets/Hypermarkets
· Online Retail Channels
· Others
· By Region (Value)
· North America
· Europe
· Asia Pacific
· South America
· Middle East & Africa
*TOC Continued…!*
*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.
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*Frequently Asked Questions (FAQs):*
*1. How much is the soap market worth?*
*Answer: *Fortune Business Insights says that the global market size was USD 34.09 billion in 2019 and is projected to reach USD 55.29 billion by 2027.
*2. What was the value of the global market in 2019?*
*Answer: *In 2019, the market value stood at USD 34.09 billion.
*3. At what CAGR is the market projected to grow in the forecast period (2020-2027)?*
*Answer: *Growing at a CAGR of 5.0%, the market will exhibit steady growth in the forecast period (2020-2027).
*4. Which is the leading product type segment in the market?*
*Answer: *Bath & body products segment is expected to be the leading segment under product types in this market during the forecast period.
*5. Which are the key factors driving the market?*
*Answer: *Increasing innovative offerings from key players and rising awareness regarding health & hygiene are the factors fueling the market.
*6. Who are the leading players in the market?*
*Answer: *GOJO Industries Inc., Unilever, Procter & Gamble, and Henkel AG are few of the leading players in the global market.
*7. Which region held the highest share in the market?*
*Answer: *Asia-Pacific region dominated the global market in 2019.
*8. Which factors are expected to drive the adoption of soap products?*
*Answer: *Increasing demand for natural and handcrafted products as well as increasing usage of liquid soaps is expected to boost market growth.
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