Newark, June 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global liquid soap market is expected to grow from USD 21.27 billion in 2021 to USD 38.06 billion by 2030, at a CAGR of 6.68% during the forecast period 2022-2030.
The growth factor pushing the liquid soap market development is growing awareness about personal hygiene among people which is anticipated to propel the global liquid soaps market growth during the projection time. The increasing need for liquid soap in the home and commercial sectors worldwide is another aspect anticipated to push the development of the global liquid soap market. Further, the rising demand for liquid soap in everyday life because of its anti-bacterial properties, relaxing fragrances, and natural elements are also some of the additional factors anticipated to fuel the development of the target market. Liquid soap reduces bacteria and germs and safeguards against contamination such as infections and dangerous chemicals. Liquid soaps are obtainable in different packaging and can be carried effortlessly. These are additional elements anticipated to help the growth of the target market during the projection time.
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Competitive Strategy
To enhance their market position in the global, liquid soap market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In April 2020, one of the top enterprises, Procter & Gamble, declared its creation in soaps named water-free ‘swatches of detergents and soaps. When the water is added, the bubbles produced from it are used as soap or detergent. It is anticipated that it significantly lowers water usage during the production procedure.
• Colgate-Palmolive adopted a process of patenting the dispensing pump of the liquid soap bottle. Without entry to the pump, other competitors could not launch their products for two years, giving Colgate-Palmolive (Softsoap brand) a clear advantage in the market area.
Market Growth & Trends
Technical advances in dispenser units and soap packaging increase the shift, as the dispenser is an essential part of liquid soap products, making product use more suitable. Thus, enterprises develop quick-to-install, easy-to-refill, and automated dispenser units to improve product usage. For example, Henkel brand Dial presents an economical, ‘Eco-Smart Amenity Dispenser’ with an easy-to-set-up team for liquid soaps prepared with 100% recyclable refill bottles. Furthermore, new entrants are coming up with novel product formulations and creative packaging designs, which, in turn, are forming a competitive atmosphere in the market. For example, a Mumbai-based start-up company in India named Khello Khillo Design LLP launched its latest product, ‘SoaPen,’ on Amazon in October 2018. This product is packaged in an easy-to-use pen format planned for use by children. The soap can be used by just rolling the pen on the hand without causing any leakage and consequently can be easily carried along by children in school or while touring. Thus, improvements in packaging and dispenser systems are anticipated to expand the market.
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Key Findings
• The hand wash segment will grow at the fastest CAGR of 7.9% over the forecast period.
The product segment is divided into face wash, surface cleaner, hand wash & others., The hands wash segment will grow at the fastest CAGR of 7.9% over the forecast period. The growth is attributed to hand washing being the most helpful way of pulling out germs and harmful bacteria from hands.
• The commercial segment dominated the market with the largest market share of 60.24% and market revenue of 12.81 billion.
The application segment is divided into residential & commercial. In 2021, commercial segment accounted for the largest share of the market, with 60.24% and market revenue of 12.81 billion. Rising healthcare centres, cafes, restaurants, and polyclinic fosters segment growth. The everyday exercise of cleaning hands before the patient's treatment or before having food is a valuable measure to stop the transmission of germs among individuals.
• The online sales channel segment dominated the market with the largest market share of 40.15% and market revenue of 8.53 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, convenience stores specialty stores, and online sales channel. In 2021, online sales channel segment accounted for the largest share of the market, with 40.15% and market revenue of 8.53 billion. The significant factors that fuel the sales gain are the availability of a broad range of sanitizers and hand wash products with exceptional pricing, more options, better comparison facility, and big discounts. Also, the rising internet penetration and the increasing usage of smartphones have impacted customers and manufacturers to select the online sales model.
Regional Segment Analysis of the Liquid Soap Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global liquid soap market, with a market share of around 33.4% and 15.24 billion of the market revenue in 2021. The people in US prefer liquid soaps in comparison to bar soap due to hygiene perspective. Customers in the age bracket of 19 and 25 prefer liquid soap over soap bars due to health & hygiene problems, and global market participants like Procter & Gamble, Colgate Palmolive Company, and LUX. are raising the need for the market in this region. Specialty stores and organized retail stores push the market's growth in this region.
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Key players operating in the Global Liquid Soap Market are:
• Christina May Ltd
• Cleenol Group Ltd
• Colgate-Palmolive Co.
• GlaxoSmithKline
• Henkel AG & Co. KGaA
• Johnson & Johnson Services, Inc.
• Kao Corporation
• Kimberly-Clark Worldwide, Inc.
• Lion Corporation
• LUX
• Reckitt Benckiser Group plc
• The 3M Company
• Unilever
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global liquid soap market based on the below-mentioned segments:
Global Liquid Soap Market by Product:
• Face Wash
• Surface Cleaner
• Hand Wash
• Others
Global Liquid Soap Market by Application:
• Residential
• Commercial
Global Liquid Soap Market by Distribution Channel:
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Sales Channel
About the report:
The global liquid soap market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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