Rising demand for new and innovative products is a key factor driving market revenue growth
Market Size – USD 18.67 Billion in 2020, Market Growth – at a CAGR of 5.8%, Market Trends – Rapid urbanization in emerging economies
The liquid soap market size is expected to reach USD 29.79 Billion in 2028 and register a revenue CAGR of 5.8% over the forecast period, according to the latest report by Reports and Data. Rising demand for liquid soap from household and commercial sectors is a key factor driving market revenue growth. Liquid soap is a cleansing agent made out of various colors, chemicals, and fragrances that is used in daily activities such as bathing, cleaning, washing, and much more. Liquid soaps are hygienic and easy to carry in commercial and residential areas. Consumers are looking for liquid soap products that soften, detoxify body, reduce acne, and provide pimple-free skin. Furthermore, due to low pH level, it is suitable for various skin types, including normal skin, dry skin, and sensitive skin.
Consumer awareness about sanitation is likely to drive demand for liquid soap in the near future. Spread of COVID-19 as well as other infectious diseases has led to an increase in demand for liquid soaps in various places such as restaurants, shopping malls, hospitals, and workplaces.
Companies in the market report include Reckitt Benckiser Group PLC., Procter & Gamble, Unilever, 3M, Lion Corporation, GOJO Industries, Inc., Kao Corporation, Godrej Consumer Products, Blue Moon Body Care, and New Avon, LLC.
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Some Key Highlights From the Report
- Conventional segment is expected to register significantly steady revenue share over the forecast period. Conventional liquid soap is very cost-effective and available in a variety of fragrances, including honey, chocolate, melon, vanilla, peach, citrus, fruity, and others. Manufacturing costs are relatively low, which is likely to attract small scale private players to produce a large number of conventional liquid soaps.
- Body wash segment revenue is expected to account for a robust revenue share over the forecast period. Liquid body wash is more convenient than bar soap as it consists of better nutrients and Vitamin-E, which are beneficial for skin, and also contain moisturizing effects that help to reduce dryness of skin.
- Surface cleaner segment is expected to account for largest revenue share over the forecast period. Liquid surface cleaners are used to clean toilets, basins, drains, floors, and other surrounding areas and help to reduce risk of diseases, while leaving a sweet fragrance that make consumers feel refreshed.
- Online sales channel segment is expected to account for a significantly steady revenue share during the forecast period. Online sales channels offer better product prices, and consumer can easily compare price of different products available for large variety of product categories. Other benefits include better discounts or coupons, clear information about products, and very easy product replacement and refund policy, availability of fast delivery options, and easy to find rare products drive segment revenue growth.
- Asia Pacific liquid soap market is expected to account for largest revenue share over the forecast period. This is due to rising demand from household and commercial applications, increasing utilization of organic products consisting of natural ingredients, anti-bacterial characteristics, and natural fragrances such as sandalwood, mint, grapefruit, rosemary herb, and others. Rising disposable income has resulted in increasing sales of premium products.
For the purpose of this report, Reports and Data has segmented global liquid soap market based on type, product type, distribution channel type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Natural or Organic
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Face Wash
- Hand Wash
- Body Wash
- Surface Cleaner
Distribution Channel Type Outlook (Revenue, USD Billion; 2018-2028)
- Supermarkets or Hypermarkets
- Specialty Stores
- Drug Stores
- Convenience Stores
- Online Sales Channel
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Advantages of Liquid Soap Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Liquid Soap industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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