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. 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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- 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
The improving income levels of the middle-class populace will support growth in the Middle East & Africa.
In 2020, Europe hair care market size reached USD 27.09 billion. During the forecast period, Europe is expected to dominate the market owing to increasing awareness about fashion and cosmetics among people of all ages, which has resulted in a thriving beauty industry in the region. Furthermore, the presence of well-known brands such as L’Oreal and Henkel is likely to enhance the demand for advanced hair care products.
The market in Asia Pacific is thriving owing to the upgradation of living standards.
In terms of the distribution channel, the market share is divided into specialty stores, supermarket/hypermarket, online stores, and others. However, online stores segment is expected to gain traction in the forthcoming years.
North America holds significant share in global market.
In 2019, Asia Pacific earned a revenue of USD 6.12 billion and emerged dominant.
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics market growth in upcoming years.
Players Investing Massively on Product Expansion to maintain Foothold in the Market
- 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?
Asia Pacific is expected to dominate with market size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the market in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the market during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans, that included the opening of around 100 new stores across the North America region by 2020.
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.
In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye color, is generating traction. The manufactures are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.