Liquid Soap Market is anticipated to reach $28.92 Billion by 2028 | Suds and Success: Navigating the Booming Liquid Soap Market
Global Liquid Soap market size was valued at USD 18.45 billion in 2021, and it is expected to reach a value of USD 28.92 billion by 2028, at a CAGR of 6.63% over the forecast period (2022–2028).
Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Liquid Soap market provides valuable insights. Since its introduction to the market a few decades ago, liquid soap, a powerful challenger to traditional bathing and washing bars, has received an enormous response. Product demand is being fueled by easy-to-squeeze containers, readily available refilling packs, and the availability of a wide range of fragrances. The ease and convenience of the liquid form over solid bars, together with its success in preventing viral and bacterial disease spread across all regions of the world, has resulted in widespread interest in this product from the general public.
Key driving factors of the market:
- Increasing awareness of personal hygiene: The rise of awareness of personal hygiene, there is an increase in demand for liquid soaps.
- Growing population and rising living standards: The increasing population and rising living standards have led to an increase in the demand for liquid soaps.
- Innovations in product packaging and formulation: Companies are introducing new and innovative packaging and formulations to attract customers and increase sales.
- Rising disposable incomes: As disposable incomes increase, consumers are willing to spend more on personal care products, including liquid soaps.
- Government regulations and policies: Government regulations and policies promoting cleanliness and hygiene are also driving the market for liquid soaps.
- Rising trend of natural and organic products: With the increasing awareness of health and the environment, consumers are more inclined to use natural and organic liquid soaps.
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The United States accounted for the majority of share in the global liquid soap market
In 2021, liquid body wash had the highest unit sales among soap products in the United States. Additionally, the liquid hand soap category saw sales of approximately 402 million units in multi-outlet stores in the US in 2021.
The liquid soap was first introduced in the United States, it is well known among the general public and widely available in stores. Furthermore, people are more aware of the importance of sanitation as a result of frequent disease outbreaks such as SARS in 2003 and H1N1 influenza in 2009. Furthermore, according to Johns Hopkins University, the United States has the highest number of coronavirus infections as of April 2020. As a result, the pandemic in 2020 has increased product demand in the region. According to the Bradley Corporation’s ‘Healthy Handwashing Study 2020,’ conducted in January 2020, approximately 78% of the American population washes their hands more than six times per day. Furthermore, this survey indicated that 88% of the population would continue to wash their hands long after the COVID-19 pandemic was gone. In 2020, 301.87 million Americans used liquid hand soap. In 2024, this figure is expected to rise to 309.61 million.
Natural and organic products are expected to boost market growth
The rising popularity of organic products around the world is a major element driving the expansion of the soap industry. Due to their antibacterial characteristics, herbal components such as Neem (Azadirachta indica) and Basil-based products are gaining favor in the market. Companies are attempting to develop products based on bio-surfactants that do not harm aquatic animals and flora when the soap is washed away. For example, Dr. Bronner’s Magic Soaps’ ‘Baby Unscented Pure-Castile Liquid Soap’ is designed exclusively for babies and can be used on sensitive skin. The product is made from organic components and is said to be biodegradable.
Furthermore, sustainable packaging is predicted to rise rapidly in the next years, allowing for increased product demand. For example, in 2017, Seventh Generation, a Unilever trademark, made all of its dish soap container tops from 100% post-consumer recycled plastic (PCR). Such efforts by players are likely to benefit the market during the forecast period.
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The household segment is likely to hold a significant share of the market
The liquid soap market is split into two distinct segments: household and commercial. While commercial establishments like restaurants, schools and hospitals make up the commercial segment, it’s the household segment that is projected to dominate the market. This is due to the growing popularity of liquid soap for handwashing and bathing, as well as its convenience in both automated and manual dishwashing at home. As people increasingly prioritize personal hygiene and cleanliness, the demand for liquid soap in domestic applications is on the rise.
Exploring the Competitive Landscape of the Global Liquid Soap Market
The global liquid soap market is highly competitive due to the presence of a large number of players. However, major players such as Unilever, Henkel, and Colgate have established strong brand recognition. Companies in the market are implementing strategies such as new product launches and expanding their geographical presence to increase their market share. Additionally, players are focusing on reducing the price of their products to make them more accessible to a wider population. For example, in March 2019, Procter & Gamble Co. introduced a new brand, ‘Home Made Simple’ that includes liquid dish soaps and hand soaps made with plant-based ingredients.
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Major Players in Global Liquid Soap Market
- Procter & Gamble Co. (U.S.)
- Henkel AG & Co. KGaA (Germany)
- Colgate-Palmolive Co.(U.S.)
- Unilever (U.K.)
- Reckitt Benckiser Group plc (U.K.)
- Kimberly-Clark Worldwide, Inc. (U.S.)
- The 3M Company (U.S.)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
- Lion Corporation (Japan)
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