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Liquid Soap Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global liquid soap products market was valued at USD 17.2 billion in 2022 and is anticipated to expand at a CAGR of 4.5% from 2023 to 2030. The rising awareness about personal hygiene and the increasing demand for eco-friendly and natural products are majorly driving the market. Furthermore, the increasing use of liquid soap in healthcare settings is supporting the market growth. The rising prevalence of healthcare-associated infections across the world has increased the demand for liquid soap in healthcare settings.
The rising demand for liquid soap in commercial and residential sectors is also contributing to the market growth. The increasing demand for liquid soap in hotels, restaurants, and offices is expected to fuel the market in the coming years. The rising trend of using liquid soap in residential settings is attributed to its convenience and affordability. The growing demand for liquid soap in the hospitality industry is attributed to its cost-effectiveness and convenience.
The increasing demand for organic and natural liquid soaps is also contributing to the market growth. The rising awareness about personal hygiene and the increasing demand for eco-friendly and natural products are majorly driving the market. Furthermore, the increasing use of liquid soap in healthcare settings is supporting the market growth. Companies are introducing innovative liquid soap products to gain a larger market share. For instance, in April 2021, Unilever launched a new liquid soap range under the brand name ‘Lifebuoy’ to meet the growing demand for hygiene products.
In addition, the rising trend of liquid soap refill packs is boosting the market growth. The refill packs help reduce plastic waste and also offer convenience to the consumers. The use of refill packs is gaining more traction in the market due to its cost-effectiveness and convenience. For instance, in April 2021, Colgate-Palmolive launched a refillable liquid soap pump canister in the US. The refillable liquid soap pump canister helps reduce plastic waste and offers convenience to the consumers.
Moreover, the increasing demand for liquid soap in the developing countries is also expected to fuel the market growth. The increasing disposable income and the rising awareness about personal hygiene and cleanliness in the developing countries are driving the market growth. Furthermore, the rising demand from the institutional sector is also contributing to the market growth.
Product Insights
The liquid soap segment held the largest market share and accounted for a share of around 47.4% in 2019. The segment’s growth is attributed to its wide usage in households, foodservice and other industries for cleaning purposes. Moreover, increased awareness about personal hygiene and rising health consciousness among consumers has been driving the demand for liquid soap in the recent years. According to an article published by The FAB Group, in June 2020, 49% of people said they wash their hands more than 10 times a day.
The bar soap segment is expected to witness a CAGR of 4.9% during the forecast period. The segment’s growth is driven by rising awareness about personal hygiene and health among consumers globally. According to an article published by the World Health Organization, in May 2020, 91% of people in the US said they are concerned about their personal hygiene. In addition, increasing demand for natural and organic products, along with increasing disposable income of consumers, is propelling the demand for bar soaps.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured a major share of around 42.3% in 2022. The growth of the segment is mainly driven by the increasing consumer inclination towards supermarkets & hypermarkets as a primary source to purchase liquid soaps and other cleaning products. According to a study by Kantar Worldpanel in 2020, almost 79% of liquid soap sales are made in supermarkets & hypermarkets. These establishments also provide a wide selection of products and assist customers in making rapid purchasing decisions for the required cleaning product.
The online segment is anticipated to expand at a CAGR of 12.3% over the forecast period. E-commerce development in the liquid soap and cleaning product industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2021, Amazon launched a new website dedicated to liquid soap and cleaning products. The website will offer the best brands and products for users along with expert advice and opinions on choosing the best liquid soap.
Type Insights
The liquid soap segment accounted for the largest revenue share of 65.2% in the year 2022. The growing popularity of liquid soap among consumers due to its convenience and easy availability are contributing to the growth of the segment. The increasing awareness regarding the importance of maintaining personal hygiene and the increasing demand for liquid soap from the food service industry are also driving the market. Additionally, the increasing demand for liquid soap for use in hospitals, offices, and other public places is also contributing to the growth of the segment.
The bar soap segment is anticipated to expand at the highest CAGR of 7.3% over the forecast period. The increasing demand for bar soap from consumers due to its cost-effectiveness and the increasing demand for herbal and organic bar soaps are driving the market. Also, the increasing demand for bar soaps from the hospitality sector is also fueling the market. Furthermore, the introduction of innovative bar soaps is creating a high demand in the market. For instance, in October 2020, Unilever launched a new range of bar soaps called ‘Lifebuoy Care’, which contains a unique combination of ingredients such as glycerin and essential oils.
Regional Insights
Europe is expected to witness the fastest growth in the coming years owing to increasing demand for liquid soap products due to the rising awareness about hygiene and personal care among consumers in the region. In the past few years, the region has witnessed a surge in the consumption of liquid soap products in the households as well as commercial establishments and is expected to continue to do so in the coming years. For instance, in March 2021, Unilever launched a liquid soap range in Europe, which includes liquid hand wash and body wash products.
Asia Pacific is expected to account for the largest share in the global market and is expected to continue to do so in the coming years. Growing urbanization and rising disposable incomes in the region are expected to drive the growth of the market. Additionally, the presence of a large population in the region is a key factor behind the growth of the market. For instance, in June 2021, Unilever launched a range of liquid hand soaps in Asia Pacific.
Financial Projections
In this part of the liquid soap products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your liquid soap business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a liquid soap products business comes from retail sales, wholesale orders, and private label contracts. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, subscription services, and shipping.
Projecting Expenses
In this section, all the regular expenses related to keeping the liquid soap products business running will be described. The list of operating expenses includes raw materials, packaging, shipping, wages, advertising and marketing, utilities, insurance policies, research and development, and others.
Key companies & market share insights
Some of the key companies operating in the liquid soap market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Unilever launched a range of liquid soaps, including the Dove Men+Care and Lux lines, which are formulated with natural ingredients and provide a deep-cleaning, hydrating experience.
– In August 2022, P&G launched the Safeguard, a new line of liquid soaps designed to provide superior germ protection.
– In October 2022, L’Oréal launched the La Roche-Posay line of liquid soaps, which is enriched with natural ingredients and provides a gentle, nourishing experience.
Some of the prominent players in the liquid soap market include:
– Unilever
– Procter & Gamble Co.
– L’Oréal SA
– Henkel AG & Co. KGaA
– Reckitt Benckiser
– SC Johnson & Son, Inc.
– Colgate-Palmolive Company
– The Clorox Company
– Godrej Consumer Products Ltd.
– Kao Corporation
Global Liquid Soap Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global liquid soap products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hand Soaps
– Shower Gels
– Shampoos
– Body Washes
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Factors Are Driving the Liquid Soap Products Market?
[A]: Growing consumer awareness about personal hygiene, increasing disposable income, and the desire to purchase premium liquid soap products are driving the global liquid soap products market. The introduction of natural and organic ingredients in liquid soap products has also boosted the market’s growth.
[Q]: Who Are the Major Players in the Global Liquid Soap Products Market?
[A]: The major players in the global liquid soap products market are Unilever, Procter & Gamble, Henkel AG & Co., KGaA, The Dial Corporation, and Kao Corporation.
[Q]: What Are the Different Types of Liquid Soap Products?
[A]: The different types of liquid soap products include liquid hand soaps, liquid body washes, liquid shower gels, and specialty liquid soaps.
[Q]: What is the Potential of Product Innovation in the Liquid Soap Products Market?
[A]: Product innovation has become an important factor in the liquid soap products market as manufacturers are introducing new products with innovative fragrances, textures, and packaging designs. Such innovations are expected to create new opportunities in the global liquid soap products market.
[Q]:Which Region Offers the Largest Opportunity for Sales of Liquid Soap Products?
[A]: Asia Pacific is expected to provide the largest opportunity for sales of liquid soap products due to the increasing population, growing disposable income, and changing consumer lifestyles in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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