PORTLAND, Ore., May 11, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Liquid Soap Market by Type (Organic and Conventional), Product (Hand Wash, Face Wash, Surface Cleaner and Others), Application (Commercial and Residential), and Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores and Online Sales Channel): Global Opportunity Analysis and Industry Forecast 2021–2027." According to the report, the global liquid soap industry was estimated at $18.20 billion in 2019, and is expected to hit $38.19 billion by 2027, registering a CAGR of 9.3% from 2021 to 2027.
Drivers, restraints, and opportunities-
Rise in awareness about huge number of benefits associated with healthy & hygienic lifestyle, various initiatives by governments and hospitals toward maintenances of personal hygiene, and ease in availability of low-cost products drive the growth of the global liquid soap market. On the other hand, certain governments in various countries of Europe, the America's, and Asia-Pacific have put restrictions on use of chemical additives in liquid soaps, which restrains the market growth. However, rapid urbanization in developing economies and increase in use of luxurious premium organic liquid soaps across the globe are expected to create multiple opportunities in the future.
The outbreak of the pandemic led to increased demand for liquid hand soap homes, offices, and other public places, thereby boosting the global liquid soap market.
This drift is quite likely to persist, since rise in communicable diseases has increased the demand for hand hygiene products.
The conventional segment to retain its dominance by 2027-
Based on type, the conventional segment contributed to more than two-thirds of the global liquid soap market share in 2019, and is expected to lead the trail by the end of 2027, due to growing preference for homemade and handcrafted shops and ease of manufacturing these product types at low cost. The organic segment, on the other hand, would grow at the fastest CAGR of 9.5% throughout the forecast period, due to rapid urbanization in developing economies and increased consumption of premium organic liquid soaps across the world.
The face wash segment to rule the roost-
Based on product type, the face wash segment accounted for more than one-third of the global liquid soap market share in 2019, and is expected to lead the trail by the end of 2027, due to growing preference for skin beauty product types to maintain healthy skin, increasing consumer affordability. At the same time, the hand wash segment would garner the fastest CAGR of 9.6% from 2021 to 2027, owing to increase in number of covid cases globally.
North America had the major share in 2019-
Based on region, North America held the major share in 2019, garnering more than one-third of the global liquid soap market. Rise in product innovation that reduces skin related concerns along with their hygiene-related functionalities drives the market growth in the region. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 10.1% during the forecast period. This is due to rise in utilization of organic product types that contain anti-bacterial properties, soothing fragrances, and natural ingredients.
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