The global bar soap market size was valued at USD 28.27 billion in 2021. The market is set to expand from USD 29.16 billion in 2022 to USD 38.42 billion by 2029, exhibiting a CAGR of 4.02% over the estimated period. The surge can be attributed to the rising soap demand from numerous end-users such as restaurants and hotels.
This information is provided by Fortune Business Insights™ in its research report, titled “Bar Soap Market, 2024-2029”.
Fortune Business Insights™ lists out all the bar soap market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Unilever plc (U.K.)
- Premier English Manufacturing Ltd (Premco) (K.)
- Vanguard Soap LLC (S.)
- Beaumont Products, Inc. (S.)
- Betasoap Sp. z o.o. (Poland)
- John Drury & Co Ltd (K.)
- Twincraft Skincare (S.)
- Commonwealth Soap & Toiletries (CST) (S.)
- Vermont Soap (S.)
- Bradford (S.)
The report provides comprehensive coverage of the key trends that are set to propel the global business scenario over the forthcoming years. It further gives an insight into the pivotal steps taken by leading companies to strengthen their market position. Some of these initiatives include mergers, acquisitions, the formation of alliances, and others.
Drivers and Restraints:
Industry Value to Rise Due to Growing Concerns for Health & Hygiene
One of the key aspects favoring the bar soap market growth is an escalation in awareness regarding health and hygiene. Poor hygiene is the leading cause for adverse health conditions.
However, the industry expansion may be hindered by the availability of substitute products such as sanitizers and hand wash.
Natural Segment to Gain Traction Owing to Moisturizing Benefits
On the basis of material type, the market is segmented into natural and synthetic. The natural segment is poised to register appreciable expansion over the estimated period. This is mainly driven by the shifting consumer preference toward organic products and their moisturizing benefits.
Bathing Segment to Record Substantial Expansion Owing to Wide Product Usage
Based on application, the market is subdivided into hand washing, dishwashing, bathing, and others. Of these, the bathing segment is set to record commendable growth throughout the forecast period. The surge can be attributed to the wide usage of bar soaps for body cleaning and bathing.
Standard Quality Segment to Depict Lucrative Growth Driven by Soaring Demand from All Consumer Groups
Based on quality, the market is subdivided into low, standard, and premium. The standard segment is slated to impel considerable growth over the projected period. The rise is being impelled by the growing product usage by various consumers.
Based on geography, the market has been studied across five regions, Europe, North America, the Middle East & Africa, South America, and Asia Pacific.
Asia Pacific to Lead Driven by Rising Population Strength
The Asia Pacific market is set to record substantial growth over the projected period. The surge can be attributed to the growing population strength in countries such as India and China.
The North American bar soap market share is expected to register a commendable surge throughout the estimated period. This can be credited to the growing emphasis of bar soap producers on the enhancement of their product portfolio.
Major Companies Ink Partnership Agreements to Expand Product Reach
Key bar soap companies are focused on the adoption of numerous strategies for the consolidation of their market position. These include collaborations and partnership agreements for increasing product penetration. Additional initiatives include surging participation in trade conferences.
Key Industry Development:
- January 2022 – Oregon Soap Company rolled out its new Carbonfree products in collaboration with Carbonfund.org. Via this partnership, the company reached its goal of offsetting the CO2 emissions of its products by over 100%.