Global Bath Soap Market By Region, Growth, Opportunities and Forecast 2018-2023
Global Bath Soap Market Bolstered by Rising Hygiene Consciousness in the Developing Regions
United States, 25 January 2018 -- The global bath soap market has been witnessing a healthy growth over the past few years. In line with expanding income levels and the changing lifestyles of the consumers, bath soap manufacturers have introduced products for different skin types and consumer needs.
Bath soaps are made up of moisturizers and cleansing agents that helps in softening and cleaning the skin. The primary purpose of bath soaps is to cleanse and maintain the hygiene of the body. As a result, they form an integral part of the personnel care routine. Nowadays, the majority of bath soaps are designed to target specific needs of the consumers, and are available in imaginative packaging and a variety of fragrances. A new research report by IMARC Group, titled “Bath Soap Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 15.3 Billion in 2017. The report further anticipates the market to reach a value of US$ 21.1 Billion by 2023, at a projected CAGR of 5.5% over the forecast period.
The rapidly growing population along with the premiumisation of the bath soap products are the major factors driving the growth of the global bath soap market.
With the mounting pollution and changing lifestyles, it has become essential for people to stay hygienic and keep their skin healthy.
This has created a surge in the level of hygiene awareness among the consumers, thereby spurring the bath soap market globally.
On account of the expanding disposable incomes and rising standards of living, the demand for bath soaps has been increasing in the emerging markets such as India and China. This is further supported by consumer preference for different fragrances and moisturising capabilities of the bath soap products.
Celebrity endorsements and the aggressive marketing by manufacturers along with value addition are some of the other factors contributing to the market growth.
The availability of bath soap substitutes such as shower gels, bath powders, etc. hampers the market growth. Moreover, the increasing prices of bath soaps also act as a major deterrent.
Based on region, Asia Pacific currently represents the leading market, holding the majority of the global bath soap market. This can be attributed to the rapidly expanding population, rising disposable incomes and growing hygiene awareness among the consumers of the region. It is followed by Western Europe and North America. Other major regions include Latin America, and Middle East and Africa.
The market is highly fragmented with the well-diversified international and regional vendors. There is an intense competition in the market due to frequent changes in consumer preferences. Some of the leading players operating in the market are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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