Hand Soap Market : Upcoming Demands & Growth Analysis 2020-2030 | Reckitt Benckiser, Unilever, Johnson & Johnson

Posted on 2021-02-23 by Future Market Insights, Inc in Retail // 0 Comments

With Europe and North America leading the hand soap market, the market is currently pegged at more than US$ 23 Bn. Projected growth rate is anticipated to be 7.2% over the forecast period (2020 to 2030). Hand soaps have soared on popularity and have continued to penetrate industrial, medical & clinical and other niche applications. The success of hand soap market lies in targeted marketing and branding of their products through various media channels.

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Demand for hand soap is set to soar with the ongoing COVID-19 pandemic and panic buying as precautionary measures are being implemented worldwide. Accelerated demand has significantly increased the supply demand gap. In this quarter, i.e., 1^st quarter of 2020, hand soap market has become inelastic, which portrays a clear picture of independence of price with growth in demand due to release of WHO directives of hand hygiene owing to the COVID-19 pandemic.

Key Takeaways of Global Hand Soap Market

Global hand soap market is anticipated to create a value opportunity of around US$ 25 Bn during the forecast period, adding 2X more value as compared to 2020
Consumer preference for retail stores over E-commerce sales channel, for the purchase of hand soaps is set to drive retail store sales at a Y-o-Y of 7.2% over the forecast period
Household applications are set to grow at a rate of 7.4% in the forecast period through 2030 and are set to gain ~160 BPS over the assessment period

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Europe holds the leading share in the hand soap market and accounts for 7,000 million litres of hand soap demand
MEA and South Asia & Oceania market are growing at a moderate pace, owing to lesser product awareness and low household spending
Global Hand Soap market is consolidated in nature with only 15-25 manufacturers of liquid hand soap across regions

“Hand soap is gradually topping consumers’ wish list owing to targeted branding. This is despite lower budget constraints, thus increasing the rate of returning consumers” says a Fact.MR analyst.

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Strong Foothold of Hand Soap Titans has put New Entrants at Bay

Hand Soap market stakeholders have generated greater profit margins in the historical period of 2015-2019. According to a Fact.MR consumer survey, consumers have set their expectations and choices limited to only select companies. This has become a barrier for new entrants in the market. Market stakeholders such as Johnson & Johnson, Reckitt Benckiser, Unilever, Henkel, ITC, Procter & Gamble, Amway etc., have a strong foothold across various regions in the hand soap market.

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