Demand For Hand Soap Is Expected To Witness Rapid Growth Of Around 6.7% By 2031

 The global hand soap market is expected to witness a rapid growth of around 6.7% during the forecast period of 2020-2030.  Among all applications, the household segment holds more than 70% of the market share.

This report provides useful and valuable market insights on hand soap. Fact.MR’s latest report provides details on current market scenarios in various regions, along with historical data and market forecasts. The report also includes insights into Hand Soap Market sales and demand across different industries and regions.

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Europe and North America lead the hand soap market, currently valued at over $23 billion. The projected growth rate is projected to be 7.2% during the forecast period (2020-2030). Hand soap is becoming increasingly popular and continues to penetrate industrial, medical and clinical and other niche applications. The success of the hand soap market lies in the targeted marketing and branding of products through various media channels.

Demand for hand soap is expected to surge due to the ongoing COVID-19 pandemic and panic buying as precautionary measures are implemented across the globe. Accelerating demand has widened the gap between supply and demand. This quarter, i.e. Q1 2020, the hand soap market became inelastic. This clearly demonstrates price independence as demand increases due to the release of WHO hand hygiene guidelines due to the COVID-19 pandemic.

This in-depth, recently published report sheds light on hand soap market insights, key dynamics, impact along the entire value chain from suppliers to end users, and hand soap market growth  .

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Hand soap market segmentation

Fact.MR has examined the hand soap market with detailed segmentation based on package size, application, sales channel, and major geographies.

• per pack:
  • from 100ml to 200ml
  • From 200ml to 500ml
  • From 500ml to 1 liter
  • From 1L to 5L
• application:
  • industry
  • doctors and clinicians
  • domestic
  • etc
• By sales channel:
  • retail store
  • hypermarket
  • large retailer
  • pharmacy
  • Mom and Pop Shop
  • electronic commerce
• By region:
  • North America
  • Latin America
  • europe
  • East Asia
  • South Asia and Oceania
  • Middle East and Africa

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Key Points in the Global Hand Soap Market

• The global hand soap market is projected to generate approximately $25 billion worth of opportunities over the forecast period, doubling its value in 2020.
• Consumer preference for retail over e-commerce sales channels for hand soap purchases is expected to boost retail sales by 7.2% year-over-year over the forecast period.
• Household demand is projected to grow at a rate of 7.4% over the forecast period to 2030, gaining ~160 BPS during the assessment period.
• Europe ranks first in hand soap market share, accounting for 7 billion liters of hand soap demand
• The MEA and South Asia & Oceania markets are growing at moderate rates due to low product awareness and low household spending.
• The global hand soap market is consolidated with 15-25 liquid hand soap manufacturers across all regions.

“Hand soap is increasingly topping consumer wish lists due to targeted branding. This increases consumer return rates despite tighter budget constraints,” says an analyst at Fact.MR.