Panic Buying Amidst COVID-19 to Boost Hand Soap Market Growth
Global Hand Soap market is forecast to witness rapid growth of around 6.7% over the forecast period of 2020-2030. Of all applications, the household segment accounts for more than 70% of the market share.
Escalating demand for hand soap was observed in the first quarter of 2020 owing to the COVID-19 pandemic. In the 2nd quarter, the demand is projected to follow an upward trend with increasing awareness about hand hygiene across regions.
Demand will slowly decline by the end of the third quarter as spread of the disease is anticipated to abate. In 3rd & 4th quarter of 2019, sales of hand soap grew at a nominal rate. Medical & clinical applications have created enormous opportunities for hand soap makers.
Demand for Hand Soap Accelerates on Back of Hand Hygiene Directives
Hand soaps have seen an uptick in demand in 2020 owing to the release of hand hygiene directives amid COVID-19 pandemic. This has resulted in bulk buying of hand hygiene products such as hand soap. Moreover, lockdowns across regions has disrupted supply chains.
An increase in hand soap demand has shrunk the buffer present across the regions. This is creating a huge supply-demand gap providing an opportunity for the tier-1 stakeholders to expand production of hand soap across regions.
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Europe and North America to Remain Atop, Other Regions to Grow at a Moderate Pace
From the regional perspective, Europe accounts for more than 35% of the global hand soap market share. Italy has highest household spending on hand soap .North America accounts for more than 30% of the global market share of hand soap in which United States accounts for more than 50% of the revenue share.
The region is set to be fastest growing with a growth of 6.4% over the forecast period. This scenario will soon emerge in East Asian countries such as China and Japan in the forecast period owing to the change in consumer preferences for hygiene products .Increase in demand of hand soap in Oceania was observed in the beginning of 2020 and is set to remain steady over the year.
Hand Soap Manufacturers to Gain Opportunity Owing to the Shattered Supply Chain across the Regions
Global hand soap market is consolidated in nature as there are only select players in the market claiming majority of the market share. Few manufacturers such as Shiseido have entered the competition.
However they have failed against popular consumer choices such as Reckitt Benckiser’s “Dettol“and Unilever’s “Lifebuoy”. Tier -1 players such as Reckitt Benckiser, Unilever, Johnson & Johnson and Henkel are set to capture 30 – 35% of the market share for hand soap.
Colgate Palmolive’s subsidiary “softsoap” has improved sales over the period of 2015-2019 owing to the growing demand and the launching of flavoured hand soaps with disinfectant properties. At the peak of COVID-19, manufacturers were facing a huge supply-demand gap owing to the eruption of infections. This has shrunk regional contingencies.
Manufacturers were unable to raise the cost of hand soap in March, owing to the price control intervention by governments across key regions. This has constrained manufacturers from expanding production to keep up with the increasing demand.
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COVID-19 Impact Insights
The outbreak of coronavirus has led to unprecedented demand for hand soap and sanitizers globally as private health and government bodies are advocating hand hygiene measures. COVID-19 has also spurred people to panic buy and hoard on hand soaps which has accelerated the demand for hand soaps. Thus many FMCG companies are at their wits’ end trying to ramp up production in order to keep up with demand.
There are some who have innovated extensively in their marketing campaigns. For instance, Wai Wai Noodles has propagated hand washing in its new packs to support the cause of hand hygiene.
This is further anticipated to give an uptick to the sales of hand soap in the foreseeable future. Amid supply chain and capacity challenges popular hand soap companies such as RB are ramping up production to widely distribute their popular soaps such as Dettol Hand Wash and Dettol Soap.
Hand Soap market Segmentation
Fact.MR has studied the hand soap market with detailed segmentation on the basis of pack size, application, sales channel, and key regions.
- 100 ml to 200 ml
- 200 ml to 500 ml
- 500 ml to 1L
- 1L to 5L
- Medical & Clinical
- Retail Stores
- Hyper Markets
- Big-box retailers
- Mom & pop stores
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Hand Soap Market- Scope of the Report
The recent study by Fact.MR on hand soap market offers a 10-year forecast between 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of hand soap market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of hand soap. The study also provides dynamics that are responsible for influencing the future status of hand soap market over the forecast period.
A detailed assessment of hand soap value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the hand soap market along with their product portfolio enhances the reliability of this comprehensive research study.
Hand Soap Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in hand soap market across the globe.
A comprehensive estimate on hand soap market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of hand soap during the forecast period. Price point comparison by region with global average price is also considered in the study.
Hand Soap Market: Analysis on market Size Evaluation
Hand soap market has been analyzed for each market segment, in terms of volume (Million litres) and value (US$ Mn). Market estimates at global and regional levels for hand soap is available in terms of “US$ Mn” for value and in “Million litres” for volume. A Y-o-Y growth contrast on prominent hand soap market segments, along with market attractiveness evaluation has been incorporated in the report.
Furthermore, the absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve along with identifying potential resources, considering sales and distribution perspective in the global hand soap market.
Hand Soap Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the hand soap report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of hand soap market during the forecast period.
Country-specific valuation on demand for hand soap has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
Hand Soap Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of hand soap along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the production of the hand soap, has been brought with the help of a detailed dashboard view market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
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