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The manufacturing of bar soap is one of the oldest industries functioning in the FMCG domain. Bar soap is often chosen over its substitute products due to its long-lasting quality, skin-friendliness, and has the ability to better moisturize the hand. The consideration of the product as one of the most crucial household items across the world on an account of having various usage is assisting to intensify the demand for bar soap. Furthermore, due to the fewer content of chemicals, there is an increase in consumption of the product as bar soap is lesser damaging to the skin as compared to other cleansing substitutes. Additionally, the rising utilization of the product in hotels for the usage of its guest also acts as a flourishing factor for the increase in demand. For instance, in May 2019, the hotel occupancy rate in different regions of the world is estimated as follows as Americas 68.1%, Europe 74.9%, the Asia Pacific 68.5%, and the Middle East 51.7%.
The innovation of carat gold bar soap which is made to specifically target millionaires and billionaires across the globe also acts as a great opportunity for market growth. For instance, the production of 24 Carat Gold Soap by V Care which is made out of fine colloidal gold that can melt into the skin to provides firmness and radiance.
The rising awareness of sustaining decent hygiene to help prevent the spread of diseases around the world is acting as one of the major factors for market growth. The increasing usage of bar soap particularly by people working in hazardous areas such as mining, factories, constructions, and others is assisting to propel the consumption of the product. According to the Bureau of Labor Statistics data published, 2018, there is an estimation of 7.2 million people participates in the United States construction workforce. Furthermore, there is a rising demand of bar soap due to the growing contamination of land, air, and water as the generated dust and dirt particles are absorbed by the skin. Additionally, due to the outbreak of the coronavirus, there is an increase in the consumption of bar soap and this is also acting as a boosting factor for market growth.
However, the availability of substitute products that can be used instead of bar soap such as liquid soap, wipes, and others is acting as a restraining factor for the market growth. For instance, the liquid soap which comes with a higher concentration of chemicals is considered to be more powerful in removing germs and other impurities out of the body.
Key Market Driver -
The growing awareness of maintenance of good hygiene act as a driving factor for the market growth.
Key Market Restraint -
Presence of substitute products in the market hampers the market growth
Nubian Heritage, Unilever PLC, Procter and Gamble Co, , Dr. Woods, Irish Spring, Cetaphil, Burt's Bees, and others are the key players operating in the market.
The bar soap market is fragmented into by material use, by application, by quality, and by geography.
On the basis of material, used the market is segmented into synthetic and natural. Synthetic is estimated to be the larger market shareholder on an account of its stronger cleansing ability of dust, dirt, grease, and oil from the body, and usually has lower in cost.
Based on application, the market is fragmented into bathing, dishwashing, and hand washing. Bathing soap is estimated to be the dominating market owing to the presence of substitute products available in the market as compared to other segments and also there is a greater consumption once per-use than other types of bar soap.
By quality, the market is divided into low, standard, and premium. Standard quality is estimated to be the largest market as it includes many of the attributes of premium soap at an affordable price range.
On the basis of region the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is estimated to be the dominating region during the forecast period of 2020-2027.The soap bar brands targeting rural areas and people with less spending power with the production of an affordable price range product help to boost factor for the demand. Furthermore, the rising government initiatives on spreading awareness among the citizens to the prevention of diseases through proper maintenance of hygiene increase the product demand. For instance according to the National Institute of Health and Family Welfare, in October 2019, the government of India is giving full support to the Global Handwashing Day by participating and educating its citizens on the importance of handwashing.
North America is also projected to display a robust presence during the coming years owing to the availability of a wide range of products that are manufactured by considering different factors such as age groups, skin sensitivity, varieties of flavors, and others. Large number of people with sensitive skin in this region often chose bar soap over its substitute product as it is more skin friendlier and has a limited presence of substitutes that can harm the skin. For instance, according to the U.S. National Library of Medicine, in May 2019, there is an assessment of 60–70% of women, and 50–60% of men are reported possessed some degree of sensitive skin.Furthermore, more manufacturers such as Dr. Bronner’s, The Yellow Bird, Aspen Kay Naturals, and others are coming up with herbal based products that are assisting to heal the skin from scars, dark spots, acne, and others help to boost the sales for the market growth.
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