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The global soap market size is projected to reach USD 55.29 billion by 2027 on account of extensive usage of traditional solid soap products around the globe. Fortune Business Insights™ shares this information in its new report, titled “Soap Market Size, Share & Industry Analysis, By Product Type (Bath & Body Soaps, Kitchen Soaps, and Laundry Soaps), Form (Solid and Liquid), Application (Household and Commercial), Distribution Channel (Hypermarkets/Supermarkets, Pharmacies, Online Channels, and Others), and Regional Forecast, 2020-2027”. According to the report, the market value stood at USD 34.09 billion in 2019 and is anticipated to exhibit a CAGR of 5.0% from 2020 to 2027.
Colgate Extends Support to the WHO for Its COVID-19 Containment Efforts
As the COVID-19 outbreak continues to ravage the world, many consumer goods companies are stepping up and offering to contribute in the global effort to curb the spread of this disease. One such company is the US-based consumer products giant, Colgate-Palmolive, who, on April 3, 2020, extended its support to the WHO’s ‘Safe Hands’ initiative. Leveraging its manufacturing capacity of hygiene and sanitation products, the company will enhance its production units across the globe to manufacture and donate 25 million soap bars, focusing on regions where the need is direst. These soaps will be distributed in special packages, which will have instructions on proper hand-washing techniques.
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Awareness Initiatives by Global Bodies to Foster Market Growth
Hand-hygiene and overall well-established sanitation practices are crucial in preventing the incidence and spread of deadly contagious and infectious diseases. In fact, poor sanitary conditions are one of the most noticeable causes of disease and death among the more vulnerable sections of society. The World Health Organization (WHO) estimates that approximately 400,000 babies and 30,000 women die every year from infections caused by lack of water and poor sanitation. To address this issue, many organizations have initiated awareness campaigns to inculcate among people the importance of hygienic practices. For instance, UN-Water has been convening the World Toilet Day on November 19 every year since 2013. Similarly, the WHO holds the World Hand Hygiene Day every year on May 5, themed on the prevalent issues of that year. These initiatives bode well for the soap market growth as they are likely to inspire people to follow proper hand-washing practices.
Regional Expansion Ventures by Key Players to Stir Competition
In an attempt to expand and establish their foothold in foreign markets, key players in this market are undertaking ventures to enlarge their presence in neighboring regions. This is primarily being achieved through the traditional route of acquisitions of and collaborations with local companies to efficiently manage production operations overseas. To bolster their global position, many companies are also strengthening their existing portfolios with innovative products and increased R&D investments.
List of Companies Profiled in the Soap Market Report:
Further Report Findings:
Global Soap Market Scope&Segmentation 0f table:
Value (USD Billion)
By Product Type
By Distribution Channel