The global soap and detergent market is expected to reach USD 207.56 billion by 2025, according to a new report by Grand View Research, Inc. The rising disposable income and rapid urbanization in developing countries are expected to increase the demand for soaps and detergents. The rising healthcare awareness coupled with government regulations to maintain hygiene and cleanliness in food processing, product manufacturing, and hotel is expected to drive the market growth.
Launch of innovative new product is another major factor contributing toward market growth. The demand for highly efficient and anti-allergic cleaning products is growing rapidly. The manufacturers are continuously focusing on innovative product development to cater the unmet needs of their customers. For instance, anti-allergy soaps and natural ingredients containing detergents are heavily adopted by consumers with delicate skin.
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Further Key Findings From the Report Suggest:
- Household detergents segment was the largest revenue generating segment of the market in 2016 due to escalating penetration of washing machines in the emerging economies
- Household soaps is estimated to grow at the highest growth rate during the study period owing to rising population and escalating disposable income in developing regions
- North America dominated the market in 2016 majorly due to the existence of well-developed economy and large textile industry in this region
- The Asia Pacific market is estimated to grow at the highest rate during the forecast period. Rising number population and developing economies including India, China, and Indonesia, are major factors contributing to growth in this region
- Some of the major players are Colgate-Palmolive Company; Unilever; Church & Dwight Co.; Ecolab Inc.; Procter & Gamble; Henkel AG & Co. KGaA; Lion Corp.; The Clorox Company; Reckitt Benckiser Group PLC