Press release
Global Liquid Hand Soap Market Size By Packaging (Pouch, Bottle, Tube), By Application (Household, Commercial {Hospitals, Malls, Offices, Restaurants}), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Pharmaceutical Stores, Online
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Demand for hand soap is set to soar with the ongoing COVID-19 pandemic and panic buying as precautionary measures are being implemented worldwide. Accelerated demand has significantly increased the supply demand gap. In this quarter, i.e., 1st quarter of 2020, hand soap market has become inelastic, which portrays a clear picture of independence of price with growth in demand due to release of WHO directives of hand hygiene owing to the COVID-19 pandemic.
Key Takeaways of Global Hand Soap Market
Global hand soap market is anticipated to create a value opportunity of around US$ 25 Bn during the forecast period, adding 2X more value as compared to 2020
Consumer preference for retail stores over E-commerce sales channel, for the purchase of hand soaps is set to drive retail store sales at a Y-o-Y of 7.2% over the forecast period.
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Household applications are set to grow at a rate of 7.4% in the forecast period through 2030 and are set to gain ~160 BPS over the assessment period
Europe holds the leading share in the hand soap market and accounts for 7,000 million litres of hand soap demand
MEA and South Asia & Oceania market are growing at a moderate pace, owing to lesser product awareness and low household spending
Global Hand Soap market is consolidated in nature with only 15-25 manufacturers of liquid hand soap across regions
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