The growth of the global liquid hand soap market is attributed to the changing consumer perceptions regarding health & hygiene and rising demand for fast-acting liquid soap products, says this report.
SELBYVILLE, Del. – September 17, 2020 – (Newswire.com)
Based on Global Market Insights Inc.’s report, the global liquid hand soap market was estimated at $2.3 billion in 2019 and is slated to surpass $4.6 billion by 2026, registering a CAGR of 10% from 2020 to 2026. The report provides an in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations, as well as size.
Shifting trends towards the adoption of good hygiene habits, coupled with the importance of cleanliness, is likely to drive the demand for liquid hand soap across the globe. Moreover, the growing adoption of natural ingredients to offer top-quality products and surging development in biotechnological research will further provide substantial growth opportunities for the liquid hand soap market expansion.
With respect to nature, the synthetic segment is likely to witness considerable growth over the coming years. In fact, key market players are increasingly opting for synthetic-based chemicals with a fast cleaning action, which is likely to boost industry share.
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In terms of application, the restaurant application segment is anticipated to witness substantial growth over the coming years. The segment is slated to exceed a valuation of approximately $445 million by the end of the analysis timeframe. This growth is ascribed to stringent regulations across the food industry, coupled with strict food safety compliances.
Additionally, the liquid hand soap market demand is set to soar, attributing to the ongoing COVID-19 pandemic since precautionary sanitization and hygiene measures are being implemented across the globe. In fact, several manufactures are actively involved in various research initiatives that are leading to new product developments that would also help them stay competitive in a post COVID economy.
Key reasons for liquid hand soap market growth:
- Growing demand for bottle-based liquid hand soap across offices and industrial applications.
- High investments in branding and marketing initiatives by key market players.
- Stringent regulations regarding hygiene across public places in Europe.
2026 forecasts anticipate the ‘tube’ packaging segment showing appreciative growth
In terms of packaging, the tube packaging segment is slated to grow at a CAGR of around 10% over the forecast time period. The growth is ascribed to the growing demand for cost-effective and easy-to-carry solutions. Prominent industry players are increasingly investing in tube-based solutions for boosting the impulse buying phenomenon. Subsequently, tube liquid hand soap is likely to gain substantial growth since these are convenient to use and also save space. Tube liquid hand soaps are lightweight in nature and can also be customized with ease, making it easy to market across a wide customer base. These factors would thereby create favorable opportunities for the liquid hand soap market segment.
Asia-Pacific and Europe to witness remunerative growth:
The liquid hand soap market in Asia-Pacific is slated to exceed a valuation of approximately $920 million by the end of the analysis timeline. This growth is ascribed to the changing consumer perceptions towards hygiene and surging demand for advanced soap solutions. Key market players across the region are also introducing new medicated hand wash products added with natural ingredients for capitalizing on emerging trends regarding organic products. Furthermore, manufacturers are further investing in various marketing activities by providing free samples at stores, as well as promoting the products across social media.
Meanwhile, Europe’s liquid hand soap market is expected to exceed a valuation of nearly $1.1 billion by the end of the analysis time period. The growth is attributed to high investments towards sensor-based sanitizer solutions and liquid soap installations. The market would further be driven by stringent regulations relating to hygiene across public spaces.
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Leading market players:
Prominent market players analyzed in the liquid hand soap industry report include 3M, Kao Corporation, J.R. Watkins and Co., AVON, Medline Industries, Colgate, and Henkel Corporation among many others. They have incorporated several strategies including partnerships, expansions, collaboration, joint ventures, and others to heighten their standing in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Liquid Hand Soap Market Projected to Exceed $4.6 Billion by 2026, Says Global Market Insights Inc.
