In a recent published report, Kenneth Research has updated the market report for Soap and Detergent Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Soap and Detergent Market products.
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The soap and detergent market is primarily driven by the rising demand for consumer goods and essential consumable products all across the world. It is noted that key players are targeting emerging economies to expand their market presence. For instance, in April 2019, the U.S. multinational consumer goods corporation, Proctor & Gamble, collaborated with Yara International, International Plant Nutrition Institute, and Malaysia Institute for Supply Chain Innovation as part of its commitment to drive a more sustainable future. Small holders within the company’s palm supply chain in Malaysia will particularly benefit from the collaboration aimed at improving their livelihood.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Furthermore, increasing use of washing machines is projected to strengthen the growth of the worldwide soap and detergent industry. Development of the textile industry is also likely to bolster the overall market. Other factors such as new product developments, growing healthcare awareness, the need to maintain cleanliness and hygiene, increasing research activities coupled with improving disposable income of consumers are foreseen to bode well for the global market.
In terms of products, the market is segmented as industrial soaps and detergents, household soaps and household detergents. Among products, household detergents captured highest revenue share owing to their strong demand in Asia Pacific countries. Rising penetration of liquid and powder detergents in both urban and rural areas is also expected to place the segment in a strong position in the global market.
Regionally, North America is anticipated to account for a substantial share of the global soap and detergent market in terms of revenue. The US and Canada have a large textile manufacturing facilities which is forecasted to support the regional growth. Their developed economy is also anticipated to play a crucial role in the regional expansion.
Key Vendor Takeaway
The global soap and detergent market includes top players such as Church & Dwight Co., Unilever, Ecolab Inc., Procter & Gamble, Colgate-Palmolive Company, Henkel AG & Co. KGaA, Reckitt Benckiser Group PLC, Lion Corporation, Amway and The Clorox Company. The industry is dominated by the large multinational companies and are foreseen to face a tough competition against regional and local players, especially in developing countries. Key players are prophesied to adopt strategic collaboration, product innovation and merger and acquisition as key growth strategies to improve market position.
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Ecolab is one of the popular company operating in the global soap and detergent market. It has over 9,500 patents, 50,000 associates including scientists, engineers and service professionals, 3 million customer locations, and a 95-year history of innovation. In February 2019, the company acquired Lobster Ink, a Swiss provider of employee training and development solutions, to add to its customer training capabilities.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Industrial Soaps and Detergents
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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