Globally, the coronavirus pandemic has generated a decline in the growth of the personal care industry. However, in the case of hand soap stocks, growing consumer preference for products with low risk of contamination, is helping to sustain demand. Further, panic buying behavior has substantially bolstered demand. Hand hygiene directives by regulatory bodies will keep up demand in the foreseeable future.
Growth in the sales of personal hygiene products and the development of specialized formulations for various skin types are anticipated to generate key opportunities according to a recent report by Fact.MR. The global hand soap market will witness strong growth in the coming years by marketing and branding efforts through the different media channels.
“Leading FMCG manufacturers have set up dedicated initiatives to handle the covid-19 outbreak, by minimizing the costs of their offerings. In addition, manufacturers are also creating hand soap donation programs for low income sections of society, who are susceptible to the epidemic,” says the Fact.MR report.
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Hand Soap Market- Key Takeaways
- Conventional hand soap formulations are highly sought after, driven by low cost, and multiple variants. Concerns over parabens support the rapid rise of organic options.
- Hand soap for household applications account for more than 60% of sales, driven by changing consumer lifestyles in developing economies.
- Supermarkets and hypermarkets are the primary distribution channels for hand soap products. However, the coronavirus crisis is boosting the growth of online channels.
- Asia Pacific, followed by North America accounts for a majority of the hand soap markets, propelled by commercial and household applications.
Hand Soap Market- Key Driving Factors
- A rise in consumer awareness about personal hygiene is anticipated to scale up demand.
- Investments in new formulations for varied skin types and sensitivity will sustain demand.
- Superior performance of hand soap in comparison to hand sanitizer is set to aid market growth
Hand Soap Market- Key Restraints
- Volatility in the prices of raw materials are a key concern for hand soap manufacturers.
- Environment concerns associated with hand soap formulations are expected to hinder market growth.
COVID-19 Impact on Hand Soap Market
The coronavirus, like the flu, and common cold is primarily spread via contact with infected droplets. Consequently, regulatory bodies such as the Centers for Disease Control and Prevention have recommended the washing of hands with soap and water. This trend will help in the expansion of the hand soap market for the foreseeable future.
In addition, consumers have been stockpiling hand sanitizer products, which has led to a gnawing supply demand gap and is creating shortages. Consequently, the demand for hand soap is expected to grow rapidly as a feasible alternative. Commercial, healthcare and household hand soap applications will continue to grow steadily even after the pandemic subsides.
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Manufacturers are working on the development of new products to gain an advantage over the competition. Henkel, Reckitt Benckiser, Johnson & Johnson, and Unilever are some of the leading hand soap producers in the global market.
For instance, SoaPen is a rapidly proliferating hand washing solution for young children. The product can be used by children to draw. Whilst removing the drawing in water, children rub their hands and can be completely germ-free after 20-30 seconds.
On similar lines is the toy soap that is a colorful, attractive formulation with toy animals and figurines inside thus providing children with an incentive to wash their hands.
About the Report
This study offers the market forecast of the hand soap market. Global, regional and country-level analysis of the industry trends affecting the hand soap market is covered in this Fact.MR study. The report offers insights on the basis of pack size (100 ml to 200 ml, 200 ml to 500 ml, 500 ml to 1lt, and 1 lt to 5lt ), application (industrial, medical & clinical, household, and others), and sales channel (retail stores, and ecommerce) across six regions (North America, Latin America, Europe, South Asia & Oceania, East Asia, and MEA).