India Soap Market to Cross $ 4.4 Billion by 2026
Rising focus on maintaining proper
hygiene coupled with expanding middle class to drive the growth of India soap
market
According to TechSci Research report, “India Soap Market By Form, By Distribution Channel, By Application, By
Region, Competition, Forecast & Opportunities, FY2016 -FY2026F”, India soap market is forecast to grow from $ 2.9
billion in FY2020 to $ 4.4 billion by FY2026 on account of rising focus on
maintaining proper hygiene and expanding middle class population in the country.
Another major factor is the outbreak of coronavirus (COVID-19) pandemic, which
is resulting in people increasing their hand washing frequency and government
bodies encouraging hygiene initiatives. Also, various government initiatives, like
Swachh Bharat Mission, to promote health and hygiene, have had a positive
influence on the country’s soap market. Furthermore, introduction of high
quality and specialty soaps are leading to an increased interest among
consumers, which is boosting their usage across the country. Due to COVID-19
outbreak, Indian market witnessed panic buying and hoarding of hygiene products
including soaps that augmented sales of soaps in the first quarter of FY2021.
As a result, many FMCG companies are trying to scale up production to keep up
with surging demand.
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Based
on Distribution Channel, the India soap market is split into the Store-Based
and Non-Store Based segments. The store-based segment dominates the market and
it is expected to remain so through 2025. Regionally, the market is segmented into
North, South, West and East. South India accounted for the largest share in
India soaps market because of high consumer awareness about importance of hygiene,
predominantly due to higher literacy rate. North India accounts for the second
largest share due to increasing awareness about hygiene standards, especially
among the region’s large rural population. More than 70% of retail outlets that
sell soaps in India are in rural areas. Based
on Form, market is fragmented into Bar Soap and Liquid Soap. Bar Soap dominated
India soap market in FY2020. Though, from the purely health-conscious perspective,
bar soaps contain fewer chemicals and do just as properly in preventing germ
spread as their liquid counterparts do, consumer preference for bar soaps is
higher in India as they prove out to be comparatively cheaper. Liquid soaps are
however expected to exhibit higher growth rate during the forecast period due
to many urban consumers opting for them instead of bar soaps over the next few years.
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Wipro
Consumer Care Limited, Godrej Consumer Products Ltd, Hindustan Unilever Ltd,
Reckitt Benckiser (India) Pvt. Ltd, ITC Ltd, Colgate Palmolive (India) Ltd, Jyothi
Laboratories Ltd, Patanjali Ayurveda, The Himalaya Drug Company, and Karnataka
Soaps and Detergents Ltd are the leading players operating in India soap
market. “India's soap industry is growing significantly due to various factors
such as increasing awareness, especially among rural population, about personal
hygiene and cleanliness to avoid spread of germs and viruses. Rural areas
constitute more than 65% of India’s population and most low-income consumers
are being targeted by soap manufacturers to boost their revenues. Moreover, the
sudden outbreak of coronavirus (COVID-19) is a key near to medium term factor
that is expected to boost sales of soaps in India.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Soap Market
by Form, by Application, by Distribution Channel, by Region, Forecast &
Opportunities, FY2026” has evaluated the future
growth potential of India Soap market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in India Soap market.
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