According to a new report published by Allied Market Research, titled, “Antibacterial Soap Market by Form, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2030.”
The antibacterial soap market size was valued at $3.7 billion in 2020, and is estimated to reach $6.9 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
Increase in demand for antibacterial soap is determined by various factors, including surge in awareness regarding importance of personal hygiene and rise in health benefits associated with it. Majority of foodborne diseases are caused, owing to contaminated hands. Germs on hands enter the body through the mouth while eating, causing disorders, including diarrhea and weaken the immune system. According to the , washing hands with soap and water can reduce deaths caused due to diarrhea by 50%. Moreover, researches show that routine washing of hands can prevent one million deaths per year.
Furthermore, use of antibacterial soap can eliminate respiratory diseases, including cold and flu by killing germs on the body and hands. According to the World Bank, healthcare expenses can reduce effectively, owing to regular washing of hands with water and soap. Therefore, rise in awareness regarding hygiene and cleanliness is expected to foster the growth of the global antibacterial soap market during the forecast period.
The antibacterial soap market is segmented on the basis of form, application, distribution channel, and region. Depending on form, the liquid segment dominated the global market, accounting for 61.1% of the antibacterial soap market share in 2020. Increase in preferences for liquid soaps among the consumers, owing to easy usage and its convenience fuel the growth of the market. Increase in demand from healthcare sector is expected to fuel the antibacterial soap market growth in future.
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According to application, the hand wash segment dominated the antibacterial soap market. Increase in awareness regarding health benefits of washing hands contributed toward the growth of the market. Rise in antibacterial soap market demand for washing hands to prevent infections and diseases caused due to contaminated hands fosters the dominance of the hand wash segment.
As per the distribution channel, the online sales segment is expected to foresee fastest-growth during the forecast period. This is attributable to growth in adoption of smartphones, rise in penetration of internet, increase in adoption of e-commerce platforms among the consumers, and convenience of shopping from home.
As per the antibacterial soap market trends, region-wise, Asia-Pacific is expected to exhibit significant growth, owing to surge in population, rise in health awareness, urbanization, growth in penetration of liquid antibacterial soaps, increase in disposable income, rise in improved standards of living, and surge in prevalence of infectious diseases.
Players operating in the global antibacterial soap industry have adopted various developmental strategies to expand their market share, exploit the antibacterial soap market opportunities, and increase profitability in the market.
Players operating in global antibacterial soap industry have adopted various developmental strategies to expand their market share, exploit the antibacterial soap market opportunities, and increase their profitability in the market. The key players profiled in this report include 3M, Amway Corporation, Godrej Consumer Products Limited, GOJO Industries, Inc., Henkel AG & Co. KGaA, ITC Ltd., Reckitt-Benckiser Group PLC. , The Procter & Gamble Company, Unilever Plc., and Vi-Jon.
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Key findings of the study
• The global antibacterial soap market was valued at $3,733.9 million in 2020, and is estimated to reach $6,924.9 million by 2030, registering a CAGR of 6.3% from 2021 to 2030.
• By application, the hand wash segment was the highest contributor to the market, with $3,076.5 million in 2020, and is estimated to reach $5,611.5 million by 2030, at a CAGR of 6.1% during the forecast period.
• By form, the liquid segment was the highest contributor to the market, with $2,282.2 million in 2020, and is estimated to reach $4,244.9 million by 2030, at a CAGR of 6.4% during the forecast period.
• By distribution channel, the supermarket and hypermarket segment was the highest contributor to the market, with $1,720.6 million in 2020, and is estimated to reach $3,120.9 million by 2030, at a CAGR of 6.1% during the forecast period.
• By region, North America was the highest revenue contributor, accounting for $1,287.8 million in 2020, and is estimated to reach $ 2,261.7 million by 2030, with a CAGR of 5.7%.