According to Netscribes, the market for soaps in India will grow at a CAGR of 5.5% during the period of FY 2016 to FY 2022. Soap is a product that has the highest market penetration in India, covering more than 80% of the country’s urban as well as rural households.
During FY 2016, beauty soap segment had the largest share with 50%, followed by health soap segment with 28.6%. UAE, Nepal and USA are the top three countries that imported Indian soaps.
Soap Market in India - Key Growth Factors
Increasing purchasing power and premiumisation of soaps has created a growing need for premium, feature-rich products, such as herbal soaps. The Indian government’s Swachh Bharat mission has further boosted growth in the soap market.
Soap Market in India - Threats and Key Players
Demonetization in November 2016 had a negative impact on the soap market. Due to lack of currency notes being circulated, many soap manufacturers in India had to reduce their production by nearly 20%. However, the implementation of GST is expected to bring some relief through lowered duty.
Presence of chemicals and other toxic elements in soaps can damage skin texture or trigger allergies, in some people, which can hamper the growth of the market.
Some of the best-selling soap brands include Santoor, Lux, Godrej no.1, Cinthol, and Lifebuoy. Despite the challenges in the industry, the market is expected to exhibit strong growth and more companies are expected to foray into the soap segment.
What’s covered in the report?
- Overview of the soap market, and historical and forecasted market size data over FY 2015 to FY 2022
- Trade analysis of soaps in India
- Qualitative analysis of the major drivers and challenges affecting the soap market
- Analysis of the competitive landscape and profiles of major public and private players operating in the market
- Key recent developments in the Indian Soap Market
- Get a broad understanding of the soap market in India, the dynamics of the market and the current state of the industry
- Devise market-entry strategies by understanding the factors driving the growth of the market
- Recognize major competitors' business and market dynamics, and respond accordingly
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