Global Soap Noodles Market is Set to Garner Staggering Revenues by 2024
Soap Noodles Market: Snapshot
Aggressive sales promotions by large and small companies and the introduction of functional soaps have had a tremendous impact on the demand for soaps and soap noodles over the past few years. Considering the immense competition among players in a highly fragmented market, companies have been compelled to offering products with a wide range of features such as aromatherapy, moisturizing, anti-bacterial, medicated, and herbal soaps. As the demand for these products surges across the globe, the demand for soap noodles has also grown.
The revenue of the global soap noodles marketstood at US$2.5 bn in 2015 and is forecast to reach US$3.2 bn by 2024, expanding at a modest CAGR of 2.7% from 2016 and 2024. The demand in terms of volume for soap noodles is projected to rise at a 2.1% CAGR during the same period.
Growing Consumer Preference for Vegetable Oil-based Soaps
Soap noodles are categorized into various types depending on the raw materials used such as vegetable oil and tallow. In 2015, vegetable oil-based soap noodles led the overall soap noodles market vis-à-vis tallow-based soap noodles. Different specifications of soap noodles are produced by adding various functional additives depending on their end-use application such as toilet soaps, laundry soaps, translucent soaps, high lather soaps, and medicated soaps. The abundant supply of palm oil and the rise in consumer preference regarding the usage of vegetable-based materials are the major factors estimated to drive the vegetable oil segment during the forecast period.
Tallow-based soap noodles also offer lucrative opportunities for players considering that tallow is presently the best alternative material for palm oil in the production of soap noodles.
Easy Availability of Raw Materials in Asia Pacific Attracting Soap Noodle Manufacturers
The global soap noodles market comprises five main regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Asia Pacific emerged as the leading contributor in the global soap noodles market in 2015, followed by Europe and North America. Increasing awareness about hygiene among the population and an improvement in the standard of living in the developing economies of Asia Pacific such as China, India, and Japan are projected to boost the demand for soap bars. This, in turn, is estimated to propel the demand for soap noodles in APAC in the near future. Asia Pacific is also projected to be the fastest growing market over the course of the forecast period with end-user industries such as healthcare and personal care on the path of rapid expansion. China is one of the major consumers and suppliers of soap noodles. The majority of soap noodle manufacturers are based in Malaysia and Indonesia due to the easy availability of raw materials in these countries.
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Europe is also a key market for soap noodles owing to the increasing production of soap bars with special functional additives.
Permata Hijau Group, KLK OLEO, 3F INDUSTRIES LTD., Deeno Group, Adimulia Sarimas Indonesia, IOI Oleochemicals, Wilmar International Ltd., John Drury, Musim Mas Holdings, and VVF Limited are some of the prominent names in the soap noodles market.
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