According to a new research report by Global Market Insights Inc., the Soap Noodles Market size is forecast to reach USD 1.14 billion by 2025. Growing demand for personal hygiene and cosmetic products mainly from the developing region is projected to substantially contribute to the global market.
Personal hygiene soap lead the application segment in 2018 and shall continue leading by 2025. The personal hygiene soaps constitutes the premium quality soap produced using soap noodles. These soaps contains high amount of palm and palm kernel oil and a high level of fatty matter composition.
The growing demand for beauty and personal hygiene products across the globe along with the prevalence of excellent sales promotion schemes is anticipated to substantially contribute to soap noodles market share during the forecast period. Laundry soap was the second largest segment in 2018 and was followed by the multi-purpose soap segment. Laundry soap held a market share of over 30% in 2018.
Growing shift towards the use of liquid soaps and gels mainly in the developed regions is projected to be the major market restraining factor in the coming years. The proficient soap manufacturers are seen to reduce innovation cost in their bar soap product segments and shifting their reliance into the liquid soap segments. This change in research and development expenditure is anticipated to be a major restraint of soap noodles market growth.
Browse key industry insights spread across 143 pages with 214 market data tables & 22 figures & charts from the report, “Soap Noodles Market By Source (Vegetable Oil, Tallow), By Process (Saponification, Fatty Acid Route), By Application (Personal Hygiene Soap, Laundry Soap, Multi-purpose Soap), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
In terms of source, vegetable oil held the largest share in the overall soap noodles market in 2018 and forecast to grow with a highest CAGR more than 3% during the assessment period. This can be attributed to the easy availability of palm and palm kernel in Malaysia and Indonesia. Thus, Asia Pacific is the largest producer and exporter of palm oil across the globe. Latin American and North American bar soap producers mainly depends on tallow to produce soap noodles.
Asia Pacific is projected grow with a highest CAGR during the forecast timespan. China held the largest market share in 2018 and shall witness gains over 3.5% CAGR. Increasing consumer disposable incomes, improved living standards in the region coupled with easy raw materials availability are major factors positively affecting the growth of the soap noodles market.
Europe and North America are other prominent regions contributing to the soap noodles market size during the forecast period. The presence of major soap manufacturers coupled with growing demand for premium soaps in these regions accompanied with significant consumer demand for luxury soap brands such as Tom Ford, Czech & Speake, Hermes, Miss Dior, etc., will contribute in market demand. Moreover, Europe is one the largest importers of palm oil from Malaysia which in turn is used for the production of soap and biofuel. Germany, the UK, Italy and France are the major revenue generating countries in the European region.
Soap noodles industry is consolidated with the presence of many large and small-scale manufacturers. Some prominent players operating in the industry are Wilmar International, IOI Oleochemicals, KLK Oleo, Jocil Limited, EVYAP-OLEO, Timur Oleochemicals Malaysia, John Drury & Co Ltd and M Bedforth & Sons, Musim Mas Hodling Pte, Olivia Impex Private Limited and Rubia Industries Limited.