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What Is The Current Scenario Of The Soap Market In India?
According to a new market research report, the soap market in India is expected to witness considerable expansion over the next few years, owing to growing awareness about sanitation and increasing disposable income in rural India. Soap manufacturing is one of the oldest industries operating in the FMCG sector in India, and accounts for more than 50% of the consumer goods sector. The soap and detergent industry in India encompasses laundry and toilet soaps, as well as synthetic detergents in the form of liquid, powder, and bar.
The market is poised for growth
According to the report, the soap market in India is segmented based on brands (Lux, Dove, Pears, Santoor, etc.), category (beauty soaps, health soaps, and others), and players operating in the market (Hindustan Unilever, ITC, Wipro, and others). During 2017, by category, the beauty soaps segment held a market share of 50%, followed by the health soaps segment. Herbal soap emerged as the fastest growing category in the soap market in India. Margo and Medimix dominate the herbal and medicinal soap segment. Government initiatives like Swachh Bharat Mission, which promotes health and hygiene, has led to the growth of this segment.
According to market research reports, increased internet penetration is a significant growth driver as it is helping rural consumers to explore the market and avail offers online. Growing awareness about the hygienic standards and increasing disposable income in rural India are also driving the growth of the soap market in India. With rural areas being the key market for soap manufacturers in India, soaps in different sizes and ranges, targeting consumers from low-income groups are introduced frequently, according to Research on Global Markets. Currently, there are around 5 Mn retail outlets in India which sell soaps, out of which 3.75 Mn operate in rural areas.
Government initiatives: A major growth driver
Government initiatives like Swachh Bharat Mission, which promotes health and hygiene in the community, is providing impetus to the soap manufacturing industry. Moreover, busy and stressful lifestyles are creating the need for solutions that can help consumers relax. Another trend driving the popularity of soaps is the demand for male-centric products with a focus on the importance of a well-groomed appearance. To better serve consumers, it is essential for soap and bath product brands to work on reassuring hygiene benefits, develop products that have a de-stressing effect including natural and chemical-free ingredients, and offer innovative solutions specific to various demographic groups.
Growing adoption of soaps among men offers significant opportunity
Off late, there has been a rise in aspiration among men to maintain a well-groomed appearance as it makes them feel more confident. Rapid urbanisation and increasing per capita income are some other factors that contribute to the increasing demand for male-centric products. As this trend continues to expand, brands are increasingly focused on catering to this section with gender-specific products herbal products that suit the needs and requirements of male consumers. Bathing soaps with cooling agents and herbal ingredients are significantly attracting customers as people these days prefer herbal soaps because of their therapeutic value.
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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