Soap Market

The global soap market is expected to see continued growth in consumption, production, imports, and exports over the next eight years. Market performance is forecast to increase, driven by rising demand worldwide. China remains the largest soap consuming and producing country, with significant growth rates. The United States, Germany, and other countries also play key roles in the global soap market. Organic surface-active products, soap bars, and different forms of soap are the most exported products, with varying prices. Overall, the soap market shows promising growth potential and opportunities for industry players.

Market Forecast

Driven by increasing demand for soap worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 23M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $60.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Soap

In 2022, after three years of growth, there was significant decline in consumption of soap, when its volume decreased by -6.2% to 19M tons. The total consumption volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 20M tons in 2021, and then reduced in the following year.

The global soap market size dropped to $42B in 2022, with a decrease of -5.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $44.6B, and then dropped in the following year.

Consumption By Country

China (3.1M tons) remains the largest soap consuming country worldwide, accounting for 17% of total volume. Moreover, soap consumption in China exceeded the figures recorded by the second-largest consumer, India (1.1M tons), threefold. The third position in this ranking was held by the United States (1.1M tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +5.7%. In the other countries, the average annual rates were as follows: India (+4.8% per year) and the United States (+3.4% per year).

In value terms, the largest soap markets worldwide were Japan ($6.9B), China ($5.6B) and the United States ($2.6B), with a combined 36% share of the global market. India, Turkey, Pakistan, Brazil, the Philippines, the UK, Bangladesh, Nigeria, Italy and Indonesia lagged somewhat behind, together accounting for a further 30%.

In terms of the main consuming countries, Nigeria, with a CAGR of +11.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of soap per capita consumption in 2022 were Italy (10 kg per person), the UK (5.9 kg per person) and Japan (4.5 kg per person).

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Soap

In 2022, production of soap decreased by -5.5% to 19M tons for the first time since 2017, thus ending a four-year rising trend. The total output volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 13% against the previous year. Over the period under review, global production attained the peak volume at 20M tons in 2021, and then contracted in the following year.

In value terms, soap production contracted to $41B in 2022 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +39.4% against 2014 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 15%. Global production peaked at $44.5B in 2021, and then declined in the following year.

Production By Country

The country with the largest volume of soap production was China (3.4M tons), comprising approx. 18% of total volume. Moreover, soap production in China exceeded the figures recorded by the second-largest producer, Indonesia (1.5M tons), twofold. India (1M tons) ranked third in terms of total production with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +5.7%. The remaining producing countries recorded the following average annual rates of production growth: Indonesia (+4.7% per year) and India (+4.1% per year).

Imports

World Imports of Soap

In 2022, overseas purchases of soap decreased by -3.1% to 6.3M tons, falling for the second consecutive year after nine years of growth. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 15% against the previous year. As a result, imports reached the peak of 7.2M tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, soap imports declined to $15.6B in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.3% against 2015 indices. The growth pace was the most rapid in 2020 with an increase of 25% against the previous year. Global imports peaked at $15.6B in 2021, and then reduced modestly in the following year.

Imports By Country

In 2022, the United States (575K tons), followed by Germany (353K tons) were the key importers of soap, together creating 15% of total imports. France (276K tons), the Netherlands (259K tons), the UK (244K tons), Canada (236K tons), China (179K tons), Australia (135K tons), the Philippines (130K tons), the United Arab Emirates (124K tons), Poland (113K tons), India (112K tons) and Italy (111K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +13.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.8B), the United States ($1.4B) and Germany ($783M) constituted the countries with the highest levels of imports in 2022, with a combined 26% share of global imports.

Among the main importing countries, China, with a CAGR of +33.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Organic surface-active products for washing the skin (2M tons), soap and organic surface-active products in bars for toilet use (1.8M tons) and soap in different forms (1.4M tons) represented roughly 81% of total imports in 2022. It was distantly followed by soap and organic surface-active products in bars other than for toilet use (1.2M tons), making up a 19% share of total imports.

From 2012 to 2022, the biggest increases were recorded for organic surface-active products for washing the skin (with a CAGR of +8.0%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported soap were organic surface-active products for washing the skin ($7.3B), soap and organic surface-active products in bars for toilet use ($4.1B) and soap in different forms ($2.1B), with a combined 86% share of global imports.

Among the main imported products, organic surface-active products for washing the skin, with a CAGR of +10.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average soap import price amounted to $2,452 per ton, with an increase of 2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2021 an increase of 17% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was organic surface-active products for washing the skin ($3,645 per ton), while the price for soap in different forms ($1,492 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by skin organic surface-active products (+1.9%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2022, the average soap import price amounted to $2,452 per ton, picking up by 2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 17% against the previous year. Global import price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($10,025 per ton), while the Philippines ($1,785 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+19.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Soap

In 2022, shipments abroad of soap decreased by -1% to 6.5M tons, falling for the second year in a row after five years of growth. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 16% against the previous year. As a result, the exports attained the peak of 7.1M tons. From 2021 to 2022, the growth of the global exports failed to regain momentum.

In value terms, soap exports totaled $14.3B in 2022. Overall, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -0.4% against 2020 indices. The growth pace was the most rapid in 2020 when exports increased by 24%. As a result, the exports attained the peak of $14.4B. From 2021 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

The biggest shipments were from Indonesia (705K tons), Germany (581K tons), China (511K tons), Malaysia (442K tons), Poland (372K tons), Turkey (351K tons), Italy (344K tons), the United States (303K tons) and Mexico (284K tons), together accounting for 60% of total export. The following exporters - France (183K tons), the Netherlands (166K tons), Canada (149K tons) and the UK (147K tons) - together made up 10% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Mexico (with a CAGR of +14.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest soap supplying countries worldwide were Germany ($1.4B), the United States ($1.1B) and China ($1B), together accounting for 25% of global exports. Indonesia, France, Poland, Italy, Malaysia, the Netherlands, Turkey, the UK, Mexico and Canada lagged somewhat behind, together accounting for a further 41%.

Mexico, with a CAGR of +10.7%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

The products with the highest levels of soap exports in 2022 were organic surface-active products for washing the skin (1.9M tons), soap and organic surface-active products in bars for toilet use (1.8M tons) and soap and organic surface-active products in bars other than for toilet use (1.5M tons), together accounting for 78% of total export. It was followed by soap in different forms (1.5M tons), constituting a 22% share of total exports.

From 2012 to 2022, the biggest increases were recorded for organic surface-active products for washing the skin (with a CAGR of +8.5%), while shipments for the other products experienced more modest paces of growth.

In value terms, organic surface-active products for washing the skin ($6.1B), soap and organic surface-active products in bars for toilet use ($4B) and soap and organic surface-active products in bars other than for toilet use ($2.5B) constituted the products with the highest levels of exports in 2022, with a combined 86% share of global exports.

Organic surface-active products for washing the skin, with a CAGR of +9.6%, saw the highest rates of growth with regard to the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average soap export price stood at $2,215 per ton in 2022, growing by 2.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 8.2% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by the product type; the product with the highest price was organic surface-active products for washing the skin ($3,189 per ton), while the average price for exports of soap in different forms ($1,420 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by soap in different forms (+2.1%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average soap export price stood at $2,215 per ton in 2022, picking up by 2.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 8.2% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($4,081 per ton), while Indonesia ($1,235 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform