Albany, NY -- (SBWIRE) -- 12/14/2018 -- Urban populations living in the metropolitan areas across emerging economies have started to earn significant chunk of disposable income and are turning into lucrative targeted customers for a number of industry players. That being said, the sheer necessity of soaps to maintain hygiene and considerably low cost of the products has always had the soap market in good health.
According to a recent business intelligence report compiled by Transparency Market Research (TMR), the market for soap noodles – the basic ingredient for manufacturing soap, will generate a revenue of US$3.2 billion by the end of 2024 across the globe. The opportunities in the global soap noodles market have been projected to multiply at a steady CAGR of 2.7% during the forecast period of 2016 to 2024. Volume-wise, the demand is expected to increment at CAGR 2.1% over the same forecast period.
The analyst of the report notifies of a highly fragmented scenario in terms of shares. The entry barriers are very low and a number of domestic, nation-wide, and regional players throwing their hat into the competitive landscape and are able to fetch fair amount of shares. It has been detected that the top ten companies operating in the global soap noodles market held less than 46% of the overall shares as of 2015, which is a clear indicator of the lack of a global leader.
That being said, a few companies do hold a moderate position of strength, such as Adimulia Sarimas Indonesia, Wilmar International Ltd., KLK OLEO, Permata Hijau Group, Deeno Group, 3F INDUSTRIES LTD., IOI Oleochemicals, John Drury, VVF Limited, and Musim Mas Holdings. Most of these companies are frequently indulging in mergers and acquisition activities, which helps them expand geographically as well as strengthen their supply network.
Based on source, the TMR report has segmented the soap noodles market into vegetable oil and tallow, which derived from animal fat. As of 2017, the vegetable oil segment accounted for the prominent chunk of demand share. Diverse specification of soap noodles are available in the market depending on the added functional additives, which makes them ideal for end use applications such as laundry soaps, toilet soaps, high leather soaps, translucent soaps, and medicated soaps. Geographically, Asia Pacific has been rated as the region that will continue to generate the maximum share of demand for soap noodles until 2024.
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One of the key trend that the TMR report has highlighted is the growing demand for baby soaps and high moisturizing beauty soaps. With increased disposable income, parents and bachelors are investing on skin care on a daily basis and vendors will do well to produce 70:30 grade of soap noodles for these specialized products. Aggressive marketing and promotional activities by major companies, development of innovative products such as herbal soap, moisturizing soaps, and aromatherapy soap, and increased demand for hand liquid soaps are some of the other factors primed to aid to the prosperity of the soap noodles market.
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