Soap Noodles Market to Witness Comprehensive Growth by 2024
The global soap noodles market is immensely fragmented and characterized by the presence of a number of players. Transparency Market Research finds that in 2015, the top 10 companies competing in the soap noodles market accounted for a share of just over 46%, indicating the lack of a clear leader. These companies are 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.
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“Larger companies in developing regions such as Asia Pacific, Latin America, and the Middle East enjoy the majority in the soap noodles market and smaller players pose a minimal threat,” the author of the TMR study observes.
One of the prominent strategies adopted by several players in the soap noodles market is geographical expansion. Acquisitions and collaborations in recent years have also strengthened the positioning of a number of players. Singapore-based Musim Mas Holdings, a leading competitor in the soap noodles market, entered into a collaboration with Genting Plantations Group in March 2015 to set up a palm oil refinery in Malaysia. This move helped the company expand its capacity in the region.
The demand for soap noodles is indirectly impacted by the aggressive sales promotions and marketing activities by companies. “Sales promotions result in purchase acceleration since consumers tend to buy larger quantities of a product when offered promotional sales and discounts,” states a TMR analyst. The growing sales of soap have therefore led to the rising demand for soap noodles. Unilever and P&G are excellent examples of companies that have successfully managed to boost sales with marketing strategies and promotional activities.
TMR identifies a major opportunity in the growing developing of soap bars with functional features and offerings, such as herbal soaps, moisturizing soaps, aromatherapy soaps, and anti-bacterial soaps. “The demand for such functional soap bars is relatively high in developed countries where the awareness regarding natural products in the personal care market is greater,” the author finds.
The threat from substitutes of soap bars has been growing over the years, acting as a major deterrent to the growth of the soap noodles market. “Companies manufacturing body washes, liquid hand washes, and shower gels have sprung in almost every part of the world and changing lifestyles and rising disposable income of the consumers have resulted in the increasing demand for these substitutes,” the analyst states. This is likely to result in a decline in demand for soap noodles.
By revenue, the global soap noodles market is anticipated to rise from a value of US$2.5 bn in 2015 to reach US$3.2 bn by 2024. The market is projected to expand at a modest CAGR of 2.7% during the forecast period. The demand for soap noodles is poised to rise at a 2.1% CAGR from 2016 to 2024. By type of source, the soap noodles market is led by vegetable oil and this segment is likely to account for a volume share of 60% by 2024. Also emerging as the fastest growing segment during the forecast period, the market for vegetable-oil based soap noodles will rise at a 2.9% CAGR by revenue.
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Asia Pacific is the chief contributor in the global soap noodles market by region and is projected to account for nearly half the market by 2024 in terms of volume. Asia Pacific is also projected to emerge as the most rapidly expanding regional market for soap noodles by the end of the forecast period.
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