LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global soap noodles market is projected to grow at a CAGR of more than 3% over the forecast period.
This research report titled ‘Global Soap Noodles Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global soap noodles market is projected to generate maximum growth from the APAC region, as the soap market is thriving in the economies of China, India, Indonesia, Japan, and Malaysia. Technavio analysts further expect the Western European market to maintain its status as the second largest regional market for soap noodles during the forecast period.
| Malaysia is the leading producer and exporter of palm oil, which makes it the dominant country in the global soap noodles market. Also, a majority of the vegetable oil-based soap noodles are manufactured in the country, further establishing its strong hold over the market. |
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Based on the applications, the report categorizes the global soap noodles market into the following segments:
- Household use
- Special purpose soaps
- Industrial use
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Household use
“The global soap noodles market for household use occupied a majority 73% of the overall shares. The segment is expected to grow swiftly through the forecast period, due to the widespread use of toilet soaps, bathing soaps, and detergent bars,” says Manjunath Reddy, a lead analyst at Technavio for cosmetics and toiletry research.
The increasing awareness regarding health and hygiene among the vast population of South-East Asia and Central Asia is a major driver of the soap noodles market. Also, the production of palm oil in APAC is expected to significantly impact the growth of the soap noodles market for household use.
Special purpose soaps
“The manufacture of special purpose soaps such as herbal soaps, aromatherapy soaps, and medicated soaps create a large demand for soap noodles. The high demand for these special purpose soaps made the market segment the second largest application segment of the global soap noodles market,” says Manjunath.
Skin-care related benefits of medicated soaps and the rise in demand for organic and herbal soap products are other major drivers that will impact the growth of special purpose soaps during the forecast period. The demand for such special purposes soaps is usually higher in developed countries, where people are highly aware of these products. Therefore, organic and herbal soaps are projected to show a high demand from regions like Western Europe and North America.
Industrial use
The global soap noodles market for industrial use was valued at USD 274 million in 2016. Soap noodles are widely used to manufacture soaps on industrial standards to various applications.
The textile industry is one of the key end-user industries of soap noodles, where industrial soaps are used for a wide array of applications. Despite their popularity in the industry, soaps are the least preferred detergent variety in the textile industry. Powder and liquid detergents are preferred over soaps in the industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Deeno Group
- Wilmar International
- Musim Mas Holdings
- Kuala Lumpur Kepong (KLK OLEO)
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