Press release
Prevalence of COVID-19 to impact liquid hand soap market trends
Liquid Hand Soap Market
Estimates suggest that the global liquid hand soap market size will cross an annual valuation of USD 4.6 billion with regard to remuneration by 2026.Global share for liquid soaps packaged in tubes is anticipated to show a 10% CAGR in the coming few years, as suppliers are engaging in investments to offer tube-based solutions to enhance the impulse buying phenomenon.
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Tube liquid hand soaps are lightweight, save a lot of space, and are convenient to use. They can be easily customized, economical and easy to process solutions, which adds an edge to increase its visibility to a wide consumer base. Bottle contained liquid hand soaps are largely adopted across the office and industrial applications and their market value is pegged to reach a CAGR of over 10% over the coming years.
Asia Pacific liquid hand soap market stry is expected to gross more than USD 920 million in yearly revenues through 2026 due to the consistent adoption of advanced soap solutions and rising consumer hygiene practices across the continent. Regional product manufacturers are coming up with medicated hand wash products that promote natural ingredients to align with the emerging consumer preference for organic products. They are also indulged in marketing investments and endeavors to endorse their products through social media while offering free samples at stores.
Europe is likely to bring in significant revenues for the liquid hand soap market and the regional market could exceed revenue close to USD 1.1 billion up to 2026. This is due to the jump in investments for the installation of sensor-based liquid soaps and sanitizers concerning the ongoing COVID-9 pandemic, together with severe regulatory norms to follow hygiene in public spaces.
Application of liquid hand soaps across restaurants is anticipated to hit an annual share of more than USD 445 million through 2026, considering the stringent norms and compliances regulated in the food sector for nutrition safety. Schools, community centers, and public spaces are also witnessing the adoption of liquid hand soap dispensers as a hygienic approach owing to an increased preference towards cleanliness.
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The ongoing COVID-19 pandemic has proved to be a prominent driver for the liquid hand soap market, with solution providers working on long term contracts by collaborating with suppliers to secure their manufacturing operations, besides offering cost-effective offerings to customers. Also, there are rising advancements in biotechnological research along with augmenting demand for natural ingredients.
For instance, Colgate-Palmolive, a leading firm, in September 2020 invested over $1.2 million in machinery and equipment to accelerate the production of liquid hand soaps at its Cambridge facility to meet the increasing product requirements. The rapid spread of the virus has spiked the sales of liquid hand soaps as well as sanitizers across the globe.
Liquid hand soap market are focusing on novel product launches and branding as well as marketing initiatives to strengthen their consumer base besides enhancing their brand equity. They are also offering large investments to implement indigenous extraction technologies to boost up the economy to offer high-quality products during and post the coronavirus pandemic. Medline Industries, 3M, J.R. Watkins and Co., Kao Corporation, Henkel Corporation, and AVON, are few leading liquid hand soap companies.
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