Soap Market Outlook – Premiumisation and Soaps with new fragrances Driving Growth

MUMBAI, India - Oct. 18, 2017 - PRLog -- Global market intelligence firm, Netscribes, Inc. released its latest report on the 'Soap Market in India 2017 (https://www.researchonindia.com/soap-market-in-india-2020.html)'. Changing lifestyle and rise in income has attracted customers to spend more on discretionary items and higher value products which is resulting in an increase in the demand for soaps. This in turn is expected to help the market to grow increase at an increasing rate in the coming years.

Netscribes' latest market research report titled Soap Market in India 2017 states that the market for soaps in India will witness strong growth in the next five years. Increasing purchasing power of citizen along with premiumisation has lured customers to buy premium soaps. Moreover, awareness about medicinal values in herbal soaps is resulting in a greater demand of soap products. Introduction of new products with fragrances has become particularly popular among the youth who are backed by a greater purchasing power. Soap is a product that has the highest market penetration covering more than 80% of the urban as well as rural households.

In Nov, 2016 the withdrawal of higher denomination notes by the Government of India affected cash transactions. Although this negatively impacted the soap market, the implementation of GST is expected to act as an antidote against demonetization. Government of India's Swachh Bharat Mission has also boosted the soap market in the country. The major competitors in the market, such as HUL, ITC Ltd., Wipro, Cholayil faces intense competition from each other. Despite the challenges in the industry, the market is expected to exhibit strong growth and more companies are expected to foray into the soap segment.

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