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.
“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.
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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.
Sales
Promotions an Excellent Strategy to Spur Demand for Soaps and Soap
Noodles
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.
Soap
Bar Substitutes Threaten Growth of Soap Noodles Market
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.
The only saving grace, TMR observes, is that the substitutes of soap
bars are highly priced and this could curb the demand for the same.
TMR
Predicts Tepid Rise 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.
This review is based on the findings of a TMR report titled “Soap
Noodles Market -Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
Soap
Noodles Market, by Source
- Vegetable Oil
- Tallow
Soap
Noodles Market, by Region
North
America
- U.S.
- Rest of North America
Europe
- U.K.
- Spain
- France
- Germany
- Italy
- Rest of Europe
Asia
Pacific
- China
- Japan
- ASEAN
- Rest of Asia Pacific
Latin
America
- Brazil
- Rest of Latin America
Middle
East & Africa (MEA)
- GCC
- South Africa
- Rest of MEA
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Us
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company’s exclusive blend of quantitative forecasting and trend
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Transparency Market Research employs rigorous primary and secondary
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material for business reports.
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