Market Forecast By Product (Household detergents, Industrial soaps & detergents, Household soaps, Others), By Applications (Homecare Detergents, Industrial Soap and Detergent, Homecare Soaps, Others) And Competitive Landscape
|Product Code: ETC017869||Publication Date: Nov 2022||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
Philippines Soap and Detergents Market Synopsis
The Philippines soap and detergent market is expected to grow during the forecast period. This growth can be attributed to rising disposable income and increasing awareness about the benefits of using soap and detergent. Moreover, the increasing need for more efficient and environment-friendly cleaning products is also expected to drive this market. However, high cost of production and stringent regulations related to lead content are restraining the growth of this market. The Philippines Soap and Detergents market is a part of Asia Pacific soap and detergents market and global soap and detergents market.
According to 6Wresearch, the Philippines soap and detergents market size is likely to witness growth during 2022-28. The growth in the soap and detergent market is driven by increasing disposable incomes, increasing awareness about hygiene and sanitation, and rising population. The increase in disposable incomes is mainly due to increased employment opportunities, as well as increased spending on healthcare and other household expenses. Increasing awareness about hygiene and sanitation has led to an increase in the demand for soap products that improve hygiene standards. The population growth is also contributing to the growth of the soap and detergent market due to an increase in the number of households.
Market Analysis By Product Type
In terms of product type, the market is categorized into household detergents, industrial soaps & detergents, household soaps and others. Currently, the industrial soaps & detergents holds the highest market share. The major drivers of the Philippine soap and Detergents market are changing lifestyles and increased hygiene awareness. Growing urbanization is resulting in an increase in the number of people who are demanding better sanitation facilities, which in turn is driving the demand for soap and detergent products. Additionally, increased economic development is resulting in an increase in disposable income, which is being used to purchase more high-quality hygiene products such as soap and detergent. The proliferation of social media platforms has also contributed to the growth of the Philippine soap and Detergents market; this is because online shoppers are more likely to research product details online before making a purchase decision.
Market Analysis By Competitive Landscape
The Major players in the Philippine soap and detergent market are Unilever, Procter & Gamble, Colgate-Palmolive, Pepsico, Reckitt Benckiser, L'Oreal, and Henkel AG. These companies offer a wide range of products such as liquid soaps, bar soaps, hand soaps, body washes, dishwashing liquids/washes, and toilet cleaners. However, there are several smaller companies that are also active in this market. Additionally, the major players in the Philippine soap and detergent market are primarily focused on the domestic market. However, some companies have ventured into the export market. Procter & Gamble has been a predominant player in this segment with ventures into countries such as Malaysia, Vietnam, and Thailand.
COVID-19 Influence on the Philippines Soap and Detergents Market
The occurrence of Covid-19 pandemic has resulted in a slowdown. However, the market has recovered gradually. The market is primarily driven by the increasing demand for eco-friendly soaps and detergents owing to the increasing awareness about the importance of conserving natural resources. Further, this growth can be attributed to the increasing middle-class population in the country, as well as the increasing demand for hygiene products.
Key Attractiveness of the Report
Key Highlights of the Report
The report delivers a widespread study of the subsequent market segments:
Frequently Enquired Queries Regarding the Market Study: FAQs
1). Which product type accounts for the maximum market share in the Philippines Soap and Detergents Market?
The industrial soaps & detergents accounts for the maximum market share in the Philippines soap and detergents market.
2). Does the report include the impression of COVID-19?
Yes, the report includes the stimulus of COVID-19.
3). Which application is predictable to register the highest growth rate?
The industrial soap and detergent application is projected to record the highest share in future.
4). What are the critical factors which are increasing the market demand?
The growth of the market is attributed to increasing disposable incomes, increasing awareness about hygiene and sanitation, and rising population.
5). What are the major challenges in the Philippines Soap And Detergents Market?
Some of the major challenges are high cost of production and stringent regulations related to lead content.