MARKET OVERVIEW- GLOBAL SOAP NOODLES MARKET
Soap noodles are the fatty acids derived either from vegetable oil or animal fats that are used as the primary ingredient in the production of soap bars. They can be derived from animal fats or vegetable oils. It is made by neutralizing fatty acids, saponifying methyl esters, and neutralizing neutral fats and oils. Its key functional attributes include high quality, detergency, ease of application, and biodegradability, which extend to usage in various applications including liquid soaps, toilet soaps, personal hygiene, laundry, and multipurpose soap applications. There are two main types of soap noodles: those made from palm or vegetable oil bases and those made from animal fats or tallow.
Tallow (animal fat) or vegetable oil derivatives such as palm oil, olive oil, coconut oil, and palm kernel oil are generally used as raw materials in the production of bar soap noodles. Custom-tailored soap noodles are mainly used for medical purposes, while industrial soap noodles are mainly used in the textile industries. Soap noodle is also used to produce special purpose soaps such as herbal soaps, aromatherapy soaps, and medicated soaps.
MARKET DRIVERS
Increasing demand for soap and growing demand for natural and organic products are the key drivers for the soap noodles market growth over the forecast period. Due to its superior quality, the rise in palm fatty acids is anticipated to drive demand for the product in developed regions like the United States and the United Kingdom. Expanding the laundry industry along with the development of commercial laundry centres will enhance market growth. In addition, the growth of the hospitality industry, which is particular about bathroom aesthetics, has boosted the use of a wide range of soaps, which will further escalate market growth.
MARKET OPPORTUNITY
Due to its high-quality performance, biodegradable nature, and unique composition, the soap noodle market offers numerous market opportunities in personal hygiene soap, multi-purpose soap, laundry soap, special purpose soap, etc. In addition, rising disposable income and increasing household penetration rates of electric and electronic appliances in developing economies such as India, China, etc. are some key factors expected to contribute to the growth opportunities of the soap noodles market over the forecast period. Every nation has its large fundamental players, owing to the rising demand for soap noodles. The abundant supply of palm and kernel oil makes it possible for soap noodle manufacturers to profit. By combining various ratios of combinations, companies are making new bathing, cleaning, and toilet soaps. These are some of the factors that are expected to provide ample new growth opportunities in the market during the forecast period.
MARKET RESTRAINTS
The increasing usage of soap gels, bath gels, and dishwashing gels is causing the market for soap noodles to decline. Because the gels are easy to use and have a high detergent level, they have a considerable market share among soap noodles. The increasing demand for these gels has a big impact on soap noodles market growth over the forecast period.
MARKET GROWTH CHALLENGES
A key challenge that may affect the growth of the market is the availability of palm oil. The production of palm oil causes its price to fluctuate constantly. It eventually has an impact on the cost of soap noodles. The major players are attempting to get and manufacture palm oil at reduced prices in order to reduce the overall cost of soap noodle production. The soap's roughness is also considered. In addition, shifting consumer preferences in the event of a predicted economic downturn, aligning industrial policies with growing environmental concerns, huge fluctuations in raw material costs caused by ongoing geopolitical tensions, and anticipated economic turbulence are the key challenges for soap noodle market growth in the future.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of soap noodles market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for soap noodles in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL SOAP NOODLES MARKET SEGMENTAL OVERVIEW
The global soap noodles market comprises of different market segments like, source, process, application and geography.
GLOBAL SOAP NOODLES MARKET BY SOURCE
By source, the global soap noodles market includes key segments like
On the basis of source, the global soap noodles market divided onto vegetable oil and tallow. The vegetable oil segment dominates the soap noodles market growth during the forecast period. Vegetable oil is derived from plants. Vegetable oils are commonly used in food as well as for industrial, pharmaceutical, and other purposes. This oil is extracted by chemical or mechanical means, which can be further refined to increase the stability of the product. The majority of vegetable oils available on the market today are either fully or partially made up of unsaturated fats (with the exception of coconut oil). Tallow is an odourless, tasteless, waxy white fat consisting of suet (the hard fat about the kidneys and loins of cattle, sheep, and horses) or similar vegetable substances. It consists mainly of glyceryl esters of oleic, palmitic, and stearic acids.
GLOBAL SOAP NOODLES MARKET BY PROCESS
By process, the global soap noodles market includes key segments like
- Saponification Production Process
- Fatty Acid Route
Saponification process accounts for a large share and dominates the process segment in the soap noodles market. Due to its cost-effectiveness, ease of operation, and good perfume retention through oil combination, this method is highly preferred. In this process, the triglycerides are combined with a strong base to form fatty acid metal salts during the soap-making process. In addition, it is used a lot in developing countries, which contributes to the market's growth over the forecast period. Soap noodles derived from this process are associated with good perfume retention and great combination of oils.
GLOBAL SOAP NOODLES MARKET BY APPLICATION
The global soap noodles market finds major application in
- Personal Hygiene Soap
- Multi-Purpose Soap
- Laundry Soap
- Special Purpose Soap
- Others
On the basis of applications, the global soap noodles market finds major applications in personal hygiene soap, multi-purpose soap, laundry soap, special purpose soap, and others. The personal hygiene soap segment accounted for high demand and dominated the market during the forecast period.
The increasing prevalence of disease due to a lack of personal hygiene, mainly in rural areas, will boost demand for personal hygiene soaps. Additionally, the presence of companies developing soaps with additional functions like perfumes, skin softness, and moisturising characteristics is likely to increase personal hygiene soap demand, thus driving industry growth. These soaps have a composition of fatty matter (over 70%) and sufficient amounts of palm kernel oil and palm oil. The global soap noodles market is likely to expand in the future as a result of rising global demand for beauty and personal hygiene products and effective sales promotion strategies.
GLOBAL SOAP NOODLES MARKET BY COUNTRY
The global soap noodles market is studied for the following countries
- North America
- Asia Pacific
- Europe
- RoW
The Asia Pacific is projected to lead the market during the forecast period. The presence of major palm oil manufacturing companies in this region, rising awareness about hygiene, an increasing population, and the escalating use of cleaning and personal hygiene products are supporting the market growth in this region over the forecast period.
In addition, rapid urbanization, mainly in India and China, has led to growing awareness in rural areas regarding hygiene and cleanliness, leading to an increase in demand for cleaning products, which will have a positive impact on product demand. Also, the high availability of vegetable oil as a key raw material, supported by an increase in palm oil manufacturing in this region, will further accelerate the market growth. North America is anticipated to experience significant market growth over the forecast period due to the presence of large-scale soap manufacturers in these regions along with a developed personal care industry.
COVID-19 IMPACT ANALYSIS ON GLOBAL SOAP NOODLES MARKET
Due to the COVID-19 pandemic, the majority of global industries have experienced negative effects. This can be attributed to the significant disruptions their manufacturing and supply chain operations experienced as a result of various precautionary lockdowns and other restrictions imposed by governing authorities across the globe.
The coronavirus outbreak has had an unprecedented impact on hand soap markets across every region globally. The pandemic has also caused people to panic-buy hand soaps, escalating the demand for drugstore products like soap. Additionally, the use of hand hygiene products significantly increased before and after patient contact in hospitals and for washing linens in hospitals. Increased awareness and focus on the significance of frequent handwashing as an effective method to stop the transmission and spread of COVID-19 and other diseases. Thus, increased personal hygiene during a pandemic has a positive impact on the growth of the soap noodle market. Additionally, increasing demand for cosmetic and personal care soaps from developing countries is projected to positively affect the soap noodles market during the forecast timeframe.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of soap noodles market is primarily focused on expanding the global growth of soap noodles industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in soap noodles sector has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- KLK Oleo (Malaysia)
- OIO Oleochemicals (Malaysia)
- Jocil Limited (IN)
- Wilmar International (Singapore)
- Olivia Impex Pvt. Ltd (IN)
- Evyap-Oleo (Malaysia)
- John Drury & Co Ltd (UK)
- M Bedforth & Sons (UK)
- Raj Industries (IN)
- Timur Oleochemicals Malaysia (Malaysia)
RECENT DEVELOPMENT:
February 2023: KLK OLEO, a global integrated oleochemical producer (oleochemicals, derivatives, and specialty chemicals) with manufacturing sites in Malaysia, Indonesia, China, and Europe, has entered into a definitive agreement to acquire Italy-based Temix Oleo. This agreement will continue to grow in product portfolio and geographic areas, with a focus on sustainability and innovation.
