The hand soap market in Latin America was valued at US$ 3,502.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% to reach US$ 6,204.9 million by 2032. In the worldwide hand soap market, Latin America accounts for 8%–9% of the total.
To attract clients, several hand wash market companies are developing unique solutions such as deodorant and fragrance-free, herbal ingredient-based, and others. Furthermore, players are shifting toward using sustainable organic products with a transparent list of ingredients and focusing on eco-friendly packaging to reduce the increasing environmental cause.
Leading manufacturers of the hand soap industry are making various attempts to develop innovative product designs. One such indicator of product design change is the specific shift toward sustainable packaging alternatives.
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Using environmentally friendly packaging reduces greenhouse gas emissions. It also aids in the reduction of waste and the preservation of natural resources for succeeding generations. Companies are introducing environmentally friendly practices to boost sales but also to help to promote the product in the market as green marketing is trending and warmly accepted by the public.
Furthermore, it helps micro manufacturers create a better position in the market and gain a larger market share. Sustainable packaging materials are inexpensive, generic, accessible, and ready to be transformed by innovative design. Before the market becomes saturated, new businesses can capitalize on the increasingly popular notion.
Key Takeaways from the Latin America Hand Soap Market Study
- The hand soap market is primarily driven by independent stores and hypermarkets/supermarkets and will account for 44% of overall sales.
- Online retailers segment is anticipated to rise at a CAGR of 8.3% during the forecast period in Latin America hand soap market.
- In the coming years, Colombia and Peru are likely to emerge as most lucrative markets for hand soaps with more than 9.0% CAGR during the forecast period.
- Based on nature, organic segment is expected to witness fastest growth over the upcoming decade
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“Leading manufacturers are focusing in diversifying their product segment by introducing new innovative products based on changing preferences. Furthermore, manufacturers are also focusing on adoption of new technology and quality of raw material to manufacture premium and organic soaps to gain revenue.” Says an FMI analyst.
Who is winning?
Leading manufacturers of Latin America hand soap are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of Latin America hand soap market globally.
Major players present in the Latin America hand soap market are Procter & Gamble Company, Unilever PLC., Henkel AG & Co. KGaA, Reckitt Benckiser Group PLC, Gojo Industry Inc., Vi-Jon Laboratories, Inc., S. C. Johnson & Son, Inc., The Clorox Company, Colgate-Palmolive Company, and Daryza S.A.C., are among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Latin America hand soap market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Latin America hand soap market based on Product Type (Liquid, Bar and Others), Nature (Natural/Organic and Synthetic), Scent Type (Scented and Un-scented), Application (B2B and B2C) across various countries of Latin America.
Latin America Hand Soap Market by Category
By Product Type:
- Liquid
- Bar
- Others
By Nature:
- Natural/Organic
- Synthetic
By Scent Type:
- Scented
- Un-scented
By Application:
- B2B
- B2C
- Hypermarket/Supermarket
- Wholesalers/Retailers
- Direct Sales
- Specialty Stores
- Online Retailers
- Independent Small Stores
- Other Sales Channel
By Country:
- Brazil
- Mexico
- Costa Rica
- Chile
- Colombia
- Guatemala
- Panama
- Peru
- Rest of Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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