The soap market in Asia-Pacific is a thriving industry that is expected to see continued growth in the coming years. According to a recent report by IndexBox, the consumption of soap in the region is projected to reach 11 million tons in volume and $36.4 billion in value by the end of 2035. This growth is driven by the increasing demand for soap products across Asia-Pacific.
Market Forecast:
The demand for soap in Asia-Pacific is on the rise, with the market expected to experience an upward consumption trend over the next decade. The market performance is forecasted to expand with an anticipated Compound Annual Growth Rate (CAGR) of +1.5% from 2024 to 2035, reaching a volume of 11 million tons by 2035. In terms of value, the market is projected to increase with an anticipated CAGR of +2.4% during the same period, reaching $36.4 billion in nominal wholesale prices by 2035.
Consumption:
After a slight decline in the previous years, soap consumption in Asia-Pacific saw a 3% increase to 9.4 million tons in 2024. The overall consumption showed a steady expansion from 2013 to 2024, with an average annual growth rate of +5.0% over the eleven-year period. However, there were fluctuations in consumption levels, with a decrease of -2.4% in 2024 compared to 2021. The market size in 2024 was $28.1 billion, reflecting a 1.6% increase from the previous year.
Consumption By Country:
China led the region in soap consumption with 2.9 million tons, accounting for approximately 31% of the total volume. India followed with 1.4 million tons, while Indonesia ranked third with 1 million tons. In terms of market value, Japan, China, and India were the top countries in 2024, with a combined 60% share of the total market.
Production:
In 2024, soap production in Asia-Pacific reached 11 million tons, remaining constant from the previous year. The production showed a notable increase from 2013 to 2024, with an average annual growth rate of +4.5%. China was the largest producer with 3.7 million tons, followed by Indonesia and India. The production value declined slightly to $29.3 billion in 2024.
Imports:
In 2024, soap imports in Asia-Pacific expanded significantly to 1.2 million tons, with a 14% increase from the previous year. The total imports showed a noticeable growth trend from 2013 to 2024, with an average annual growth rate of +4.5%. China, India, and the Philippines were the top importers in 2024, with China leading in market value.
Exports:
The amount of soap exported in Asia-Pacific decreased to 2.2 million tons in 2024, with a -8% decline from the previous year. China, Indonesia, and Malaysia were the major exporters, accounting for 88% of total exports. In terms of value, China remained the largest soap supplier in the region, with a 33% share of total exports.
In conclusion, the soap market in Asia-Pacific is a dynamic and growing industry driven by increasing demand for soap products. With consumption, production, imports, and exports all showing positive trends, the future looks promising for the soap market in the region.
