In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Soap colorants are used in soap making to provide various colors. Colorants can be in form of dyes, pigments or any other substance which is used to give color to make them more attractive. Colorants used in soap making mainly fall into three categories: Synthetic, Natural, and Nature- identical. Man-made colorants are known as synthetic while colorants that are available in nature are called natural colorants. Natural colorants once extracted do not need much alteration before being used. Nature-identical are those colorants that are man-made, but they depict the features of natural colorants as they are either too costly or contaminated to mine.
Soap colorants are used extensively in personal care products. Availability of shampoos, conditioners, soaps in huge numbers is driving the demand of colorants. Different kind of soaps: oil based soaps, waters soluble soaps, and liquid soaps cater to various demand. Oil based soaps market is increasing as they help in maintaining dryness level while water soluble soap market is proliferating as it keep in maintaining hydration level. The market for liquid soaps is on rise as there is an increased awareness about hygiene factor in developing & emerging economies.
The global soap colorants market is observing vibrant growth on account of rising disposable income coupled with rising awareness regarding hygiene issues. Rising population along with several regulatory reforms are supporting the growth of the market. Rising awareness about skin and hair health are also the factors which are expected to support the growth of the market. Rising demand of environment friendly and ingredient based personal care products are anticipated to amplify the growth of global soap colorant market over the forecast period.
Soap colorant market is anticipated to record a CAGR of 5.8% over the forecast period. The soap colorant market is expected to showcase a vibrant growth by the end of the forecast period. The market is segmented into material type such as water-based and oil-based soaps out of which oil-based soaps have the largest market share as they deliver essential nutrients which rejuvenates the skin. Water-based soap market is also growing as they help in skin hydration and also it prevents from oily skin.
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Increased awareness about hygiene factor
Hygiene is one of the key components that emerge once the socio-economic condition attains certain level. Perception of consumers is far more sensitive regarding hygiene. Due to higher sensitivity demand of personal care goods & its varieties will be on a boom. Higher demand of personal goods would in return result in higher demand of soap colorant. Asia Pacific region will lead this demand.
Governments focus on establishing manufacturing sector
Respective government in most of the developing countries is focused on improving the manufacture sector. Personal care is a segment that is consumed by almost every one thus it would get sufficient public & private investment so that it is able to cater the demand of different segment.
Enhancement in Population
With the increase in population, the demand for hygiene products such as soaps, shampoo and conditioners are increasing. Changing lifestyle is an important factor which is supporting the growth of the market. According to the World Bank, the population of China was 1.379 Billion in the year 2016 which amplified to 1.386 Billion in the year 2017. The growth in the population is expected to increase the demand for soaps which is further anticipated to support the growth of global soap colorant market over the forecast period.
Any type of personal care products including colored soaps which are applied on the skin of humans have to undergo stringent regulations of FDA for getting approval to launch in the market.
Our in-depth analysis segmented the global Soap Colorant market in the following segments:
By Material Type
On the basis of regional analysis, global soap colorant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is anticipated to dominate the global soap colorant market on the back of large population base, rising awareness about hygiene issues, changing lifestyle and large presence of personal care manufacturers.
North America and Europe is expected to showcase the second largest market share on account of increase in research and development activities in the field of personal care products coupled with increased awareness of people regarding hygiene issues. These factors are anticipated to support the growth of global soap colorant market over the forecast period.
Global soap colorant market is further classified on the basis of region as follows: