As market leader within the glycerin (Melt and Pour) soap market, Stephenson has seen and influenced its evolution in the past 5 years. With significant growth coming from the established markets in the UK, Asia and USA.
Latest data from Value Market Research has this specific sector valued at £37.3M to 2018, With a CAGR of 5.3%, sales are projected to reach £52M by 2025.
Market dynamics
The global soap bar market has been well established, fuelled in recent years through dedicated artisan soap stores such as Lush and Yorkshire Soap company in the UK.
Rising awareness regarding skin and beauty care coupled with high demand for chemical-free skin and hair care products across the globe is driving this growth.
A shift in customer focus towards the use of natural and safe ingredients is further fuelling the market, with increasing demand for organic soaps from emerging markets fostering growth in the next 5 years. However, within the handcraft soap sector, the time-consuming production process is likely to restrict / steady year on year growth.
Territory growth:
Growth is being driven by the established markets with Europe leading the demand for Melt and Pour products followed by Asia and North America.
Demand mechanics:
Rising consumer preference for high end quality products and the rising prevalence of skin diseases across the globe has driven deeper awareness and use of these products.
Key influences
The rising popularity of hand-made soap in the last 5-10 years, either as a direct purchase or as an enjoyable craft/hobby has been significant. Growing disposable incomes has enabled greater spend power on more soap-based products.
Latterly, awareness about the harmful effects of chemicals and synthetic products among end-users has driven consumers to seek out more natural / hand made products for personal use.
Market drivers:
Customers are seeking products with unique enriched ingredients and innovative formulations.
Market restraints:
Low shelf-life compared to conventional soap bases and strict government rules and regulation.
Market opportunities:
Rising awareness in emerging markets such as India and the Middle East and Africa will contribute to the markets overall growth projections.
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