The Thai market for non-solid soaps has shown consistent growth from 2012 to 2022. It started at USD 35.095 million in 2012 and gradually increased to USD 61.235 million in 2022, despite a minor dip in 2020, likely due to global market disruptions. The year-on-year growth rate has generally remained positive, apart from 2012, 2013, and a decrease in 2020. Over the last five years, the CAGR stands at 3.29%, indicating steady market expansion. The year-on-year variation for the past two years was 7.99% in 2021 and 2.48% in 2022, demonstrating a slow yet sustained growth trajectory.
Future trends to watch for include consumer preference shifts towards eco-friendly and organic soap products, which could drive innovation and market differentiation. Additionally, the increasing penetration of e-commerce in Thailand will likely influence purchasing patterns, possibly leading to greater market access and competition.
