The soap (except solid soap) market value per capita in South Korea has experienced a moderate increase from 2013 to 2023, with a rise from $1.76 to $2.07. Recently, from 2022 to 2023, the market saw a 0.49% growth. Observing the data from 2019 onward, there's a noticeable decline in 2020 followed by a rebound in 2021 to 2023. The compound annual growth rate over the last five years stood at approximately 0.92%.
Expect future trends to be driven by growing consumer preferences for liquid soap due to hygiene awareness and innovative product offerings. Monitoring e-commerce popularity and sustainability practices in packaging could be key determinants of market growth.
