The soap market in Malta, excluding solid soap, has exhibited a declining trend from 2013 to 2023. Starting at $2.0858 million in 2013, the market size dropped consistently, reaching $0.92535 million by 2023. Year-on-year analysis shows variable negatives, with the most significant decline occurring in 2016 by over 21%. Recent years continued the downtrend, registering negative growth in 2022 and 2023 at approximately 6.26% and 6.54%, respectively. Over the last five years, the market has shrunk at a compound annual growth rate of about -6.49%.
Future trends to watch for include:
- Increased demand for eco-friendly and natural soap products.
- Potential recovery driven by tourism and hospitality sectors.
- Innovation and differentiation through enhanced functionality and diverse product offerings.
