The market size value for soap (except solid soap) in Thailand stood at $62.685 million in 2023, showing consistent growth from $35.086 million in 2013. Historical data shows notable growth with a peak CAGR of 10.03% in 2018. However, recent trends indicate a reduction in the growth rate, with the last two years showing an increase of 2.37% in 2023 and 2.48% in 2022. The forecast suggests a more moderate CAGR of 1.8% leading to 2028.
Future trends to watch for:
- Increased demand for eco-friendly and natural ingredients.
- Technological advancements in product formulations.
- Shifts in consumer behavior post-pandemic.
- Intensified competition from regional manufacturers.
