The South Korean soap market, excluding solid soap, has experienced fluctuations in its growth from 2012 to 2022. Starting at $89.68 million in 2012, the market saw a few ups and downs with notable increases in 2016 and 2021. The year-on-year variation reveals significant growth in 2017 (6.54%) and 2021 (6%), and a notable dip in 2020 (-4.31%). The market size in 2023 stands at $106.89 million, reflecting stability after moderate fluctuations over the last decade.
Key trends observed include:
- An overall positive Compound Annual Growth Rate (CAGR) over the past five years, highlighting a steady upward trend despite short-term declines.
- Variations in consumer demand and external factors such as economic conditions and pandemic impacts have influenced market fluctuations.
Future trends to watch for in the South Korean soap market include shifts towards eco-friendly and natural ingredients, changes in consumer preferences driven by health and wellness awareness, and the impact of technological advancements in product formulations. Monitoring these trends will be crucial for stakeholders aiming to capitalize on evolving market dynamics.