The Canadian market for soap (excluding solid soap) stood at 131.22 million US dollars in 2023. Over the past decade, the market experienced fluctuations, with a significant dip in 2016. However, from 2021 to 2023, the market witnessed moderate year-on-year growth, indicating recovery and stabilization.
Key trends from the data include:
- 2013-2016: A period marked by variability, with a noticeable decline in 2016.
- 2017 onwards: Gradual recovery, peaking in 2023.
- 2019-2023: Moderate annual growth, with a five-year CAGR of 0.82%.
Future trends to watch for involve shifts toward environmentally sustainable products, increased preference for liquid and foaming soaps, and potential market expansion through online retail platforms. Additionally, innovation in product formulations and packaging could drive further growth.
