From 2012 to 2022, the per capita market value of liquid soap in Thailand progressively increased, starting from 0.52 percent US dollars in 2012 and reaching 0.88 percent US dollars in 2022. The annual growth rate was relatively steady, with significant upticks in the value observed particularly from 2014 to 2019. A slight decline occurred in 2020 with the value dipping to 0.8, presumably due to the impacts of the COVID-19 pandemic, but it recovered in subsequent years, peaking at 0.88 in 2022. Based on the last two years, the market grew by approximately 2.5% annually.
Over the last five years, the compound annual growth rate (CAGR) of the market was around 3.06%, indicating a strong upward trend. As of 2023, the value per capita continued this trajectory, reinforcing a positive outlook for the future.
Future trends to watch for include the potential for heightened demand driven by increasing consumer awareness of hygiene and health. The rising middle-class demographic and urbanization are likely to bolster consumption, alongside emerging natural and sustainable product lines responding to consumer preferences. Monitoring how economic factors and consumer behavior shifts post-pandemic will be crucial for anticipating market dynamics.
