Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Bath Bomb & Cold Pressed Soaps Market – Insights
Bath bombs are hard-packed mixture of dry ingredients, which form bubbles when it is wet and cold pressed soaps are handmade soaps, which provide more flexibility to create designs within the soap. Bath bombs and cold pressed soaps are usually considered as luxury products, owing to presence of organic & vegan ingredients, essential oils, bath salts, and others in these products. Changing lifestyle and rising disposable income across the globe are major drivers for growth of the bath bomb & cold pressed soaps market. For instance, according to Organization for Economic Co-operation and Development’s (OECD) data published in 2018, the adjusted gross disposable income of household per capita in European Union (28 countries) increased to US$ 30,143 thousand in 2017 up from US$ 29,128 thousand in 2016.
However, high cost of bath bomb & cold pressed soaps is expected to hinder the market growth during the forecast period. Bath bombs and cold pressed soaps are made from organic & natural ingredients, enriched with essential oils and other natural products, which leads to high price of bath bombs & cold pressed soaps than bubble bath liquid soaps & conventional soaps. For instance, a single unit of bath bomb costs around US$ 4, whereas a 500 ml bottle of liquid bubble bath soap costs around US$ 10. Moreover, a bath bomb is usually meant for single use only, as its repetitive use will make it less effective each time it is removed from the water before it fizzles and dissolves completely, whereas a bottle of liquid bubble bath soap can be used several times. Thus, high cost of bath bombs may hamper its adoption and hence, negatively affect growth of the market.
The global bath bomb & cold pressed soaps market was valued at 700.0 million in 2018 and is expected to exhibit a CAGR of 6.1% in terms of value over the forecast period (2019 – 2027), and is expected to reach 1135.5 million by 2027.
Figure 1. Global Bath Bomb & Cold Pressed Soaps Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for significant market share in terms of value in the bath bomb & cold pressed soaps market in 2018. This growth is attributed to rising awareness amongst women about healthy skin, which is also increasing import of skin care products in the region. For instance, as per the International Trade Administration (ITA), in 2014, the total import of makeup and skin care products in Australia were valued at US$ 633,433 thousands, which increased and reached US$ 688,731 thousands in 2015. As per the same source, in 2013, South Korea’s total import of makeup and skin care products were valued at US$ 878.3 Mn, which increased and reached US$ 937.0 Mn in 2015.
Figure 2. Global Bath Bomb & Cold Pressed Soaps Market Share (%), By Product Type, 2018
Source: Coherent Market Insights, 2018-19
Among product type, bath bombs segment held significant market share in the global bath bomb & cold pressed soaps market in 2018, as key players are adopting strategies such as product launches to expand their presence in the bath bomb segment. For instance, in August 2017, Musee Bath, a U.S.-based wholesale bath bomb manufacturer, launched lighted bath bomb namely, Glo Bath Bomb, with the scent of essential oils and natural olive oil. Each bath bomb includes a light activated lighted cube that automatically turns off after the bath and can be removed from water, which can be reused later.
Key players are adopting inorganic growth strategies such as acquisition, in order to increase their market share in the global bath bomb & cold pressed soaps market. For instance, PDC brands, a beauty and wellness company, announced the acquisition of ME! Bath. The acquisition aimed to expand PDC brands’ product portfolio in bath products segment including bath bombs.
Major players operating in the global bath bomb & cold pressed soaps market include Village Naturals, Yumscents, Schone, Pretty Suds U.K. Limited, Essence of Earth, LUSH Ltd., Rejuvelle, Soul and Soap, Hugo Naturals, Amor Bath Bombs, and Oliver Rocket LLC among others.