India’s handwash market is growing at a Compounded Annual Growth Rate(CAGR) of 15% over the last three years and has the potential to increase from Rs 740 cr to Rs 8000 cr. On the other hand soaps market is growing at a rate of 6% CAGR and the total personal wash market category has the potential to grow to Rs 18,500 cr, according to an estimate by Godrej Consumer Products Ltd (GCPL).
The penetration of handwash in India is just 10% compared to 99.9% for soaps as handwash is comparatively costly while average soaps cost is Rs 10.However due to reasons of hygiene, preference of kids and the fact that it doesn’t melt will help in the growth of hand wash products.
GCPL believes that there is a huge potential to drive penetration of hand wash with lower cost and value for money offerings.
Godrej has come out with Mr Protekt Magic powder to liquid hand wash with Rs 15 for 200 ml refill and Rs 35 for combi pack. This is one-fourth the price of an existing hand wash.