Consumption of soap and detergents grew slightly by 1.0 pct in 2015, ICAP said in a report. ICAP said that the domestic market of detergents and soap (in volume) grew by an average annual rate of 2.4 pct in the 1990-2008 period, but fell by an average annual rate of 3.5 pct in the following years.
Constantina Kaloudi, Economic Surveys Consultant in ICAP Group, said the domestic production of detergents and soap fell in the 2008-2011 period as part of production was transferred abroad, but the domestic production grew by an average annual rate of 1.5 pct in the 2012-2015 period, as part of imported products was replaced by domestic production. Production grew 0.4 pct in 2015 compared with 2014, the report said.
The biggest part of domestic production is covered by a few large-scale enterprises, while the domestic market is characterized by fierce competition as companies struggle to obtain larger market shares, particularly in the last few years after the increased penetration of private label products. Subsidiaries of multinational companies have a dominant position in the market.
Detergents for clothes and home cleaning accounted for 38.5 pct and 36.9 pct of total market in 2015, while detergents for dishes accounted for 10.7 pct, softeners were around 9.0 pct and soap covered only 4.5 pct of the market.
The report analyzed financial results of 23 companies in the sector, while showed an average gross profit margin of 32.4 pct in the last five years. Accumulated assets for 15 companies in the sector fell 5.0 pct in 2014/2013, sales grew 1.2 pct and gross earnings rose 1.7 pct. Operating earnings rose 4.4 pct, while EBITDA rose 0.9 pct.
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