Leading FMCG companies, including HUL and Wipro, have increased soap prices by around 7-8% to offset the impact of rising palm oil costs. The price hike is expected to affect popular brands like Dove, Lux, Lifebuoy, and others. The increase comes as a result of a 30-40% surge in palm oil prices since the beginning of the year. Companies like HUL, Tata Consumer, and Godrej Consumer Products have already implemented price increases or plan to do so to maintain their margins. For example, HUL has hiked prices of tea and skin cleansing products, including Dove, Lux, Lifebuoy, and Pears. Tata Consumer Products has also implemented price hikes, while Godrej Consumer Products has decided not to pass on the entire cost increase to consumers. The price adjustments are designed to offset the increased cost of raw materials, such as palm oil, coffee, and cocoa. Industry experts expect most FMCG companies to follow suit, as they typically follow market leader HUL in pricing decisions. The price hikes are expected to impact consumer spending habits, particularly in the soap and personal care products categories.
FMCG giants Hindustan Unilever and Wipro announce a 7-8% price increase for their soap products.
