| Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
Delhi, NCR, Jan. 13, 2022 (GLOBE NEWSWIRE) — The global hand sanitizer market is growing at a high CAGR because of the increasing consumer awareness regarding health and hygiene. Additionally, government measures aimed at increasing public use of hand sanitizers, along with increased manufacturing capacity by manufacturers, are driving the market forward….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global hand sanitizer market was worth USD 2.8 billion in 2021. The market is estimated to grow at a CAGR of 3.7%, earning revenue of around USD 3.6 billion by the end of 2028. With increasing consumer awareness about health and hygiene, hand sanitizers have become an integral part of life. Additionally, the governments of different countries are also taking various initiatives to boost the use of hand sanitizers among the public, which is anticipated to drive its market growth. Furthermore, manufacturers are heavily investing in expanding their manufacturing capacity in order to meet the global demand for hand sanitizers, which will likely increase consumer access to hand sanitizers, thereby boosting the overall market growth.
Growing Online Distribution Anticipated to Present Lucrative Growth Opportunities
A number of countries had to impose lockdowns in order to combat COVID-19, affecting the availability of hand sanitizers. As a result, consumers and distributors quickly shifted to online channels for selling and purchasing hand sanitizers. According to Adobe Analytics, the online sales of hand sanitizers, gloves, masks and anti-bacterial sprays went up by 817% during January and February, 2020 compared to the same period in 2019. Moreover, according to the Wall Street Journal, hand sanitizer sales jumped sevenfold in the U.S. and companies like Clorox Co. and Lysol parent company Reckitt Benckiser Group also expanded their hand sanitizer production capacity amid surging demand in 2020.
The best thing about online distribution channels is that it enables distributors to track real-time demand besides fulfilling consumer demand promptly. Furthermore, consumers are also resorting to popular online consumer goods platforms, such as Amazon to buy hand sanitizers. No-contact delivery and quick delivery of the products are some of the major benefits of online sales channel which are anticipated to drive the market growth in the forecast period.
Growing health awareness driving the growth of the hand sanitizer market during the forecast period
Health awareness among the generation is at an all-time high amid the ongoing pandemic. People have become aware of their health and hygiene, and as a result, the demand for hygiene and anti-bacterial products has gone up in recent times. All FMCG (fast-moving consumer goods) manufacturers registered increased demand for hygiene products in 2020 due to the ongoing pandemic. Moreover, all the health regulatory bodies, governments, and other organizations advised people to keep sanitizing their belonging and hands to minimize the risk of being affected by the COVID-19, creating a growing demand for hand sanitizers and other hygienic products. Amid the pandemic, health awareness is expected to remain high among the current generation and drive the growth of the global hand sanitizer market during the forecast period.
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Global Hand Sanitizer Market – By Type
Based on types, the global hand sanitizer market is grouped into alcohol-based and alcohol-free segments. The alcohol-based segment accounts for the largest market share as it is highly effective in preventing the coronavirus infection from spreading and has also been recommended by the United States Centers of Disease Control and Prevention (CDC). Additionally, alcohol-based sanitizers provide a more effective means of reducing the variety of microorganisms. Moreover, alcohol-free hand sanitizers account for a very small share of the market as they are less effective than alcohol-based varieties, and therefore, are not usually recommended.
Global Hand Sanitizer Market – By End-User
Based on end-users, the global hand sanitizer market is segmented into hospitals, schools, restaurants, household purposes, and others. Hospitals account for the largest share of the market because of the need to prevent pathogens from spreading and the risk of hospital-acquired infections (HAIs). Therefore, hand sanitizers are used by almost every hospital staff as well as visitors, which boosts its market growth. In addition to schools, restaurants, and households, others segments have also gained significant traction since the COVID-19 pandemic to meet government regulations regarding hygiene.
Global Hand Sanitizer Market – Regional Insights
Geographically, the global hand sanitizer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounts for the largest market share followed by Europe. The developed healthcare infrastructure and stringent government policies in Europe play a crucial factor in driving the demand for hand sanitizers in this region. However, the Asia-Pacific region is also projected to witness the highest CAGR during the forecast period as APAC countries, such as China and India are emerging as manufacturing leaders worldwide, which is expected to boost the growth of the hand sanitizer market during the forecast period.
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Impact of COVID-19 on the Global Hand Sanitizer Market
The sudden outbreak of the COVID-19 pandemic significantly proliferated the growth of the global hand sanitizer market. As a result of the COVID-19 outbreak, the World Health Organization (WHO) released guidelines for virus protection and recommended the use of hand sanitizer to prevent the spread of the virus since it has been proven to be effective at killing the virus. Consequently, the demand for hand sanitizers spiked during this period. The global hand sanitizer market is anticipated to witness favorable outcomes in the upcoming years as well with new variants of COVID-19 emerging.
Global Hand Sanitizer Market – Competitive Landscape
The leading players in the global hand sanitizer market are Reckitt Benckiser Group PLC, Vi-Jon Inc., 3M Company, Edgewell Personal Care, Unilever PLC, Henkel AG & Co. KGaA, GOJO Industries Inc., Himalaya Global Holdings Ltd., Colgate-Palmolive Company, L Brands Inc., Chattem Inc., Skinvisible Inc., Medline Industries, Inc., Nice-Pak Products, Inc., Godrej Consumer Products Limited, Kutol Products Company, Procter and Gamble Company, Ecolab, DEB Group Ltd., and other prominent players.
The market is highly competitive and fragmented due to the presence of several industry players. Moreover, market participants are introducing a new and diverse line of hand sanitizers with varying levels of alcohol to suit different skin types. They are also significantly investing in expanding their production capacity besides improving their distribution channel and product accessibility to boost their sales. Furthermore, the adoption of organic and inorganic strategies, such as partnerships, mergers, acquisitions, and advertisement & marketing, are also prominent in this market.
In November 2021, Valisure, an independent laboratory, announced that it has found benzene in 44 sample out of the 260 hand sanitizer samples it took for testing towards the end of 2020. Benzene can cause leukemia and other serious long-term health issues in humans. According to the Massachusetts Public Interest Research Group, more than 1,500 additional manufacturers joined the hand sanitizer market after the FDA lifted its normal restrictions.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hand sanitizer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hand sanitizer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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