|Status : Published||Published On : Aug, 2021||Report Code : VRHC1225||Industry : Healthcare||Available Format :||Page : 163|
The global hand sanitizer market was valued at USD 2.8 billion in 2020 and is expected to reach USD 6.85 billion by 2027, growing at a CAGR of 17.0% during 2021-2027. The global hand sanitizer market is growing at a significant rate, due to escalating awareness of hand hygiene that is considered to be a crucial regime to restrict the incidence of any infection or spread of viruses.
Additionally, keeping the hands hygienic is considered to be the most vital factor and government across the globe are emphasizing and promoting the utilization of hand care products in order to evade health issues amongst the consumers. Moreover, FDA and WHO are implementing rampant efforts in order to aware the consumers regarding hand hygiene and risk factors prevailing by not adhering to hygiene level of hands.
Hand sanitizer is alcohol-free or alcohol based liquid used for cleaning the hands in order to diminish the risk associated with infectious bacteria or viruses and further helps in maintaining the personal hygiene of the consumer. Hand sanitizers are capable of killing the germs that are present on the hands and is efficient in preventing the transmission of infection that is majorly being carried through hand transmission that could further lead to nosocomial food-borne illness. The use of hand sanitizers massively in schools, supermarkets, hospitals and public places are significantly contributing towards the growth of global hand sanitizers market.
Insight by Product
On the basis of product, the global hand sanitizer market is divided into foam, gel, liquid and others. Amongst these segments, foam is expected to witness highest CAGR during the forecast period. This segment is gaining eminence as it penetrates deep in the skin and further stays for longer time period on the skin. Furthermore, the product is not required to get rubbed off and enables easy application and saves time of the consumers.
Insight by End User
On the basis of end user, the global hand sanitizer market is segmented into hospitals, corporates, military, restaurants, and others. Of all, hospitals category held the largest share in the global hand sanitizer market in 2020, due to the strict sanitation and hygiene practices followed in hospitals and nursing homes.
Increasing use of alternative products of soap and water for washing hands and extensive influence of social media and online advertisements to emphasize more upon personal care and hygiene are the key trends that are pertaining towards the growth of global hand sanitizer market.
Increasing demand for wellness and health products as a result of communicable diseases along with ever-changing preferences of consumers towards usage of convenient hygiene products are the key factors that are driving the growth of global hand sanitizer market. The growing effect of coronavirus epidemic globally is uplifting the demand for hand sanitizers rapidly. The eruption of global pandemic has exaggerated the need for hand sanitizers and has led significant profit enhancement for the service providers.
Additionally, in order to combat infectious diseases many people are using hand sanitizers that is more effective in killing germs with the prevalence of infectants in it. In the present scenario, the usage and demand of hand sanitizers has multiple four times since December 2019 owing to the epidemic (COVID-19) and thus escalating the growth of hand sanitizers market massively across the globe.
However, the use of chemical ingredients in hand sanitizers thus lead to health hazards such as killing of good bacterial in the human body that is the crucial factor anticipated to hamper the growth of the global hand sanitizer market.
Geographically, North America is the largest hand sanitizer market in 2020 and is further anticipated to generate largest revenue by 2027. The growth of this product in this region is attributed towards wider accessibility of hand sanitizers along with rapid prevalence of online and offline distribution channels to meet the demand of the product along with massive outburst of coronavirus.
Additionally, the rapid inclination of the consumers in the U.S. towards spending significant amount towards personal care products and rampant awareness for maintaining personal hygiene are the key factors strengthening the growth of the hand sanitizer market in the region.
Moreover, Asia-Pacific is anticipated to witness highest CAGR during the forecast period (2021 – 2027) owing to the increasing awareness amongst the consumers pertaining to the hygiene. Moreover, extensive spread of pandemic diseases such as COVID-19 in countries such as China, South Korea, Singapore, India, Japan, and Indonesia has further accentuated the demand for hand sanitizers massively thereby bolstering the growth of the hand sanitizer market in the region.
Some of the major players operating in the global hand sanitizer market are Henkel AG & Company, Procter & Gamble, GOJO Industries, Inc., Reckitt Benckiser Group plc, Best Sanitizers, Inc., Unilever, Vi-Jon Laboratories Inc., Kutol, The Himalaya Drug Company, and Chattem Inc.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research