Sun, 24 Sep 2023

The hand sanitizer market is anticipated to reach 2.81 USD billion by 2030, from an estimated 1.62 USD billion in 2022, at a CAGR of 6.59% from 2015 to 2030. The Hand Sanitizer market contributes roughly 2.0% to 5.0% of its parent market, the Healthcare market.

Owing to these factors, instant hand sanitizer gel accounts for the highest share in the hand sanitizer market. It is also expected to remain dominant through the course of the forecast period. According to the report, the overall hand sanitizer market can be bifurcated into foaming hand sanitizers, foaming instant hand sanitizers, instant hand sanitizer gel, and spray hand sanitizers in terms of product type.

Covid-19 which had started in China, is now labelled as a pandemic worldwide. As of 7th April, 2020, the total positive cases recorded across the globe were 1.3 Mn and 76,344 total number of deaths. It has effected 209 countries and territories so far. Except essential products and services, all businesses are temporarily under lockdown which is impacting the global economy. Online retailers also face various challenges in product delivery due to country lockdown, and low stock availability.

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However, initiatives taken by various governments' across the globe to create awareness among people and check the growth rate of people getting infected. This shows positive sign of regularity in coming quarter for few countries such as China, India etc.

On the back of these factors, the global hand sanitizer market is estimated to be valued at ~US$ 1.62 Bn in 2022 and expected to expand at 7.14% CAGR during the forecast period of 2022-2030.

Key Takeaways from the Hand Sanitizer Market Study

  • North America is expected to dominate the global hand sanitizer market owing to rise in prevalence of COVID-19 disease among people in US and states. Moreover, the healthcare facilities are installing new hand hygiene technology and relying on it to change hand hygiene behaviour among staff and visitors, are the factors driving the hand sanitizer market in the region.
  • East Asia is expected to retain its dominance in the global hand sanitizer market, due to expanding government initiatives to promote the usage of hand hygiene products in order to reduce infections along with increase product availability at hospitals and other healthcare centres in the region.
  • According to the report, prominent players and new manufacturers have significantly increased their production capacity to ensure the continuous supplies of hand sanitizer across the globe due to the rise in demand for such products among households, hospitals, and other healthcare facilities.

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Packaging, a Key To Brand Differentiation to Propel Hand Sanitizer Sales

People are likely to be more attracted to innovative packaging of hand sanitizers as compared to impact of key ingredient in the products. Thus, innovative packaging design, new product colour is expected to boost sales of the hand sanitizer worldwide. Unilever PLC, Henkel AG & Company, KGaA and other companies uses attractive packaging strategy to increase their sales of hand sanitizers.

In addition, with the increasing adoption of hand sanitizer among people manufacturers are now focused on selling premium hand sanitizer to expand their product portfolio and market share. The premium hand sanitizer with key ingredients and different functionality including moisturizing, germ killing, fragrances, and many more is significantly taking retail space across the globe. Moreover, people are now ready to spend on premium sanitizer due to their high concern for health.

"Due to SARS and MERS coronavirus outbreak various organizations have significantly shifted their production line to produce alcohol based hand sanitizer. Moreover, prominent raw material suppliers have also increased their production capacity to develop ethanol or ethyl alcohol, and Isopropyl ingredient to support the production of hand sanitizer worldwide," says an FMI analyst.

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Who is winning?

Some of the key players operating in the hand sanitizer market are The Procter and Gamble Company, Gojo industry Inc., Reckitt Benckiser Group PLC, Best sanitizers Inc., The Himalaya Drug Company, Henkel Corporation, Unilever, Kutol Products Company, Linkwell Corporation, Vi-Jon Laboratories, Inc., Chattem Inc., Cossmic Products, Carroll Company, Seatex Ltd., and Guangzhou Beaver Cosmetic Co., Ltd.

Several leading hand sanitizer players are launching new innovative products with multiple features due to increasing consumer interest in chemical free products and significantly focuses on promotional activities to create awareness among people. At present, manufacturers are focusing on increase in production capacity to have a surplus inventory and cope up with growing market demand as well as increase product availability in the retail shelf space.

  • In March 2020, The Procter and Gamble Company has increased its production capacity and distribution of hand sanitizer in five manufacturing facilities around the globe. In the coming days, company's production facility will expand to five additional location worldwide with the capacity of 45,000 litres per week.
  • In March 2020, Unilever entered into a strategic partnership with UK government and co-fund a US$ 61.1 Bn hand washing campaign to create awareness among people during the ongoing Covid-19 pandemic. Campaign to reach people through TV, Radio, Print, Social, and digital media Channel.

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The post Hand Sanitizer Market is Estimated to Grow at a 6.59% in 2022-30 | FMI appeared first on Future Market Insights.

Original Source of the original story >> Hand Sanitizer Market is Estimated to Grow at a 6.59% in 2022-30 | FMI

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