iCrowdNewswire Dec 31, 2020 5:00 AM ET
Hand sanitizers are antiseptic disinfectants intended to eliminate most strains of bacteria. It is available in form of soaps, gels, and others. The global hand sanitizer market report by Market Research Future (MRFR) looks at various production methods, new launches, and projections for the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the market is explored in detail.
The global hand sanitizer market size is expected to expand at a CAGR of 9.1% over the forecast period. It was valued at USD 1.15 billion in 2018. Its demand is about to soar in the midst of the COVID-19 pandemic. The virus and its penetration across 199 countries have exceeded 500,000 deaths and can cause a panic buy by customers. Conglomerates have doubled down their efforts to increase their manufacturing capacity to sell sanitizers to control the spread of the virus. This is exemplified by Indian Tobacco Company repurposing its factories for producing and supplying sanitizers and disinfectants.
Efforts by reputed health organizations such as World Health Organization (WHO) advocating for personal hygiene standards and the use of sanitization to reduce the possibility of contraction of diseases can drive the market growth over the forecast period. The change in purchase behavior is likely to lead to a surge in market demand in the coming years. Development of sanitizer contains devoid of chemicals and accompanied by a simplistic design can bolster sales.
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The global hand sanitizer market is segmented by product type, end user, and distribution channel.
By product type, it is segmented into sprays, liquids, gels, and others. Gels accounted for the lion’s share of the global hand sanitizer market in 2018. It is projected to display the strongest growth rate during the forecast period due to its ease in handling the product and ability to dry quickly without sucking up the moisture.
By end user, it is segmented into commercials/institutions, households, and hospitals & health centers. Hospitals & health centers are expected to be the biggest end users during the forecast period owing to healthcare professionals dealing with COVID-19 patients and being at the forefront of the pandemic.
By distribution channel, it is divided into store-based and non-store-based. Among the two, the store-based segment is expected to dominate the market till 2025. The store-based segment is further divided into supermarkets & hypermarkets, specialty stores, and others. Supermarkets & hypermarkets had accounted for a large revenue share of the global hand sanitizer market owing to customers preferring brick-and-mortar pharmacies over online stores.
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North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions considered for evaluating the prospects of the global hand sanitizer market.
North America had led the market in 2018 due to hygiene standards set by federal bodies in the U.S. Presence of disinfectant manufactures, easy availability at stores, and awareness among consumers can push the market demand till 2025.
APAC is expected to score one of the biggest growth rates during the forecast period due to the outbreak of uncontrollable zoonotic diseases. Rise in purchasing power of customers, improved GDP of developing nations, and rise in surgeries can fuel the regional hand sanitizers market demand.
Edgewell Personal Care, L Brands, GOJO Industries, Inc., Smith & Nephew plc, Kimberly-Clark Corporation, C. Johnson & Son, Inc., Procter & Gamble Co., PAUL HARTMANN AG, Reckitt Benckiser Group Plc, and Unilever Group are prominent names in the global hand sanitizer market. Manufacturers are working on devices which can minimize transmission of viruses through physical contact. Development of touch-free hand sanitizers using internet of things can be installed at various places and widen the scope of the market.
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