According to Stratistics MRC, the “Global Hand Sanitizer Market” is accounted for $1,106.40 million in 2018 and is expected to reach $3,043.56 million by 2027 growing at a CAGR of 11.9% during the forecast period. Some of the main factors propelling the market growth are the ease of using hand sanitizing products, noteworthy alertness about personal cleanliness, and increasing occurrence of transmissible diseases like COVID-19. However, lack of awareness regarding hygiene among underdeveloped economies is the restraining factor for the growth of the market.
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Hand sanitizer is an agent applied to the hands for the purpose of destroying pathogens. It is also known hand antiseptic, or hand rub. These products are commonly available in the form of foam, gel, or liquid. Their use is recommended when soap and water are unavailable for hand washing or when repeated hand washing compromises the natural skin barrier. Although the effectiveness of hand sanitizer is variable, it is employed as a simple means of infection control in a wide variety of settings, from day-care centres and schools to hospitals and health care clinics and from supermarkets to cruise ships.
Opportunity: The excess demand in the wake of Covid-19 would provide ample opportunities for the market growth.
The usage of hand sanitizers is suggested by the World Health Organization, Centre for Disease Control and Prevention, and doctors worldwide, claiming that the use of alcohol-based hand rub is one of the most effective safety measures against the virus. As this preventive approach to the COVID-19 infection is resulting in an excess demand for hand sanitizers in the market, it creates more opportunities.
Driver: The supportive government initiative is driving the market growth.
Government initiatives to encourage the use of hand sanitizer will propel the growth of hand sanitizers market. The governments of various nations are offering financial aids to increase hand sanitizer production. This will help the government to cater to the rising demand of hand sanitizer in the market and cope-up with the shortage in some areas. Additionally, governments are providing easy regulatory passage and permission to new entrants for production of hand sanitizers.
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Depending on distribution channel, the hypermarket & supermarket segment is expected to grow at a significant market share during the forecast period. Rising number of hypermarkets and supermarkets across various regions have experienced a hike in the distribution of hand sanitizers in the market. This channel has the advantage that it facilitates the consumers to check the product before buying which helps them select the proper product. Moreover, this channel also supplies quick access to the product compared to online channels where consumers are made to wait for the delivery of the product.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. The growth is attributed to the growing awareness among consumers regarding hygiene. Therefore, a wide range of personal care and hygiene products are available in the market stressing on convenience factor for consumers. The increasing popularity of online shopping has propelled the growth of the market in the region and is expected to fuel the demand for hand sanitizers in the coming years.
Some of the key players in Hand Sanitizer Market include Unilever, Himalaya Drug Company, Procter & Gamble, Reckitt Benckiser Group plc, Vi-Jon, Henkel AG & Company, GOJO Industries Inc, Kutol, Chattem Inc, and Best Sanitizers, Inc.
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Reckitt Benckiser Group plc: In March 2020, Reckitt Benckiser Group plc and Jumia has partnered to provide a steady supply of hygiene products such as soap bars, hand sanitizers, and liquid hand wash at reasonable prices.
Procter & Gamble: In February 2020, Procter & Gamble launched Microban 24, a new brand of antibacterial sanitizing products that ensures protection against bacteria for 24 hours when used according to the directions.
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