The global hand sanitizer market size was valued at USD 2.98 billion in 2020 and reached USD 2.79 billion in 2021. The market size is expected to reach USD 3.47 billion by 2028, exhibiting a CAGR of 3.1% during the forecast period. Innovators and business people across the globe are rehashing their plans of action considering the Covid pandemic. In the craft cocktail arena, breweries and distilleries are transitioning their focus from spirits to hand sanitizers. For example, in May 2020, Doctor Shultz's, collaborated with Ilthy, a dress brand for assembling and providing hand sanitizers and face masks.
Furthermore, increasing awareness regarding cleanliness practices and strong demand for the product for the development of personal care products may enhance industry growth. Fortune Business Insights™ provides this information in its report titled “Hand Sanitizer Market, 2021-2028”
List of major companies profiled in the hand sanitizer market are:
- Reckitt Benckiser Group Plc (U.K.)
- Gojo Industry Inc. (U.S.)
- Henkel AG & Company (Germany)
- Himalaya Global Holdings Ltd. (India)
- Unilever Plc. (U.K.)
- Bacardi Limited (Bermuda)
- CVS Health (U.S.)
- Best Sanitizer Inc. (U.S.)
- Proctor & Gamble (U.S.)
- SC Johnson & Son, Inc. (U.S.)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
The hand sanitizer market is profoundly divided with the presence of an enormous number of territorial and nearby players. The market players face extraordinary rivalry, particularly from the top producers of this market as they have an enormous buyer base, solid memorability, and tremendous conveyance organizations. Organizations have been carrying out different development methodologies, for example, associations and new item dispatches, to remain ahead in the game.
Drivers and Restraints
Strong Government Support for the Promotion of Hygiene Products to Propel Industry Progress
Hand sanitizers are anti-infection solutions that eliminate germs and viruses efficiently. Strong governmental support for hygiene products’ promotion may enhance hand sanitizer adoption. For example, the World Health Organization (WHO) announced a campaign titled “Seconds Save Lives, Clean your Hands” to promote hand hygiene awareness among the people. Further, the rising infrastructural facilities such as specialty stores, shopping malls, and retail outlets are expected to enhance hand sanitizers' adoption. Further, the rising consumer preferences toward beauty and healthcare products may drive the hand sanitizer market growth.
However, the abundance of alternative products may hamper the industry’s growth.
Segmentation
Gel Segment to Hold Major Share Attributable to its Effective Germ Protection
By product form, the market is segmented into liquid, gel, and foam.
The gel segment is expected to grow rapidly due to its effective germ protection. Furthermore, its ability to easily spread on hands enhanced hand sanitizer sales. Moreover, quicker sanitization and drying property of gels may enhance segmental growth.
Alcohol-Based Sanitizers to Dominate Owing to Rapid Adoption in Hospitals
By type, the market is bifurcated into alcohol-free and alcohol-based sanitizers.
The alcohol-based sanitizer segment is expected to hold a dominant market share because of its extensive adoption in hospitals and effectiveness in germ elimination. Furthermore, the anti-microbial ability of alcohol-based sanitizers may incite industry growth
Supermarket/hypermarket Stores Segment to Dominate Owing to the Availability of a Wide Variety of Products
By distribution channel, the market is categorized into online retail, supermarkets/hypermarkets, pharmacy stores, and others.
The supermarkets/hypermarkets segment is expected to dominate owing to the availability of various products. Furthermore, the availability of discounts is expected to enhance product demand.
Hospital Segment to Dominate Attributable to Strong Demand for Sanitizers
By end-user, it is classified into households, hospitals, restaurants, schools, and others.
The hospital segment is expected to hold a dominant market share due to the strong demand for sanitizers to maintain a clean and hygienic environment. Moreover, the rising health concerns among staff and doctors in clinics and hospitals may elevate demand.
Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Presence of Prominent Players to Propel Market Progress in North America
North America is expected to dominate the hand sanitizer market share because of the presence of prominent players. The market in North America stood at USD 1.38 billion in 2020 and is likely to gain a huge portion of the global market share in the upcoming years. Furthermore, rising sanitization practices and personal hygiene is expected to bolster industry growth.
In Europe, efficient medical facilities are expected to enhance hand sanitizer adoption. As per the State of the Health in the EU, Italy, France, Italy, and Spain have excellent medical facilities compared to other European countries. These factors may enhance the market growth.
In Asia Pacific, the strong adoption of personal care products is expected to boost market progress. As per the ‘China Consumer Market 2019’ report, personal care product sales increased nearly 8 times in 2019. In addition, rising government initiatives for developing programs associated with personal care products in India are expected to propel market growth.
Competitive Landscape
Major Players Launch Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to boost brand image. For example, Cavinkare announced cost-effective products under the Nyle, Raaga, and CHIK brands in March 2020. This development aims to provide hygiene solutions to people suffering from disease-causing bacteria and viruses. This strategy may allow the company to enhance its brand image. Furthermore, companies adopt novel product launches, mergers, acquisitions, and expansions to strengthen their market position.
Key Industry Development
- April 2020- Nycil announced sanitizer products under its ‘germ protection for family’ category for business expansion during the pandemic.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/hand-sanitizer-market-102710
