Global Hand Sanitizer Market Poised for Sustained Growth: Forecast to Grow at a CAGR of 3.7% by 2028
Published | 03 January 2022
The global hand sanitizer market is growing at a high CAGR because of the increasing consumer awareness regarding health and hygiene. Additionally, government measures aimed at increasing public use of hand sanitizers, along with increased manufacturing capacity by manufacturers, are driving the market forward….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global hand sanitizer market was worth USD 2.8 billion in 2021. The market is estimated to grow at a CAGR of 3.7%, earning revenue of around USD 3.6 billion by the end of 2028. Hand sanitizers have become a necessity due to consumers' increasing sensitivity to health and hygiene, as well as the spread of communicable diseases via hands. Additionally, governments of different countries are also taking various initiatives to boost the use of hand sanitizers among the public, which is anticipated to drive its market growth. Furthermore, manufacturers are heavily investing in expanding their manufacturing capacity in order to meet the global demand for hand sanitizers, which will likely increase consumer access to hand sanitizers, thereby boosting overall market growth during the forecast period.
Growing Online Distribution Anticipated to Present Lucrative Growth Opportunities
In order to combat the spread of COVID-19, various countries imposed nationwide lockdowns that prevented the distribution of hand sanitizers, thus restricting the availability of such products to consumers. As a result, both consumers and distributors quickly shifted to online channels for purchasing hand sanitizers, which propelled the growth of the online distribution channels. One of the best things about online distribution channels is that it enables distributors to track real-time demand as well as fulfill consumer demands promptly. Furthermore, consumers are also resorting to popular online consumer goods platforms, such as Amazon.com, to buy hand sanitizers, which is anticipated to drive the market growth in the forecast period.
Rising Demand for Alcohol-Based Products Driving the Global Hand Sanitizer Market
Based on types, the global hand sanitizer market is grouped into alcohol-based and alcohol-free segments. The alcohol-based segment accounts for the largest market share as it is highly effective in preventing the coronavirus infection from spreading and has also been recommended by the United States Centers of Disease Control and Prevention (CDC). In addition, alcohol-based sanitizers are more effective at reducing the variety of microorganisms. Nevertheless, alcohol-free hand sanitizers account for a very small share of the market as they are less effective than alcohol-based varieties, and therefore, are not usually recommended.
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Hand Sanitizer Market - By End-User
Based on end-users, the global hand sanitizer market is segmented into hospitals, schools, restaurants, household purposes, and others. Hospitals account for the largest share of the market because of the need to prevent pathogens from spreading and the risk of hospital-acquired infections (HAIs). Therefore, hand sanitizers are used by almost every hospital staff as well as visitors, which boosts its market growth. In addition to schools, restaurants, and households, others segments have also gained significant traction since the COVID-19 pandemic to meet government regulations regarding hygiene.
Global Hand Sanitizer Market - Regional Insights
Geographically, the global hand sanitizer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounts for the largest market share followed by Europe. The developed healthcare infrastructure and stringent government policies in Europe play a crucial factor in driving the demand for hand sanitizers in this region. However, the Asia-Pacific region is also projected to witness the highest CAGR during the forecast period as APAC countries, such as China and India are emerging as manufacturing leaders worldwide, which is expected to boost the growth of the hand sanitizer market during the forecast period.
Impact of COVID-19 on Global Hand Sanitizer Market
The sudden outbreak of the COVID-19 pandemic significantly proliferated the growth of the global hand sanitizer market. In response to the virus outbreak, the World Health Organization (WHO) released COVID-19 protection guidelines and recommended the use of hand sanitizer for self-protection and to prevent the virus from spreading since it has been proven to be effective at killing COVID-19 viruses. As a result, the demand for hand sanitizers spiked during this period. The market is anticipated to witness favorable outcomes in the upcoming years as well with new variants of COVID-19 emerging.
Global Hand Sanitizer Market - Competitive Landscape
The leading players in the global hand sanitizer market are Reckitt Benckiser Group PLC, Vi-Jon Inc., 3M Company, Edgewell Personal Care, Unilever PLC, Henkel AG & Co. KGaA, GOJO Industries Inc., Himalaya Global Holdings Ltd., Colgate-Palmolive Company, L Brands Inc., Chattem Inc., Skinvisible Inc., Medline Industries, Inc., Nice-Pak Products, Inc., Godrej Consumer Products Limited, Kutol Products Company, Procter and Gamble Company, Ecolab, DEB Group Ltd., and other prominent players.
The market is highly competitive and fragmented due to the presence of several industry players. Moreover, market participants are introducing a new and diverse range of hand sanitizers with varying levels of alcohol to suit different skin types. They are also significantly investing in expanding their production capacity and improving their distribution channel and product accessibility to boost their sales. Furthermore, the adoption of organic and inorganic strategies, such as partnerships, mergers, acquisitions, and advertisement & marketing, are also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hand sanitizer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hand sanitizer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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