According to a new market report published by Acute Market Reports “Global Hand Sanitizer Market Growth, Future Prospects and Competitive Analysis, 2019 – 2029,” the global hand sanitizer market is expected to grow over a CAGR of 17% from 2021 to 2029.
The hand sanitizer market is evidencing a phenomenal transition post the covid 19 spread. WHO and FDA launched various awareness programs on public health hygiene and infection control in public and private locations. The increasing incidence of disease outbreaks, particularly viral outbreaks, hospital-acquired infections, and a large workforce in unsanitary conditions in developing countries is expected to drive global demand for hand sanitizers. However, the shorter shelf life of hand sanitizers, lesser market availability of hand sanitizers in rural areas, high level of alcoholic and chemical content in the hand sanitizers causing allergies are key restraints that are expected to restrain the market growth for hand sanitizers.
Pandemic Led to The Exponential Growth Rate Expected to Normalize by 2022:
Hand sanitizer which was largely used in the North America that accounted for almost 45% of market revenues precovid, has become a household product in Asia Pacific post the pandemic. Though the market is expected to grow at a CAGR of 17% during the forecast period of 2021 to 2029, however, the market evidenced an exponential growth of about 600% YOY from 2019 to 2020. The same trend is expected till the end of 2021. The use of hand sanitizers has become unavoidable across houses, corporate, public places such as bus stops and ATMs, commercial and corporate entities, and so on. Sudden uptake of hand sanitizers due to a pandemic is the single reason for the exponential growth of the market. However, with vaccinations being launched across the globe, the market for hand sanitizers is expected to settle down to its normal growth. Nevertheless, the market is slightly expected to grow higher than the pre covid estimates for the year 2021 to 2029. The key reason is the increased awareness levels especially in the Asia Pacific, and also a fear that is instilled during the pandemic is expected to continue. Even if the vaccination is going to be started widely, the fear for any new or mutated viruses is expected to raise the growth rate. The report details such market trends across geographies and product ranges.
Key Segments & Market Trends: Asia Pacific Evidencing Highest Growth Rate
The report focuses on market revenues by product segments – gel, foam, spray, liquid, others (sanitizing hand wipes, etc.). Gel form of hand sanitizers accounted to the largest revenues in 2019. Gel sanitizers contributed for more than 35% of the total market. The report also segments the hand sanitizer market by end-users that include hospitals, hotels and restaurants, household purpose, and others (corporates, schools etc.). Hospitals accounted to the largest revenues in 2019, as hand sanitizers have always been a crucial component in healthcare setup. However, the report details on highly promising segments during the forecast period of 2021 to 2029. The hand sanitizer market is further segmented by sales channels that include supermarkets, department stores, convenience stores, pharmacy and other retail stores, online sales and hypermarkets.
In terms of geographic segment the report segments the market at country level for major geographic region that includes North America, Europe, Asia Pacific, and Latin America and Middle East and Africa. In 2019, North America contributed to the highest share for the hand sanitizer market. Europe was the second-largest market for hand sanitizers followed by Asia Pacific. However, the use of hand sanitizers in APAC region is evidencing compelling growth due to sudden uptake of hand sanitizers across all the end user segment. However, the report details the changes in market trends, growth rates and market revenues post covid pandemic. The key market players are 3M, Procter & Gamble, CleanWell LLC, Reckitt Benckiser Group Plc and others. However, pandemic has boosted a quick spur of domestic companies that earned significant revenues and enabled the availability of hand sanitizers across the world even though the demand was sudden and exponential.
- Product differentiation yet meeting the recommendation of The Centre for Disease Control (CDC) is the need of the hour. Focus on skin safety is a key requirement.
- Increased awareness levels initiated by the government, voluntary groups, NGOs and healthcare authorities phenomenally increased the use of hand sanitizers as it became the most important solution to avoid the spread of infection.
- Sales channel has expanded tremendously due to unexpected demand.
- Penetration across various end-user segment gave an exponential growth in demand.
- Fear of viruses and bacterias causing covid 19 and other future outbreaks enabling the uptake.
Browse the full report at https://www.acutemarketreports.com/report/hand-sanitizer-market
The Global Hand Sanitizer Market is Segmented into:
|Segmentation||By Product Type (2019-2029; US$ Mn)|
|By End-Use (2019-2029; US$ Mn)|
|By Application (2019-2029; US$ Mn)|
|By Sales Channel (2019-2029; US$ Mn)|
|By Geography (2019-2029; US$ Mn)|
*Complete segmentation list is on report page
Related Research: Hand Hygiene Compliance Monitoring Systems
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