New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The newly published research report by Research dive on the global hand sanitizer market elucidates the impact of COVID-19 pandemic on the present and future outlook of the market. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, key segments, COVID-19 impact on the market, and competitive landscape are further delivered in the report.
Highlights of the Report
The outbreak of the COVID-19 has made promising impact on the global hand sanitizer market. According to the report, the global hand sanitizer market gathered $2,511.9 million in 2019, and is projected to garner $14,521.7 million by 2027, and exhibit a CAGR of 24.2% during the forecast period from 2020 to 2027. The probable market size in 2020 was $3,072.1 million before the outbreak of COVID-19. However, due to the COVID-19 pandemic, the market size increased to $3,181.1 million due to the increasing attention of people towards hygiene for minimizing the chances of getting affected with the coronavirus disease.
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Factors Impacting the Market Growth during COVID-19 Pandemic
As per the analysts of Research Dive, the demand for hand sanitizers have increased rapidly during the COVID-19 pandemic due to the growing cases of coronavirus disease. Hand sanitizers play a significant role to curb the coronavirus transmission which is driving the growth of the global market. For example, the Centers for Disease Control and Prevention (CDC) has recommended hand sanitizers with min. 60% alcohol for the prevention of the COVID-19 spread. These factors are driving the growth of the hand sanitizer market in the pandemic period.
Additionally, various companies in the hand sanitization business are coming up with capacity expansion and product developments to fight against the COVID-19 chaos. For example, in June 2020, Procter & Gamble (P&G), announced to $10 million and launch a new ‘Safeguard Sanitizer’, to combat the COVID-19 pandemic. This initiatives and strategies by major companies are helping the global market to grow further.
Future Scope of the Market
The global hand sanitizer market is expected to continue to witness striking growth even after the pandemic over the forecast period, majorly due to the significantly growing importance of workplace safety in both developed as well as developing countries across the globe. Besides, upsurge in health expenditure, growing awareness among people about hand hygiene, improvement in living standards, and supportive policies of government organization are factors projected to increase the demand for hand sanitizers. Furthermore, the increasing production of hand sanitizers and donations from various organizations are estimated to generate significant growth opportunities for the global hand sanitizer market in the coming years.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/355
Major Market Players
The key players operating in the global hand sanitizer industry include -
- The Himalaya Drug Company
- Reckitt Benckiser Group plc
- Farouk Systems Inc.
- Dr. Bronner’s Magic Soaps
- Best Sanitizers, Inc.
- Procter and Gamble
- GOJO Industries, Inc.
- Ningbo Jiangbei Ocean Star Factory & Trading Co., Ltd.
- Vi-Jon, Unilever
These players are implementing various strategies to gain a competitive edge in the global industry.
For instance, in May 2020, Unilever ANZ, a leading consumer goods company, initiated the local production of Lifebuoy hand sanitizers to cope with the increasing demand in the midst of novel COVID-19 pandemic.
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