Pune, India, April 16, 2021 (GLOBE NEWSWIRE) -- Hand Sanitizer Market: Key Insights
According to our new research study on “Hand Sanitizer Market to 2027 – Global Analysis and Forecast – by Type, Product Form, Application and Distribution Channel,” the Hand Sanitizer Market Size was valued at $2,660.8 million in 2019, and it is expected to grow at a CAGR of 40.0% during 2020–2027 to reach $39,223.1 million by 2027. Growing awareness about the importance of hygiene is the major growth driver for the hand sanitizer market. Alcohol-based sanitizers provide protection against most of the germs, including bacteria and viruses. Moreover, the COVID-19 pandemic has significantly raised the demand for hand sanitizers at consumer as well as industrial levels. However, stringent regulations on the production of hand sanitizers restrain the growth of the market.
Hand Sanitizer Market: Competition Landscape and Key Developments
Henkel AG & Company, KGAA, Unilever, The Himalayan Drug Company, Ecolab, 3M, Godrej Industries Limited, GOJO Industries, Inc., Procter & Gamble, Reckitt Benckiser Group plc., and S. C. Johnson & Son, Inc. are among the key players providing hand sanitizers. The major market players have been continuously focusing on strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and fulfill the growing demands. For Instance, in 2018, Henkel AG & Company, KGAA, expanded its portfolio of hand sanitizers with the launch of a new vegan and sustainable brand.
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North America held the largest share of the global hand sanitizer market in 2019. Constantly rising standards of cleanliness and personal care propel the demand for hand sanitizer products in this region. Moreover, authorities such as the World Health Organization (WHO) and Food and Drug Administration (FDA) have mandated the use of hand sanitizers in public places such as malls, stores, restaurants, and cinemas to prevent the spread of communicable diseases. The presence of major manufacturers such as Procter & Gamble; Gojo Industries, Inc.; and Chattem, Inc. is another major factor driving the growth of the hand sanitizer market in North America.
Consumers living in developed and developing economies of North America, Europe, and Asia Pacific are becoming increasingly aware about the importance of personal hygiene. Changing lifestyles have led to the emergence of new diseases and new variants of existing bacteria and viruses. The US Centers for Disease Control and Prevention (CDC) have initiated a campaign named “The Clean Hands” to encourage the use of sanitizers. Various non-government organizations are also actively working to educate people living in remote areas to maintain health and hygiene. Moreover, the COVID-19 pandemic has propelled the demand for hand sanitizers across the world. The health specialists have been stressing on the importance of keeping the hands germs free, either by washing them with soaps or by wiping them with hand sanitizers. All major institutions such as schools, colleges, hospitals, and commercial spaces are mandating the use of sanitizers for visitors. These conditions are significantly bolstering the demand for hand sanitizers worldwide.
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Hand Sanitizer Market: Segmental Overview
Based on type, the hand sanitizer market is segmented into alcoholic, quaternary ammonia, and triclosan. The alcoholic segment dominated the market in 2019 by accounting for the largest market share. The alcohol-based sanitizers are the most preferred type in almost all healthcare settings. This type of hand sanitizers typically contains a combination of isopropyl alcohol, ethanol (ethyl alcohol), and n-propanol. It is also on the list of the Essential Medicines announced by the WHO. The optimum alcohol concentration required in sanitizer preparation to kill bacteria is 70–95%.
Impact of COVID-19 Pandemic on Hand Sanitizer Market
As of April 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among of the worst-affected countries by the COVID-19 pandemic in terms confirmed cases and reported deaths. According to the latest WHO figures, updated in April 2021, ~133,146,550 confirmed cases and 2,888,530 deaths have been reported across the world. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals & materials is one of the major industries suffering from serious disruptions of the outbreak due to supply chain breaks, technology events cancellations, and office shutdowns.
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China is the global hub of manufacturing and largest raw material supplier for various industries in the world, and it is also one of early-affected countries by the pandemic. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America and Middle East and Africa is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. However, the demand for hand sanitizers have increased greatly since the outbreak of the coronavirus.
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