The global hand sanitizer market was valued at $2,511.9 million in 2019 and is anticipated to surpass $14,521.7 million by 2027, at a CAGR of 24.2%. Hand sanitizer is a portable and convenient hand rub that may help to prevent the spread of infectious diseases.
The effectiveness of hand sanitizers mainly depends on various factors, such as the manner in which the product is applied along with, whether the particular infectious agents present on the customer’s hands are susceptible to the active ingredient of the product. The exponential market growth of the hand sanitizers is majorly attributed to the consumer inclination towards health & wellness, quality of hand sanitizers to act as a barrier between infectious materials such as viral, bacterial, fungal contaminants and the subject, and surge in healthcare expenditure. In 2020, the global hand sanitizer market is expected to witness a significant impact owing to the massive use of preventive measures for the minimization of the impact of the outbreak of coronavirus disease pandemic.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|22.7%||24.2%||152||USD 3,072.1 Million||USD 3,181.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The significantly rising emphasis on the importance of workplace safety in the developed as well as developing economies is expected to accelerate the growth of the global hand sanitizer market, during the review period. Furthermore, upsurge in health expenditure, improvement in living standards, rising awareness regarding hand hygiene, and supportive policies of government organization such as FDA (Food & Drug Administration) and WHO (World Health Organization), towards the need for sanitation are predicted to increase the demand for hand sanitizers which will ultimately lead to foster the growth of global hand sanitizer market, during the forecast period.
In addition, key manufacturers operating in the hand sanitizer market are focussing highly on strategic collaborations to grow in the global industry. For instance, in January 2019, Best Sanitizers, Inc., a notable player in hand sanitizers market, has announced that they have developed FSMA (Food Safety Modernization Act) Starter Kit to help in the brewing industry. The company's FSMA Kit for breweries mainly consists of ‘Alpet E3 Plus’ hand sanitizer Spray, and other surface hygiene products, to provide an additional layer of protection. These factors may further lead to boost the growth of the global hand sanitizer market, during the forecast period.
Since the last several months of 2019, the communal spread of COVID-19 has created an unprecedented public health emergency situation. The governments across countries such as India, UK, and Brazil have imposed strict lockdowns in order to prevent the pandemic spread of the coronavirus disease. Moreover, this shutdown has led to a dramatic decline in industrial as well as business operational activities. On the other hand, the significant role of hand sanitizers in order to curb the Coronavirus transmission across the globe is projected to foster the demand for the hand sanitizer in the global market. For example, the CDC (Centers for Disease Control and Prevention) is recommending hand sanitizers (with min. 60% alcohol) for the prevention of the pandemic spread of COVID-19. Moreover, in April 2020, the WHO (World Health Organization) has recommended two alcohol-based sanitizer formulations that have the capability to inactivate the coronavirus. These key factors may drive the global hand sanitizer market, throughout the COVID-19 pandemic.
Moreover, many organizations involved in the hand sanitization business are coming forward with product development and capacity expansion to fight against the COVID-19 chaos. For instance, in June 2020, Procter & Gamble (P&G), US-based multinational consumer goods corporation, made an announcement to donate $10 million as well as to launch a new ‘safeguard sanitizer’, to fight against COVID-19 pandemic. With the upsurge in the need for hand hygiene products worldwide, P&G estimates to raise production capacity to 45,000 liters of the hand sanitizer per week. These factors are expected to bolster the growth of the global hand sanitizer market, during the pandemic period.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
As per a recent publication of Research Dive, it is estimated that the global hand sanitizer market shall witness exponential market growth after the COVID-19 transmission. In the midst of the COVID-19 outbreak, the need for hand sanitizer has massively increased mainly because it has the ability to minimize the risk of viral transmission of outbreaks. Also, due to the COVID-19 health emergency, the majority of the countries such as India, Australia, Brazil, and Germany are highly adopting for safety and hygienic workplace; this will make a significant impact on the global hand sanitizer market growth, even after this crisis.
Currently, to strengthen the footprint in the global market, multiple leading players operating with their core competencies have started working on the development of hand sanitization products. For instance, in March 2020, DOW, a notable leader in chemicals manufacturer, has announced to manufacture hand sanitizers for hospitals and pharmacies in support against the great pandemic. They are planning to produce 300 tones of hand sanitizer per month. In addition to this, in march 2020, Coty, a significant beauty company in cosmetic manufacturers, has started manufacturing hydro-alcoholic gel, hand sanitizer amid the COVID-19 outbreak. Production and donations are expected to reach tens of thousands of units per week. The company is planning to produce 10 thousand units of hand sanitizer per week. Such factors shall significantly create lucrative market opportunities in the global industry, after the COVID-19 pandemic.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Hand Sanitizer Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity