Hand sanitizer market
The global Hand Sanitizers Market was worth $919 million in 2016 and is expected to reach $1,755 million by 2023, growing at a CAGR of 9.9% from 2017 to 2023.
Hand sanitizer is an antibacterial solution that can be used instead of soap and water. It is used to prevent the spread of infection, which is primarily transmitted by hand and can lead to various disorders such as nosocomial food-borne illness and others.
Consumer preference for health and wellness and product innovation such as the use of scents in sanitizer formulations are expected to drive the worldwide hand sanitizer market forward.
Furthermore, rising living standards increased health expenditures, increased awareness of hand hygiene, and support from organizations such as the World Health Organization, the Food and Drug Administration, and others for sanitation all contribute to increased demand for hand sanitizers.
However, during the projection period, health risks connected with chemical compounds are expected to stifle market growth. The market is divided into gel, foam, spray, and other categories based on the product. In 2016, the most popular hand sanitizers were gel hand sanitizers.
It is separated into internet stores, departmental shops, pharmaceutical shops, and other distribution channels. It is divided into restaurants, schools, hospitals, domestic purposes, and other uses depending on the ultimate usage.
It is examined in North America, Europe, Asia-Pacific, and Latin America, and the Caribbean. Furthermore, the research discusses numerous variables that influence the global hand sanitizer industry’s growth, including major drivers, restraints, development prospects, and the role of major key players.
Because of the high hygiene requirements in the United States, North America dominates the global hand sanitizer business. Furthermore, rising disposable income and rising living standards are likely to drive the Asia-Pacific hand sanitizer market forward.
· The current and developing market trends and dynamics of the worldwide hand sanitizer market are thoroughly examined in this study.
· To discover the prevailing opportunities, the market trend analysis for all regions is undertaken by developing estimations for key sectors between 2017 and 2023.
· The research aids in comprehending the techniques used by the industry’s main businesses.
· This study aims to assess the competitive landscape of the hand sanitizer business to comprehend the worldwide market situation.
· Key player placement and monitoring of the main competitors in the worldwide market undergo extensive investigation.
· Due to the rise in cleanliness concerns and dangerous diseases, hand wipes are expected to reach around 6 billion units by 2026, rising at a CAGR of over 11% from 2019 to 2026.
· During 2019-2026, alcohol-based hand sanitizers are predicted to increase at a CAGR of around 12%.
· Because of the growing use of alcohol-based sanitizers, healthcare facilities are expected to see a $2 billion gain in revenue by 2026.
· During 2019-2026, the US hand sanitizer market is predicted to grow at a CAGR of approximately 14% in terms of revenue and 13% in terms of volume.
· Due to increased awareness of hand sanitation among people in numerous nations, the APAC region is predicted to expand at a encouraging CAGR of 12 percent from 2019 to 2026.
Insights on the hand sanitizer market
· The global hand sanitizer market was worth USD 1.64 billion in 2019 and is predicted to grow to USD 11.40 billion by 2021, a 595 percent increase. Since the explosion of the COVID-19 pandemic, the global market has seen a boom.
· This high point is expected to last for the following two years before declining after 2022. The epidemic has brought greater attention to the significance of handwashing as a simple and cost-effective way to prevent disease spread—the WHO underlined the importance of focusing on long-term uptake to establish handwashing habits.
· Several government agencies are exploring developing and adopting effective handwashing behavior change programs for COVID-19. As a result, demand for liquid hand wash is likely to rise during the forecast period.
· Furthermore, the market is growing because of a surge in manufacturers adopting innovative hand sanitizer formulations to provide consumers with a better experience.
Organic sanitizers, which are eco-friendly, skin-safe, and long-lasting, are also expected to impact market growth. Touchless dispensers and other advances in formulations and dispenser designs are gaining popularity in the industry