Companies active in the hand sanitizer industry are focusing on research and development activities for product innovation to minimize chemical concentrations in formulations, transitioning to natural ingredients.
DUBAI, UAE / ACCESSWIRE / April 29, 2020 / The hand sanitizer market is projected to grow at a very promising CAGR of 7.2% during the forecast period (2020-2030). A significant increase in demand for hand sanitizers in commercial hospitality and food service sectors are an essential factor driving the sales of hand sanitizers. Key players are also leveraging rising consumer concerns about the growing incidences of communicable diseases. Multiple brands and governments will continue to boost growth of hand sanitizer market, with the aid of promotional and awareness campaigns, reveals Future Market Insights (FMI).
"Due to SARS and MERS coronavirus outbreaks, manufacturers have made significant changes to their production lines to generate larger quantities of alcohol-based hand sanitizers. Further, raw material suppliers have increased production capacity to support said production," says the FMI analyst.
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Hand Sanitizer Market - Key Takeaways
- The instant hand sanitizer gel segment will continue to hold a leading market share, while foaming variants are projected to display a higher growth rate.
- The alcohol-based hand sanitizer segment will hold a lion's share of the market, while non-alcoholic variants display faster growth.
- The pump bottles segment will account for a large market share, in terms of packaging type.
- North America will hold a leading position in the global market share, while East Asia will display remunerative growth opportunities.
Hand Sanitizer Market - Key Driving Factors
- Growing consumer inclination towards health and fitness trends is a major growth driver for the hand sanitizer market.
- Innovative promotional activities and marketing campaigns remain major growth influencers.
- Rising levels of expenditure on healthcare and better standards of living supports overall market growth.
- Extensive support from key authorities such as the FDA and WHO is also a driver for global market growth.
Hand Sanitizer Market - Key Constraint
- Health hazards being associated with a range of chemical ingredients in hand sanitizer formulations is expected to hamper market growth during the forecast period.
The Covid-19 Impact
With the coronavirus being declared a global pandemic, most businesses have temporarily gone under lockdown. This trend has substantially impacted the global economy. Online retailers are facing increased challenges for hand sanitizer sales owing to problems in product delivery infrastructure, and shortage of delivery for stocks.
On the other hand, the outbreak has resulted in unprecedented sales, with people giving the practice of hand hygiene high importance. In addition, awareness campaigns set up by governments and companies has also had a positive impact on sales, for small and large players alike. Government bodies have also supported the industry by providing manufacturing licenses to new manufacturers, distilleries, and sugar plants, to meet the current levels of demand.
Explore the global hand sanitizer market report with 163 illustrative figures, 198 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/covid19/rep-gb-707
Key players in the hand sanitizer market are Guangzhou Beaver Cosmetic Co., Ltd, The Procter and Gamble Company, Seatex Ltd., Gojo Industry Inc., Carroll Company, Reckitt Benckiser Group PLC, Cossmic Products, Best Sanitizers Inc., Chattem Inc., The Himalaya Drug Company, Vi-Jon Laboratories Inc., Henkel Corporation, Linkwell Corporation, Unilever, Kutol Products Company. Majority of these players are investing in new product launches to meet the growing consumer interest in chemical free products. Moreover, manufacturers are also pushing to increase production and inventory capacity, along with increased shelf space in retail businesses.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on hand sanitizer market. The market is analyzed on the basis of product type (foaming hand sanitizers, foaming instant hand sanitizers, instant hand sanitizer gels, and spray hand sanitizers), content (alcohol based and non-alcohol based), active ingredient (ethanol/ethyl alcohol, benzalkonium chloride, and isopropyl), packaging type (flip-flop bottles, pump bottles, dispensing packets, and jars/cans) end use (institutional and household), pack size (below 100 ml, 101 - 300 ml, 301 - 500 ml, and 501 ml and above) and sales channel (direct and indirect) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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