Feb 28, 2023

English - UK

Pramod Pawar

The Growing Importance of Hand Sanitizers: Market Overview, Trends | CAGR of 6.2% by 2032

Market Overview

The global hand sanitizers market size is expected to be worth around USD 25.5 Bn by 2032 from USD 14.2 Bn in 2022, growing at a CAGR of 6.2% during the forecast period from 2022 to 2032.

As of my knowledge cutoff of September 2021, the global hand sanitizers market was experiencing significant growth due to the COVID-19 pandemic. Hand sanitizers have become a crucial tool for preventing the spread of the virus, leading to an increase in demand for the product.

The market for hand sanitizers is expected to continue growing, as hygiene and sanitation remain a top priority globally. However, the market may experience some slowdown as vaccination rates increase and the world slowly returns to pre-pandemic norms.

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Key Takeaway:

Fast Growth: With an anticipated CAGR of 12.3% over the forecast period, the hand sanitizers market is anticipated to grow dramatically because of the COVID-19 pandemic.

Demand for hand sanitizers has gone up because of the requirement for good sanitation and hygiene in order to stop the transmission of viruses.

Regional Outlook: While North America and Europe are also significant markets, the Asia-Pacific continent is expected to grow at the fastest rate.

Future Outlook: The market for hand sanitizers is expected to remain buoyant, although growth may slow slightly as vaccination rates increase and the world returns to pre-pandemic norms. Regardless, proper hygiene and sanitation will remain a top priority globally.

Regional Snapshot

Germany and France dominate the hand sanitizers business in Europe, which is quite competitive. According to predictions, this industry will expand as people's knowledge of personal hygiene and sanitation standards rises.

Asia Pacific: Because to its vast population, rising disposable income levels, and growing awareness of good sanitation and personal hygiene practises, the Asia Pacific area is anticipated to develop at the fastest rate throughout this forecast period.

Middle East and Africa: The Middle East and Africa region is a major market for hand sanitizers, driven by an increasing awareness of personal hygiene and sanitation among consumers as well as rising demand from healthcare facilities.

Latin America: Growing public health campaigns and heightened recognition of sanitation and personal hygiene are expected to stimulate growth in the Latin American hand sanitizers market.

Market Dynamics

Drivers

  • Sales of hand sanitizers have been primarily fueled by the COVID-19 pandemic since it is thought that these products are crucial for containing and thwarting virus spread.
  • Another significant factor driving the hand sanitizers market is the increase in awareness of personal cleanliness and sanitation. Consumers are becoming increasingly aware of the importance of maintaining good hygiene to stop the spread of diseases.
  • The Growing Healthcare Industry: The expanding healthcare sector is driving demand for hand sanitizers, which are frequently used in hospitals, clinics, and other healthcare settings.
  • Convenience and Portability: Hand sanitizers offer convenience and portability, making them the perfect choice for consumers who are always on the go.
  • Government Initiatives: Governments around the world are taking initiatives to promote hygiene and sanitation, which in turn has driven demand for hand sanitizers. For instance, many governments have issued guidelines encouraging schools, businesses, and public places to regularly utilize these devices.

Restraints

  • Accessibility of Other Products: The market for hand sanitizers may be hampered by the availability of alternatives like soap and water. Some customers might choose to wash their hands the old-fashioned way rather than utilising hand sanitizers.
  • Price Sensitivity: Consumers' price sensitivity may limit the market for hand sanitizers by leading them to choose less expensive substitutes or by refusing to pay high costs for these products.
  • Shortage of Raw Materials: Lacking raw materials such as alcohol, glycerin and aloe vera can be a constraint on the hand sanitizer market. This delays manufacturing and distribution processes for hand sanitizers, potentially impeding their growth rate.
  • Regulations and Standards: Government regulations can be a hindrance for the hand sanitizer market. For instance, some countries have regulations that limit alcohol content in these products, decreasing their effectiveness.
  • Environmental Concerns: Hand sanitizers may raise environmental issues due to the disposal of their packaging and chemicals used in production. This may impact consumer demand for hand sanitizers among eco-conscious individuals.

Opportunities

  • Innovation and Product Development: To satisfy consumer preferences, such as natural or organic ingredients and novel container designs, the hand sanitizers market has room for innovation and product development.
  • Market Growth in Developing Markets: The hand sanitizers industry has the potential to grow in emerging nations where sanitation and personal hygiene are becoming more and more important. As an example, consider populous nations like China or India.
  • Partnerships and Collaborations: Partnerships and collaborations between hand sanitizer manufacturers and other companies, such as those in the hospitality industry, can create opportunities for growth and product diversification.
  • Increase in Healthcare Spending: The increase in healthcare spending globally presents an opportunity for the hand sanitizers market, as hand sanitizers are widely used in healthcare settings.
  • Government initiatives: Government policies and rules may open up new markets for hand sanitizers. For instance, during the COVID-19 pandemic, various governments gave manufacturers subsidies to increase output.

Challenges

  • Competition from Other Products: Alternatives like soap and water, which may be more effective in removing filth and grime, are putting pressure on the hand sanitizers market.
  • Items that are counterfeit pose a threat to the hand sanitizer industry because they are frequently inefficient or even dangerous to consumers. This could damage the standing of reliable hand sanitizer products and prevent market growth.
  • Disruptions in the supply chain could have an effect on distribution and manufacturing in the hand sanitizer industry. Delays in the availability of a product, for instance, could be brought about by transportation problems or a shortage of raw materials.
  • Price Conflicts: Price conflicts amongst hand sanitizer producers might result in price reductions and decreased profitability, which could have an effect on market expansion.
  • Regulatory Issues: Shifting government regulations and safety standards can have a significant impact on the hand sanitizers market. For instance, some countries have implemented regulations restricting alcohol content in these products which could negatively affect their effectiveness.

Recent Developments

  • Move Away From Natural and Organic Products: Natural and organic hand sanitizers have been on the rise, driven by customer demand for goods free of harsh chemicals and with minimal negative environmental effects.
  • Touchless hand sanitizer dispensers have been invented, which helps to stop the spread of bacteria and germs by removing the need for users to touch the dispenser.
  • Collaboration between Beauty and Hand Sanitizer Businesses: Several beauty businesses have teamed up with hand sanitizer businesses to introduce fresh hand sanitizer goods, boosting brand recognition and broadening product selections.
  • Increased Production Capacity: In response to the significant increase in demand during the COVID-19 pandemic, many hand sanitizer producers have increased their manufacturing capacities.
  • Usage of Novel Ingredients: To improve product efficacy and differentiate their offers, hand sanitizer producers are investigating the use of novel substances notably silver nanoparticles and aromatic oils.

Interested to Procure the Data? Inquire here at : https://market.us/report/hand-sanitizers-market/#inquiry

Market Segments

Based on Product

  • Gel
  • Foam
  • Liquid
  • Others

Based on Composition Type

  • Alcohol-Based
  • Alcohol-Free

Based on Distribution Channel

  • Hypermarket and Supermarket
  • Drugstore
  • Online
  • Others

Based on End-User

  • Schools
  • Restaurants
  • Hospitals
  • Household Purpose
  • Others (Shopping Plaza, Military, Corporate Sectors, Hostels)

Key Market Players included in the report:

  • Reckitt Benckiser Group PLC Company Profile
  • Procter and Gamble
  • The Himalaya Drug Company
  • GOJO Industries Inc.
  • Henkel AG and Company
  • Unilever Plc Company Profile
  • Vi-Jon
  • Chattem, Inc.
  • Best Sanitizers Inc.
  • Kuto
  • 3M Company Company Profile

Report Scope

Report AttributeDetails
The market size value in 2022USD 14.2 Bn
Revenue forecast by 2032USD 25.5 Bn
Growth RateCAGR Of 6.2%
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years2017-2022
Base Year2022
Estimated Year2023
Short-Term Projection Year2028
Long-Term Projected Year2032

Frequently Asked Questions

1. Q: Which region has the highest market share in the hand sanitizers market?
A: North America is currently the largest market for hand sanitizers, followed by Europe and Asia Pacific.

2. Q: What are some key players in the hand sanitizers market? 
A: Some key players in the hand sanitizer market include Reckitt Benckiser Group PLC Company Profile Procter and Gamble The Himalaya Drug Company GOJO Industries Inc. Henkel AG and Company Unilever Plc Company Profile Vi-Jon Chattem, Inc. Best Sanitizers Inc. Kuto 3M Company Company Profile

3. Q: What is the hand sanitizers market growth?
The global hand sanitizers market is expected to grow at a compound annual growth rate of 6.2% from 2022 to 2032 to reach USD 25.5 Bn by 2032.

For more information, please contact:

Author

Prudour Private Limited



Email:

Pramod@market.biz

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