The global hand sanitizer market size is projected to reach USD 1.96 billion by 2026, exhibiting a CAGR of 6.2% during the forecast period. Rising preference for alcohol-based sanitizers around the world will emerge as a strong growth driver for this market, enumerates Fortune Business Insights™ in its recent report, titled “Hand Sanitizer Market Size, Share & Industry Analysis, By Product Form (Foam, Gel, and Liquid), Type (Alcohol-based and Alcohol-free), Distribution Channel (Pharmacy Stores, Supermarkets/Hypermarkets, Online Retail Channels, and Others), End-User (Schools, Restaurants, Hospitals, Household Purpose, and Others), and Regional Forecast, 2019-2026”. According to the Centers for Disease Control and Prevention (CDC), hand sanitizers having alcohol content between 60% and 69% are highly effective in killing all kinds of germs compared alcohol-free sanitizers. In addition to this, the Food and Drug Administration (FDA) has found that alcohol-based sanitizers are able to fight the spread of flu-like infections due to their superior germ-killing capacity. Moreover, there is a growing demand for natural ingredients-based hand sanitizers, which has spurred many companies to create products infused with Aloe Vera and tea. As a result, new avenues of expansion have been opened up for this market.
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The report states that the market value was at USD 1.22 billion in 2018. Besides this, the report provides the following:
- Exhaustive analysis of the impact of COVID-19 outbreak on the market;
- Careful evaluation of the all the possible market drivers, trends, and restraints;
- Thorough study of the different market segments; and
- Comprehensive examination of the regional dynamics and competitive milieu shaping the future of the market.
Rapid Spread of the Coronavirus Pandemic to Accelerate Market Growth
The hand sanitizer market growth has received a major booster shot by the unprecedented rate of spread of COVID-19 worldwide, which has shifted the global focus towards basic hygiene and sanitation practices. Hand sanitizers are believed to play a central role in bolstering such practices because the COVID-19 infection is lethal and is known to primarily spreading through human-to-human contact. Since hands are the generally the first point of contact between two or more people, hand hygiene has become a vital tool in fighting this infection. The importance of hand sanitizers in the current scenario is further augmented by the absence of effective treatment options and vaccine against the coronavirus. As a result, the World Health Organization (WHO) has been vociferously promoting the use of alcohol-based hand cleansers, especially for frontline healthcare workers. While frequent washing of hands using soap and water for 20 seconds has been found to be effective, they may not always be available and in such cases, hand sanitizers can function as an efficient alternative.
North America to Hold Commanding Position in the Market; Europe to Grow at a Considerable Rate
With a market size of USD 464.51 million in 2018, North America is well-positioned to dominate the hand sanitizer market share in the coming years. Rising awareness among the people regarding personal hygiene, currently fueled by the COVID-19 outbreak, will drive the market in 2020. Moreover, the US now has the highest number of COVID-19 cases and deaths in the world, which has heightened the need for following standard personal hygiene practices.
In Europe, the coronavirus pandemic has ravaged the continent and has generated tremendous demand for hand sanitizers in the region. The market in Asia-Pacific is expected to showcase fastest growth on account of escalating demand for enhanced skin and other personal care products in India and China. Furthermore, programs initiated by local governments in India for fostering hygiene awareness at the school level will bode well for this market in the long-run.
Key Players to Launch Products Targeted for COVID-19
The demand for hand sanitizers has experienced an astronomical rise in the past couple of months as a result of the COVID-19 outbreak. This has spurred Fast Moving Consumer Goods (FMCG) companies to develop hygiene products tailored to fight the spread of the pandemic and also comply with WHO guidelines.
- April 2020: The Zydus-owned talc brand, Nycil, forayed into the hand sanitizer business by introducing its own hand sanitizer product to cater to the skyrocketing demand for hand cleansers during the coronavirus outbreak. The focus of the company will remain on germ protection for the entire family and the product will be an expansion of the company’s Heinz portfolio.
- March 2020: Himachal Pradesh-based CSIR-Institute of Himalayan Bioresource Technology (CSIR-IHBT) engineered a novel hand sanitizer, comprising of alcohol, active tea ingredients, and natural flavors. Most importantly, the product does not contain any synthetic chemicals and has been developed according to WHO guidelines.
List of Companies Profiled in the Hand Sanitizer Market Report:
- SC Johnson & Son, Inc. (U.S.)
- Best Sanitizer Inc. (U.S.)
- Bacardi Limited (Bermuda)
- Himalaya Global Holdings Ltd. (India)
- Gojo Industry Inc. (U.S.)
- Proctor & Gamble (U.S.)
- CVS Health (U.S.)
- Unilever Plc. (U.K.)
- Henkel AG & Company (Germany)
- Reckitt Benckiser (U.K.)