TAGS: Toiletries
According to a report by Grand View Research, the global hand sanitizer market size is anticipated to reach USD 13.7 billion by 2027, expanding at a CAGR of 22.6 percent. Growing emergence related to regular hand washing and sanitization among consumers owing to recent COVID-19 pandemic have set the tone for the market enhancement during the forecast period.
Hand Hygiene: Most Important Element
Major sanitizer manufactures have been ramping up their production capacity as well as improvising the supply chain strategies to cater the unprecedented spike in the sanitizers worldwide. Hand hygiene forms the most important element of personal care in order to prevent infectious diseases and is expected to act as a key driver for the growth of the market. According to findings, there is a preference for using hand sanitizer by 77 percent of the population covered in a survey, while 23.0 percent claimed to not to use the product.
The government further promotes the usage of hand care products in order to increase awareness as well as avoid health issues among consumers. For instance, WHO and FDA have taken initiatives in order to make people aware about hand hygiene and the risks associated with not maintaining the same.
According to the studies, classroom application of hand sanitizers is expected to reduce absenteeism of students due to illness by 20 percent. However, growth of the market can be hampered by the usage of chemical ingredients associated with the product causing allergies to some people. Rising influence of social media and online advertisements have exposed people to the recent trends of personal care and hygiene, which is also accelerating the usage of sanitizers.
Gel-based Hand Sanitizers Dominate the Market
In terms of product, the gel-based hand sanitizers segment is anticipated to dominate the market. Easy product availability and wider access to gel-based hand sanitizers are driving the growth of the segment in the market over the last ten years. The product results in decreased microbial populations in different ways.
Online distribution channel witnesses the fastest growth in the market at a CAGR of 23.2 percent from 2020 to 2027. Online retailers are focusing on continuous availability of the product across the globe. Online distribution channel is widely used in developed countries for purchasing unique personal care products. It is poised to emerge as a steady revenue generating source for these product categories over the forecast period.
North America dominated the global hand sanitizer market and accounted for 32.1 percent of revenue share in 2019. Wider product availability with increased penetration of online as well as offline distribution channels offering hand sanitizer is driving the market in the region.
Source: Grand View Research