TAGS: Toiletries
According to the analysis of Fortune Business Insights, the short-term impact of COVID-19 is expected to cause a rise in the annual growth of the global hand sanitizer market from 5.06 percent to 45.71 percent in 2020.
Rapid Surge in Demand of Hand Sanitizers
The global hand sanitizer market which was projected to be worth USD 1.35 billion in 2020 before the outbreak of this infectious disease, is now expected to generate USD 1.87 billion this year. There has been a rapid surge in the demand of hand sanitizers across countries, such as the U.S., Italy, Spain, the U.K. and others.
The people across the globe have started to panic-buy hand sanitizers as preventive measures. Most of the other manufacturing companies are struggling hard to manufacture the product and meet the consumers’ demand. The retail stores are running out of stock due to large quantity busying by customers.
Hand Sanitizers Prevent Spread of Infection
Due to the shortage consumers are shifting towards alternative products, such as soaps and hand washes to prevent the COVID-19 outbreak. According to the Center of Disease Control and Prevention (CDC), washing hands with soap and water for 20 seconds can deal with the prevention of the spread of infection.
The alcohol-based sanitizer market was USD 828.07 million in 2019 and announced for around 64 percent of the global hand sanitizer market. It contains isopropyl alcohol, ethyl alcohol and n-propanol ranging between 60 percent and 90 percent. The Center of Disease Control and Prevention (CDC) has recommended to use alcohol-based hand sanitizers for hand hygiene during pandemic, as alcohol is well known to be able to kill most of the germs.
Source: Fortune Business Insights