Report Ocean has launched new research study “Global Hand Sanitizer Market: Trends, Share, Size, Growth, Opportunity and Forecast 2020-2026”. The report offers revenue analysis of the hand sanitizer across all the regions and provides global production volume data of hand sanitizer in million metric tons (MMT). Impact of COVID-19 on the market has been analyzed and exclusively covered in the report study to allow readers to mitigate risks and strategically recourse the challenges posed. Pricing analysis and country wise adoption to provide clarity on consumer behavior and buying pattern is covered to drive insights in designing marketing pitch and expand market penetration. The report projects global hand sanitizer market to record a compounder growth rate of close to 6%, allowing net opportunity addition close to 2.5 US$ Bn over 2020-2026 period, with volume sales exceeding 1.5 MMT by 2026.
Global Hand Sanitizer Market: Overview
The report provides demand analysis of the pathogen and virus cleaning agent used for sanitizing hands, available in multiple form factors. Hand sanitizer has a fragmented global marketplace and is comprised of multiple tiered players. The market revenue has been calculated by considering import-export value of the product and various factors amid COVID-19 like adoption of hand sanitizers amongst the individuals. Many people are taking precautionary measures to avoid the adverse impact of coronavirus as the virus resides on the parts that are more exposed to the external environment. Moreover, entry of new players in the market to bridge spike in the demand supply gap of hand sanitizer is another major factor of the market growth. The global hand sanitizer market is estimated to see more than 60% of demand from Asia Pacific region, with regional revenue share rising by 3% over the forecast period.
Global Hand Sanitizer Market, Growth Comparison, by Region
The global hand sanitizer market shows a steeply rising graph with highest revenue build up in Asia Pacific region wherein high populace countries like China, India, Japan has increased the demand of product. The CAGR was 6.4% in 2019 and it is expected to grow in the forecasted period with the increasing demand of sanitizers. Following Asia Pacific, Europe is the second largest shareholder in the market owing to awareness and developed health infrastructure. On average, revenue of US$ 1 per person is generated in Europe.
The global hand sanitizer market is projected to show highest growth in Asia Pacific region with a share of more than 45% in the year 2019 and is estimated to dominate throughout the forecast period. Increasing population in countries such as India and China are the major driving factor for the significant growth. Additionally, BeCleanse and SomCosmetic manufacturers based in China have expanded production of hand sanitizer products for retailers globally during the COVID-19 pandemic. BeCleanse has earned the United States Food and Drug Administration approval for orders of sanitizers. The trend resulted in positive impact on the hand sanitizer market. Additionally, availability of sanitizers in different ergonomic sizes, and attractive packing has been pursued as strategic advantage by manufacturers to attract the customers. Sanitizers are available in portable size. Additionally, use of spray sanitizers is also seen to be increasing to ensure contactless use of the product at public places. With manufacturers now looking for innovative methods, such as touch less/ contact free packaging, herbal sanitizers, are some of the steps expected to augment the market growth.
Hand Sanitizer Market Segmentation
The Global Hand Sanitizer Market is segmented into following types as per the sales and revenue channel.
The non-alcohol-based type of the sanitizer held major share, >50%, in 2019. However, the alcohol-based hand sanitizer type is estimated to surpass non-alcohol as largest segment by end of forecast period. The drastic shift of consumers in adoption of alcohol-based sanitizers is owing to the guidelines shared by the WHO recommending the use of an alcohol-based hand rub for 20-30 seconds using appropriate technique.
Global Hand Sanitizer Market: Competition Landscape
The global hand sanitizer market is observed to have an oligopoly nature and is projected to shift towards fragmented structure due to entry of several new players owing to high demand in the market. As per Report Ocean analysis, it is found that market players have adopted strategies such as product innovation, client retention, and acquisition for increasing their market share within the market. Some of the manufacturers operating in the hand sanitizers market across the world are Chattem, Inc., Clorox Company, Cossmic Products, GOJO Industries, Inc., Seatex Ltd., Henkel AG and Company, Unilever and others.
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