Hand Sanitizer Market to Score More than $1.15 Bn by 2025
The global hand sanitizer market may surpass USD 1.15 billion by 2025, with a CAGR of 9.1% during the forecast period of 2019 to 2025. Market Research Future (MRFR) reveals factors like rise in awareness for hygiene products, increasing disposable income, innovation, marketing strategies, organized retail sector, advances in the e-commerce segment, crisis related to COVID-19 pandemic as major reasons triggering the growth of hand sanitizers market. However, counterfeit products can pose a challenge for the market.
Segmentation:
The global hand sanitizers market has been segmented for a better study by MRFR analysts into product type, end user, and distribution channel. All these segments have been gleaned well for information to make the strategic deployment process easier. The process also includes backups in terms of figures and analysis of factors to make the study comprehensive.
By product type, the global market for hand sanitizers can be segmented into gels, liquid, spray, and others. The gel segment is holding the largest market share and is expected to grow with the fastest CAGR during the forecast period.
By end user, the global study reveals segments like households, commercial/ institutions, and hospitals and health centers. The last segment is making more profit due to a hike in the consumption of the product due to the COVID-19 crisis.
By distribution channel, the global market report on the hand sanitizers has been segmented into store-based and non-store-based. The segment can be sub-segmented into specialty stores, supermarkets & hypermarkets, and others. The supermarket & hypermarket segment had the maximum market presence in 2018.
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Regional Analysis:
North America had the lead in 2018, and the COVID-19 crisis has boosted the demand remarkably. It is now witnessing a growth in participation from various industries to fill the gaps and back the healthcare industry. The Asia Pacific region will perform well in the coming years due to the massive demand from the population.
Competitive Landscape:
The global market for hand sanitizers is standing at a cusp where it would benefit more from the growing strategic inputs of various companies like Reckitt Benckiser Group Plc (UK), Unilever Group (UK), Smith & Nephew plc (UK), L Brands (US), Procter & Gamble Co. (US), Kimberly-Clark Corporation (US), C. Johnson & Son, Inc. (US), Edgewell Personal Care (US), GOJO Industries, Inc. (US), PAUL HARTMANN AG (Germany), and others. This growth would be backed by diverse strategic moves like mergers, acquisitions, and joint ventures. In addition, the global market would gain substantially from branding, market distribution strategy, hike in investment for research and development sector, innovation, and others. MRFR’s attempt to record all these moves in the report is expected to help various proceedings in terms of strategic deployments for the future and gauging of moves to make coming years more productive.
Industry News:
In May 2020, Veritas Farms, Inc., a company known for its vertical-integration in agribusiness with a focus on the production of hemp extracts, announced that the company had partnered again with Miami-based Toast Distillers, Inc., to meet the growing need for hand sanitizers in the US to fight the COVID-19 crisis. The firm declared that it would use its distribution network of over 6000 stores to reach out to more customers with the hand sanitizer in varying sizes and dispensers produced locally by The Miami Distilling Company. The company will also utilize its online presence to increase the reach of these products.
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In May 2020, JK Tyre recently announced that it would start producing hand sanitizers in Rajasthan to meet the crisis erupted during the COVID-19 pandemic. The company will produce hand sanitizers under the brand name of Total Control Hand Sanitizers.
Note : Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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