hand sanitizer market promises robust growth during the 2017-2023 period. The growing precaution among worldwide consumers due to threats like Coronavirus, the market will likely reach $1.6 bn by 2023.
According to a new ZMR study, the hand sanitizer market promises robust growth during the 2017-2023 period. The growing precaution among worldwide consumers due to threats like Coronavirus, the market will likely reach $1.6 bn by 2023. The hand sanitizer market stood at a modest valuation of $919 mn in 2016. The growing reliance of consumer on its anti-septic properties, and major threat of infection remains a promising driver for growth during the forecast period.
The growing threat of food-borne illnesses also remain a major driver for growth in regions like North America. Despite tremendous advancements in surveillance technology, and monitoring tools, food hygiene remains a major concern. Additionally, the growing demand for hospitalization services for elderly patients, and their continous preference for home-stay also promises new opportunities for growth in near future.
According to Zion Market Research study, the growing inclination towards product innovation, and rising awareness about personal hygiene in emerging regions will also contribute to major growth in the hand sanitizer market during the forecast period. According to latest news reports, the sales of hand sanitizer have jumped up singificantly during January, and February 2020. The hand sanitizer market has witnessed nearly 8 times the sales it usually reports during this time frame. The bust of demand due to growing epidemic of coronavirus, and emphasis on prevention, and cure from government initiatives will likely drive further demand for the hand sanitizer market in near future.
The hand sanitizer market report will be segmented on the basis of product, distribution channel, end use, and regions. Among products, gels, sprays, foams, and others continue to make in-roads worldwide, and the foam segment promises major adoption in the market in near future. Additionally, the gel sanitizer will likely register highest total revenues, thanks to ease-of-use of thes products. Among the end-use segments, restaurants, schools, household, hospitals, and residential purpose will also be covered. The Zion Market Research report will also cover distribution channels including online channels, pharmacy store, departmental store, and others. Potential investors in the global hand sanitizer market can also customize the report in the country or region of their preference. The general report will cover all regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The hand sanitizer market will likely witness highest growth in Asia Pacific region, primarily based on the CAGR. According to latest market news, the sales of hand sanitizer have picked up in the US after the CDC has recommended strict enforcement, resulting in closure of private restraurants among others. Additionally, the growing disposable income, and rising emphasis on personal hygiene in emerging regions will also drive major growth for players in the hand sanitizer market. Based on ZMR projections, North America, and Europe will likely retain highest total revenues in the global landscape, however, emerging region of Asia Pacific will drive the highest CAGR during the forecast period.
The global hand sanitizer market remains a fragmented landscape with large local, and multinational players competing for the largest share of the pie. The growing demand for hygiene, safety, and reliability promises major gain for brands with premium worldwide recognition. On the other hand, increasing awareness about hygiene, and growing demand for sanitizers even among low-income groups, will likely spur major growth of generic and cost-effective solutions in the near future. Major companies in the hand sanitizer market are Croda International Plc, Winfield Solutions, Wilbur-Ellis Holdings, Inc., Brandt Consolidated, Inc., and BASF SE.
The hand sanitizer market reached a valuation of $919 mn in 2016.
The hand sanitizer market will reach $1.6 bn in valuation by 2023.
The hand sanitizer market will grow at 9.9% CAGR during 2017-2023 periods.
The sales of hand sanitizers have increased multi-fold in key markets like the US due to epidemic of Corona virus. The growing awareness of personal hygiene, and introduction to new hand sanitizers in emerging regions will play a key role in changing dynamics of the hand sanitizer market.
Asia Pacific region will witness the highest growth rate during the forecast period, however, North America will likely register the highest total revenues during the forecast period.