Hand Sanitizer Market Analysis
Handwashing with hand sanitizer is one of the most crucial steps you can take to stop spreading germs and getting sick. Several diseases spread as people do not clean their hands properly after touching contaminated surfaces or objects. That’s why it is necessary to wash hands after regular intervals of times, especially after a flood or amid a pandemic of infectious diseases such as COVID-19 and flu, when there is a risk of germs passing from one person to another. Using sanitizers is a more effective hand washing option as they retain the moisture in the hands even after their use.
Many pharmacies and retail stores sell hand hygiene products. However, due to the surge in demand many pharmacies run out of stock, and hence people may struggle to get it. To avoid such a situation, Food and Drug Administration (FDA) has issued guidance for companies to develop alcohol-based sanitizing products to deal with the public health emergency that emerged due to COVID-19. FDA also advised consumers to not take risk of making their sanitizing products. Because if made incorrectly can result in several issues for its user.
Impact of COVID-19 Pandemic on Hand Sanitizer Market
The outbreak of COVID-19 has made a severe impact on the healthcare system of almost all countries. Leading public-private organizations are working day-night to fight against the pandemic. Hand sanitizers help control the transmission of infectious diseases. Several educational institutions and workplaces have made it mandatory to use them. Likewise, healthcare settings have also increased the adoption of hand sanitizers to improve hand hygiene.
The government of several countries initiated healthcare programs to spread awareness regarding hand sanitizers to maintain hand hygiene. For instance, the World Health Organization (WHO) started the First Global Patient Safety Challenge to promote preventive strategies for ensuring patient safety during the COVID-19 pandemic.
Hand Sanitizer Market Growth Rate
The growth of the global hand sanitizer market is attributable to several key factors such as growing awareness among people for hygienic lifestyles, a shift in consumer preference for hygiene products, and rising cases of COVID-19 fostering demand for sanitizers to prevent the spread of the virus. Better lifestyle standards, an increase in healthcare expenditure, and recommendations for such products by healthcare regulatory bodies such as WHO further propels market scope. However, there are some hand sanitizer market restraints that hampering its growth, such as a lack of knowledge regarding the importance of hand hygiene among some sections of people.
Hand Sanitizer Market Segmentation
The global market can be segmented on the basis of:
- Product type
- Distribution channel
- Regional outlook
The market segmentation helps players working in the industry the depth of the market in terms of product scope, geographical arena, end-users, and untapped markets. This information is crucial for market players to get deep insights into consumer behavior which they can use as key input during their strategy formation. An in-depth study of different regions helps to find established and emerging markets across the globe, including Asia Pacific, North America, Latin America, and the Middle East and Africa.
Hand Sanitizer Market Competitive Outlook
The global market is diversified and highly competitive. North America hand sanitizer market is the largest revenue generator and is projected to take advantage of this momentum in years to come. Growing awareness to have a hygienic lifestyle, increasing healthcare expenditure, and rising cases of COVID-19 in the region, are fueling demand for sanitizing products.
Whereas, the Asia Pacific hand sanitizer market is anticipated to grow as the largest contributor in the global market, owing to increasing government initiatives to reduce the cases of COVID-19 by promoting the use of sanitizing products to protest from the virus. On the other side, the Europe hand sanitizer market is estimated to grow gradually on account of improving healthcare facilities and a rise in consumer income.
Hand Sanitizer Market Leading Players
Procter and Gamble, Best Sanitizer, Inc., The Himalaya Drug Company, GOJO Industries, Inc., Unilever, Henkel AG and Company, etc. are some of the key players operating in the industry and holding a prominent position in the market. To gain a competitive advantage players need to identify hand sanitizer market opportunities and grab these opportunities before someone else does this.
Players working in this industry are trying various strategic things to emerge as global leaders. They are making key moves such as acquisitions, collaborations, partnerships, expansion, and mergers. In addition to this, an increase in investment for research and development activities, innovation in product offerings, and product launches at regular intervals are some of the key trends followed by the leading players.
Be it existing players working in the industry or new entrants trying to strengthen their foothold in the market, they need to understand the industry trends. For doing this joining hand with an experienced market research company could be the best step to start the success journey.
Key highlights of the hand sanitizer market can be obtained by researching, analyzing, and understanding the following questionnaire points which we have covered in this market analysis post.
- Factors Driving the Hand Sanitizer Market Growth
- Segment Accounted for the Largest Hand Sanitizer Market Share
- Key Players in Hand Sanitizer Market
We hope that after reading this post, you will get comprehensive information about various factors that need to be considered to run a successful business and stay ahead of competitors with the help of strategic decisions. Let us know your views on this trending topic by commenting in our comment section.