Americas held the largest market share in the Hand Sanitizer Market:
Americas hold the largest market share in the Hand Sanitizer Market and is anticipated to reach $603.3 million by 2023 at a CAGR of 5.19%. However, Asia-Pacific is projected to witness the highest growth rate and is anticipated to reach $627.2 million by 2023 at a CAGR of 12.6%. Increased awareness and adoption, especially in emerging economies, and continuous product and package innovation by the market players, are the major growth factors that propel the growth of Hand Sanitizer Market globally. The key applications include healthcare, educational institutions, corporate offices, restaurants, and public organizations among others.
Selected Value Chain Analysis:
Value chain for hand sanitizers has been established as an interdependent and complex network, comprising of raw material providers, product providers, contract manufacturing firms, health institutes and distributors.
Top players follow a decentralized approach in production, having their manufacturing presence in strategically important, yet low cost countries in each region and serve the end users through local distribution networks. This scenario also boosts the international trade of finished products.
Regulatory bodies approve active compounds, products, product extensions, package designs through thorough analysis of their chemical and physical properties related to the safety and environmental impact while in use. In addition, they also establish and maintain regulations that provide guidelines for manufacturing, storage and distribution of raw materials and finished products. Regulations are set to tighten in the coming years, especially related to the toxicity of the materials.
Collaborative research involving various stakeholders including health institutes is needed, which boosts innovation according to the disease outbreaks, and also the authenticity of the products.
Promotional activities play an important role in boosting the sales of the products. In addition, increasing incidents as well as awareness about flus and contagious diseases also impact the sales trend.
Market players also develop and sell dispensing systems in order to create longer and stronger brand image, while providing the convenience of dispensation.
As packaging designs have become an important factor of differentiation, the innovation of bottles and tubes is set to intensify in the coming years.
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Excerpts on Market Growth Factors:
The market for Hand Sanitizers is driven by the growing number of infection cases acquired from hospitals. Advances in product preparations such as adding scents, are offering a new opportunity in the global hand sanitizer market.
Highly recommended use of hand purifiers, owing to their effectiveness in killing germs and microorganisms, is projected to drive the sale of hand sanitizing products in the market.
Gels are the widely used form of hand sanitizers globally, and is estimated to reach $1 billion by 2023 at a CAGR of 7.9%.
North America will record the highest growth in population over 65 years of age by 2030, while the number of elderly people in Europe will grow to 29% of its total population by 2050. This will also lead to an increase in dependency of this older generation on elder care facilities, where hand sanitizer market faces increased penetration.
According to WHO, the number of people who die from chronic diseases is set to rise from 40.4% of total deaths in 1990 to 66.7% of all deaths by 2020. The increasing risk of hospital acquired infections and surgical risks due to the rise in chronic diseases has led to the growing focus on reducing the impact of these problems. This has led to increased use of hand sanitizers in order to reduce the impact in hospitals.
Use of hand sanitizers to reduce water usage has been a driver for adoption by an increasingly environmentally aware populace. The rising awareness regarding the health benefits of hand hygiene of these sanitizers has also positively impacted the market.
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Key players of Hand Sanitizers Market:
Key companies in hand sanitizers market held major part of the total market share. These companies include Gojo Industries Inc.(U.S.), Proctor & Gamble (U.S.), Unilever (U.K.) and Reckitt Benckiser Plc (U.K.).
Reckitt Benckiser held the major market share for hand sanitizer globally. P&G was the second most dominating company, followed by Gojo Industries Inc.
Global hand sanitizer market is fragmented, with multiple regional level players as well as private label brands.
Other key players in the market are Chattem, 3M Company, Best Sanitizers Inc., The Dial Corporation, Nice Pak Products Inc. Skin Visible Inc. and others. These players held a Lion’s share of the hand sanitizers market.
Many local players tend to offer low priced products in order to mark their presence and compete with the international players.
Key players such as GOJO Industries, Inc, Reckitt Benckiser, Chattem, P&G and Unilever are launching new products, partnering with organizations to spread awareness regarding hand care, and thus, adding to the market share and driving the market. Apparently, Gojo hand sanitizers are much popular to their credit.
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