The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Hand Sanitizer market .
According to a new report published by FastMR titled, “Hand Sanitizer Market by Product, Distribution Channel, and End-User: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global hand sanitizer market was valued at around USD 2,721.2 million in 2019 and is expected to grow with the CAGR of 8.9 % during forecast period 2023-2027. Rising number of coronavirus cases is projected to drive the market growth over the forecast period.
Increasing cases of corona related cases around the globe is considered as the key factor in driving market growth of hand sanitizer industry. Since the outbreak of global pandemic, overall cases have reached more than 2 million people around the globe. Global health experts have suggested the social distancing and use of sanitizing medium as the most effective measure to counter the growth in corona related cases. The pandemic is expected to continue its havoc till the time a vaccine is prepared.
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Asia Pacific region is to poised to grow at a highest CAGR and is likely to dominate the market share over the forecast period. The region is a home to more than 4 million people with India and China being the most populous countries of the region. Impact of corona in Asia Pacific region is largely limited to countries such as China, Japan, South Korea, and many more. Governments of the aforementioned countries are devising various methods to counter the impact of pandemic. The demand of hand sanitizer in these countries have jumped sharply since starting of 2023.
Market participants are likely to observe healthy demand as consumer masses around the globe become more aware related to personal hygiene and well-being. Vendors of the industry are tamping up production capacities to cater this huge influx in demand. However, challenges related to the efficient sourcing of raw materials is a critical obstacle for these industry participants.
The current situation offers huge opportunity for market vendors to prosper in coming future. Major players are infiltrating the market by under taking strategies such as expansion in production capacities, mergers, and so on. Prominent players operating in the market include: Reckitt Benckiser Group plc, GOJO Industries, Unilever, Procter & Gamble, Vi-Jon, Himalaya Drug Company, Emami Limited, CleanWell, Chattem Inc., Kutol, Arrow Solutions and Best Sanitizer Inc.
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