According to a new market research report published by Inkwood Research, the Global Hand Sanitizer Market is projected to register a CAGR of 9.93% during the forecasting years of 2020-2028.
“Browse 49 Market Data Tables and 48 Figures spread over 180 Pages, along with an in-depth TOC on the Global Hand Sanitizer Market Forecast 2020-2028.”
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The world is witness to a growing population that is increasingly concentrating on health and personal hygiene. This involves prioritizing crucial steps in order to fulfill it, along with buying hygienic consumer products. In recent times, hand sanitizers have gained rapid traction as a result of the rising focus on hand hygiene. This is because the global population has witnessed the worst form of infections and diseases over the years, with the most recent being the coronavirus scare. The frenzied purchase of hand sanitizers due to the coronavirus pandemic is gripping the world at present. Over time, the hand sanitizer manufacturers have included various customizations like variations and mixtures of fragrances.
Rise in Prioritization towards Health and Hygiene Influences Market Growth
The health consciousness trend is estimated to permeate every segment of society. The modern generation is prioritizing the pursuit of a healthy lifestyle, which is seen in the shifting preference towards hygiene maintenance and healthy eating habits. There is a growing demand for hand sanitizers across the world, primarily due to the increasing focus on hand hygiene. Hands are considered to be a major source of bacteria transmission, viruses, and pathogens, which result in diseases like nosocomial infection and foodborne illness. The bacteria can also cause respiratory problems, intestinal problems, and diarrhea. The hand sanitizers are said to aid in finishing off the microorganism that causes several health issues. Millennials are the major buyers of hand sanitizers, due to its ease of use, portability, and also because of the rising need for protection against germs.
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Spray Records the Fastest Growth in the Product Segment
The growing prioritization towards personal hygiene, general well-being, and hand hygiene has culminated in increased demands for personal care products. Since the consumers seek convenience in the use of such products, the manufacturers have come up with innovations like that of hand sanitizers in spray form. These are considered to be a good fit and budget-friendly, and are found in gyms and wellness centers. They provide a complete solution package in terms if hand hygiene, since they are easy to carry and use. As a result, the vendors are focusing on innovations and marker strategies in terms of their sizes and ease of use.
Asia Pacific Projected to be the Leading Market Region
The Asia Pacific region with regard to the hand sanitizer market is projected to grow at the fastest CAGR of 10.46%. The dominant countries influencing the growth of the market are China, Japan, and India. The growing health-conscious population, rising disposable income, and the surging millennial population, have led to growing demand and preference for personal care products, which includes hand sanitizers. Moreover, urbanization in the developing countries of the market region is estimated to impact retail sales and the growth of industries like broadcasting, healthcare, exhibition, entertainment, hospitality, etc. With the 2020 coronavirus outbreak, the market region is facing increased demands for products like hand sanitizers.
The major players operating in the market include, Reckitt Benckiser, Unilever, CleanWell LLC, 3M Company, Procter & Gamble (P&G), etc. The intensity of rivalry is estimated to be moderate. At the same time, the strategies and innovations by the market players are projected to be the key factors in deciding the high growth rate of the market.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.