With the outbreak of the coronavirus there has been a significant hike in the demand for hand sanitizers. Earlier it was used but the ratio was a lot less then it is today. We saw a rapid shift of the consumer behavior after the outbreak of the virus, so much so that, at various places hand sanitizers were sold out and people wanting to buy it couldn’t find it anywhere. Now it has become a household thing and just like any FMCG product, hand sanitizers have also made their way through the daily usage of every human being.
The global market size is valued at USD 2.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) 22,6% from 2020 to 2027. The shifting behavior of fitting hygienic products is going to be the driving force of this market. The demand for hand sanitizers has been increasing in online as well as offline channels after the pandemic and this will surge even more in the near future. According to a survey 77.0% of the population prefers using hand sanitizers, while around 23.0% claims that they have not been using hand sanitizers.
There are different forms of hand sanitizers available in the market i.e. gel, Liquid, spray, foam etc. Primarily gel sanitizer is dominating the entire market as of now and holds the majority of share in 2020. The reason being, they are easy to carry around and they easily change their consistency from gel to water, making it easy to spread out. Next up we have a foam segment that is going to speed up the CAGR of 6.2% by 2021-2026. This is mainly because of its property of not sticking on hands and leaving any residue marks on clothes.
According to WHO the 32 million confirmed cases of covid-19 is the root cause of high demand of hand sanitizers across the globe. The hand sanitizer market is majorly dominated by North America by 40% in 2020. However the Asia Pacific region is going to be the growing market according to a forecast for 2021-2026 adding on to the awareness of sanitization and fitting sanitation products.
Some of the key players in the hand sanitizer market are Reckitt Benckiser Group PLC. The Himalaya Drug Company, Procter and Gamble Company, Henkel AG Company and several others.
There are several driving forces that made this market huge within a span of two years. Some of them are (a) rising government efforts for making people aware to adopt hand sanitizers (b) Customers getting aware about personal hygiene (c) The effect of Covid-19
These driving forces are the primary reason why the market is growing exponentially and in the coming years it will continue to go with a significant growth rate.
In a way this has revolutionized the hygiene industry and made people more aware and informant about the same. Taking care of one self and avoiding any sort of bacterial infection or even contact had now come into the mainstream more than ever, in a way this was a much needed change that we had always hoped to see.