The hand sanitizer market is anticipated to reach US$ 1.8 billion by 2023. It is expected to reach US$ 3.7 billion by 2033, with a CAGR of 7.2% from 2023 to 2033.
Health expenditure increases which is forecasted to create public awareness of the need for hygiene and safety in everyday life. Hygiene helps reduce risks of contracting microbial infection and contamination in the body.
Developing sanitary awareness will drive revenue growth in the hand sanitizer market. The cost of disease treatment as well the mortality rate was also high during COVID-19 Pandemic. Two important strategies for preventing the spread of disease are sanitization with handrub and wearing facemasks.
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Increasing COVID-19 Infection Globally
Rising global awareness of cleanliness and personal hygiene is anticipated to raise demand for hand sanitizer, an antiseptic alternative to soap and water. It aids in the prevention of most of contagious diseases, such as COVID-19, norovirus, influenza, meningitis, hand, foot, and mouth disease, whooping cough, and methicillin-resistant Staphylococcus aureus (MRSA).
As people become more aware of how COVID-19 affects the population, they are more concerned about their own health and cleanliness. In the aftermath of the ongoing pandemic crisis, the hand sanitizer business has seen considerable developments worldwide.
However, due to supply chain interruptions and rising supply-demand gaps around the world, the sector is currently facing substantial problems in scaling up manufacturing capacity to assist relieve the supply constraint. To alleviate the supply constraint, numerous corporations have begun to use their mass production capabilities to produce these products for their home markets.
In response to the COVID-19 pandemic, innovators, and entrepreneurs all around the world are revamping their business models. Breweries and distilleries are shifting their focus from spirits to hand sanitizers in the craft cocktail industry.
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Key Takeaways
· The hand sanitizer market is expected to record a CAGR of 7.2% from 2023 to 2033.
· The hand sanitizer market in India is primarily driven by the rising trend of aromatic hand sanitizers with natural and eco-friendly chemicals to maintain hand hygiene.
· The hand sanitizer market is dominated by North America region.
· Asia Pacific is the most rapidly rising region.
Key Development
· In response to the COVID-19 pandemic, Honeywell announced an increase in its manufacturing activities at two chemical manufacturing plants in April 2020 to produce and provide hand sanitizer to government agencies. The company’s facilities in Muskegon, Michigan, Seelze, and Germany manufactured these products for government agencies and institutions.
· SC Johnson, a global manufacturer of household and professional cleaning and disinfecting products, converted a line designated for new product testing in April 2020 to produce up to 75,000 bottles of hand sanitizer per month for health workers, first responders, and the company’s own production employees.
· In May 2020, Doctor Shultz’s joined together with the clothing company Ilthy to produce and supply face masks and hand sanitizer. Ahava, released of 3.4 oz. FDA-approved gel hand sanitizer in September 2020. Using skincare skills to minimize bacteria, resulting in less infection. During the COVID-19 outbreak, product advancements are likely to meet the demand for hand sanitizers.
· On March 22, 2022, Dabur Ltd., an Indian multinational consumer products firm, declared that it will stop producing sanitizers owing to shrinking demand, while Radico Khaitan, a liquor powerhouse, reduced pure alcohol manufacturing to supply sanitizer companies.
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