The rising outbreaks of deadly diseases coupled with the growing health concerns regarding the use of hand sanitizers are the prime factors that are significantly driving the hand sanitizer market growth in the coming years. Furthermore, the rising prevalence of communicable diseases is also projected to bolster the hand sanitizer market growth during the next five years. The awareness regarding well-maintained hygiene is gaining a lot of traction these days and the burgeoning adoption of convenience products is also driving the demand for hand sanitizers, as sanitizers are considered more convenient than hand washes. This, in turn, is booming the use of hand sanitizers and adding up to the market growth during the next five years. Hand Sanitizers are liquids that are used for decreasing infectious agents especially on the hands. These are alcoholic formulations that are expected to be more efficient over soaps which are leading to the growing importance of sanitizers across the globe.
The expansion of distribution channels also plays an important role in booming the hand sanitizer market growth around the globe as the rising internet penetration is leading to a notable growth of the e-commerce business and shifting consumer preferences towards online shopping is also propelling the growth opportunities for the market to surge throughout the forecast period and beyond.
Rapid disease outbreaks are boosting the demand
The growing number of communicable diseases is one of the major factors which is propelling the adoption of hand sanitizers and boosting the market growth. Furthermore, the recent outbreaks of deadly diseases such as COVID-19 (Coronavirus) is leading to the growing government focus towards the promotion of hand care and hand hygiene products, primarily with an aim to mitigate the health issues and spread the awareness are some of the factors positively impacting the market growth during the coming years. For instance, according to the reports from the WHO, the total positive COVID cases in Italy increased to 181,228 as of 21st April 2020 from just 47,021 on 21st March 2020. Also, the growing number of cases around the world is further instigating the demand for hand sanitizers due to continuously growing awareness regarding its uses and benefits. In addition, organizations like the FDA and WHO are taking various initiatives to promote the use of hand sanitizers, especially in the underdeveloped economies where good healthcare facilities and treatments are not available.
Gel type to hold a notable share
On the basis of product type, the global hand sanitizer market has been classified into gel, foam, spray, and others. The market for gel type hand sanitizers is anticipated to hold a notable share in the market on account of ease of availability and higher convenience offered by gel-based sanitizers.
The foam segment is projected to grow at a decent rare owing to the rising adoption of foam-based hand sanitizers in the coming years as foam-based sanitizers are considered more reliable due to the longevity after its application on the hands.
Online sales projected to show robust growth
On the basis of the distribution channel, the global hand sanitizer market has been segmented on the basis of online and offline. The offline segment has been further classified into departmental stores, pharmacy stores, and others. The online distribution channels are projected to grow at a notable rate throughout the forecast period owing to shifting h preferences towards online shopping. In addition, the rising penetration of various online platforms particularly focused on pharmaceutical and health and wellness products is also supporting the growth of this segment over the coming years.
The offline segment is projected to hold a noteworthy share owing to the fact that still, a large proportion of the population prefers offline shopping due to personal touch. The growing number of hypermarkets and supermarkets in the developing economies is also supporting the share of this segment over the next five years.
Asia Pacific to show robust growth
On the basis of region, the global hand sanitizer market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The Asia Pacific region is projected to show notable growth over the forecast period due to the growing healthcare sector in the major developing countries of the region such as India, China, and Indonesia among others. Furthermore, the recent outbreak of COVID-19 also supports market growth in the APAC region. North America is projected to hold a significant share as hygiene maintenance is one of the top priorities of the people in this region. Furthermore, the presence of key players in the market also supports the market share of the region during the next five years. Similarly, the recent outbreak of coronavirus along with its growing intensity is one of the major factors which is projected to drive the hand sanitizer market growth across every region for the coming years.
The growing investments by key market players as well as small players in the market in the form of R&D for developing new products and expanding the product portfolio along with facility expansions in order boost the production to cater to the rising market demand also shows the potential for the market to surge during the next five years. For instance, in April 2020, Zydus Group, India’s leading one of the leading pharmaceutical companies announced the launch of its new business segment of hand sanitizers under the brand, Nycil. Furthermore, in March 2020, the University of Rhode Island Pharmaceutical Development Institute announced that they have started the production of hand sanitizers with an aim to meet the growing demand of hand sanitizers and help to reduce the spread of COVID-19. Similarly in Bangladesh, a state-owned company, Carew & Co announced an expansion on the production of hand sanitizers as the demand is growing at a high pace.