The hand sanitizer market is estimated to be valued at USD 7.21 Bn in 2024 and is expected to reach USD 8.39 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Key Takeaways
Key players operating in the hand sanitizer market are Reckitt Benckiser Group plc, Procter and Gamble, The Himalaya Drug Company, GOJO Industries, Inc., Henkel AG and Company, Unilever, Vi-Jon, Chattem, Inc., Best Sanitizers, Inc., Kutol, Edgewell Personal Care, L Brands Inc. With rapid spread of the virus, key players are upgrading technologies and expanding manufacturing capabilities to address the growing demand. The global hand sanitizer market is witnessing increased demand owing to expanding e-commerce platforms and retail channels in developing regions of Asia Pacific and Latin America. Manufacturers are diversifying product ranges to cater to the growing demand for personal and family hygiene products across geographies globally.
Growing awareness about health and hygiene rituals as a result of the pandemic has significantly boosted for Hand Sanitizers Market Forecast globally. Furthermore, advantages such as portability and convenient packaging are encouraging sales in travel and outdoor retail categories. Increasing dominance of organized retail and e-commerce sectors is also supporting market growth by efficient availability and access to hygiene and sanitization products.
Market Drivers
The hand sanitizer market growth can be attributed to multiple drivers. The increasing awareness about health, hygiene, and well-being post Covid-19 has boosted demand for hand sanitizers significantly. Ease of use and availability in small packages make sanitizers suitable for use in offices, schools, and other public spaces. Rising disposable income and spending capacity in developing regions is further supporting market expansion. Rapid urbanization and changing lifestyles are also prompting improved access to hygiene and personal care products. With no conclusive end to the pandemic, hand hygiene is expected to remain indispensable, driving continued demand for sanitizers over the forecast period.
The ongoing geopolitical conflicts and tensions are significantly impacting the growth of the hand sanitizer market. The Russia-Ukraine war has disrupted the supply chains and resulted in volatile prices of key raw materials like ethanol and isopropyl alcohol which are essential for manufacturing hand sanitizers. This has led to supply shortages and increased product costs for brands. Furthermore, the ongoing trade conflicts have made important raw material imports difficult for brands in certain regions. This is negatively impacting the production and sales volumes.
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