The hand sanitizer market was valued at US$ 2,421.1 million in 2018 and is projected to be worth US$ 39,223.1 million by 2027, growing at a CAGR of 40.0% during the forecast period.
Hand sanitizers, also known by names such as hand rub and hand antiseptics, are used to neutralize germs and microbes on the surface of the skin. They are frequently used in occupational and healthcare settings when the risk of transmitting infectious pathogens is much higher. The efficacy of hand sanitizers is dependent on various factors such as the quantity of hand sanitizer used, frequency of use, duration of exposure. However, hand sanitizers do not serve as replacements for thorough hand washing. They are rather thought to bring users some of the benefits of handwashing when it is not practical to wash hands.
The increasing awareness about hand hygiene, increase in living standard, and rising concern about one's wellness has generated significant demand for hand sanitizers. The use of hand sanitizers has become ubiquitous in a number of public settings, including gyms, restaurants, hospitals, factories, offices, malls, movie theaters, etc. The prevalent use of hand sanitizers is likely to generate significant opportunities for the hand sanitizer industry. Hand sanitizers are easy to use and can be carried anywhere, making popular among school-going children. The healthcare sector is a significantly large consumer of hand sanitizers and generates significant revenue for the hand sanitizer industries. The frequent outbreaks of cases of flu and other contagious diseases are one of the factors behind the growing demand for hand sanitizer products.
Growing awareness among consumers towards maintaining health and hygiene
The consumers in most developed and developing countries in North America, Europe, and Asia-Pacific are quite a concern regarding the maintenance of a healthy and hygienic lifestyle.
Germs spread through palm & hands enter into the body through the mouth, nose, breaks in the skin, and eyes. These germs cause various diseases, including skin infection, eye infection, cold, stomach aching, and many others. To prevent these diseases, hand sanitizers help a lot by killing germs, bacteria, and viruses up to 99%. Hand sanitizers are available in liquid, spray, and wipes form, which are used to decrease infectious agents on the hands. Along with lifestyle and chronic diseases, cold, fever, infections are commonly spread diseases among consumers; hence people are quite a concern towards preventing the same. Various non-government organizations are also actively working to educate people living in remote areas to maintain health and hygiene. In addition to that, marketing and promotional activities by major manufacturers of hand sanitizers play an important role in creating awareness among consumers. These factors are driving the market growth for hand sanitizers.
Hand sanitizers are everywhere today.
Since the beginning of the COVID-19 pandemic, they were among the first products to go missing from market shelves as many people hoarded them and governments scrambled to shore up production to meet the soaring demand.A bar sign in Hong Kong probably captured the sentiment perfectly: “Never in my whole life would I imagine my hand would consume more alcohol than my mouth!” But sanitizers weren’t always the must-have safety product they are today.
In fact, not only are they a relatively recent invention but the company that perfected them as a mass-market consumer good in the first place (Purell) lost money on the product for a decade before they became profitable.Here's a deep-dive into the hand sanitizer economy - the product's history, importance, and the global market mechanics that ensure its supply and distribution amidst the ongoing pandemic.
