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The global hand sanitizer market size is expected to reach USD 10.84 billion by 2030, progressing steadily at a CAGR of 6.8% from 2022 to 2030. Although hand sanitizers have been around for a significant period and have been used extensively, it is during the past two years, during the coronavirus pandemic, that their usefulness has been highlighted in maintaining hygiene. In this period, this product has become an essential commodity that is carried by individuals wherever they go. The COVID-19 outbreak can thus be regarded as a significant factor pushing the growth of the market across the world, with sales skyrocketing during its early phase.
A hand sanitizer is generally in a gel, liquid, or foam form, and is applied to kill viruses or bacteria that can otherwise prove dangerous for health. Although hand-washing with soap is understood to be a better option as it is more effective and can also wash off harmful chemicals, the impracticality of carrying water and soap everywhere has meant that people are being advised to use the next best alternative, which is sanitizers. The US FDA has recommended the use of ethyl alcohol, which is used as a major ingredient in sanitizers, for use against the SARS-CoV-2 virus. Besides being utilized in hospitals and clinics, the presence of sanitizers can also be observed in restaurants, educational institutions, airports and railway stations, and offices. In the near future, the provision of hand sanitizers is expected to remain a practice in such establishments, owing to anticipated consumer demand.
Although sales of sanitizers witnessed meteoric growth in the early phase of the pandemic, numerous supply chain issues due to the closure of economic borders meant that this would soon give way to an extreme shortage. This proved to be true, with a survey by the Association for Professionals in Infection Control and Epidemiology (APIC) conducted at the end of March 2020, finding that there was a lack of availability of the product at around 28% of the surveyed facilities. Additionally, close to 26% of respondents said that their stock of sanitizers was almost up. Taking stock of the situation, companies having the capability to mass produce announced that they would be focusing on addressing the demand for sanitizers. For instance, Honeywell announced the capacity expansion of 2 of its manufacturing facilities for donating sanitizers to government organizations. Such measures helped in stabilizing the hand sanitizer industry during this period.
The market is broadly segmented based on the type of product, the distribution channels, and the region. In terms of sanitizer type, gel-based, foam-based, and liquid sanitizers constitute the majority of the market revenue. The distribution channels for the product include supermarkets and hypermarkets, drug stores, and online platforms, among others. Europe accounts for a significant share of the global market, with consumers in Western European economies such as Germany, the UK, and France having good awareness regarding sanitization and hygiene, which has led to increased spending on these products. In North America, the presence of a vast number of notable sanitizer manufacturers has translated into high sales figures, with consumers having a variety of options to choose from.
Research Support Specialist, USA