Further, prominent manufacturers are adding different fragrances to their products in order to increase the market share. However, due to uncertainties caused by the outbreak of coronavirus, the supply of hand sanitizer has been low, thereby forcing manufacturers to increase their production. The newest report by Fact.MR estimates that the instant hand sanitizer gel will account for more than 36% of the total global value share and is projected to grow at a value CAGR of 5.1% during the forecast period 2020-2030.
Key Takeaways of Hand Sanitizer Market: The global hand sanitizer market is expected to create an absolute opportunity of more than $1.4B and is anticipated to expand 2X from 2020 through 2030. East Asia is projected to witness a higher growth rate as compared to the rest of the world in the markets, with a CAGR of 10.7% between 2020 and 2030. Alcohol based sanitizer is projected to be valued at ~$2.3B and is expected to be valued 2.7X more than non-alcohol-based sanitizer. Institutional end-use application is projected to hold maximum share in terms of value and is expected to create an absolute opportunity of more than ~$890M between 2020 and 2030.
The demand for hand sanitizers in the global market demonstrates prolific growth in the future. The rising need for clinical hand hygiene products owing to ongoing COVID-19 pandemic has compelled manufacturers to ramp up their production in order to cater to the demand for hand sanitizers globally, according to Fact.MR.
The key players in the hand sanitizer market are Kimberly-Clark, Henkel Corporation, Reckitt Benckiser, Unilever, Medline Industries, Himalaya Drug Company, GOJO Industries, Best Sanitizers Inc., 3M Company, among others. Prominent players are focusing on developing partnerships to expand their presence in global markets.
For instance, in 2019, Reckitt Benckiser partnered with Veolia to drive a circular plastics economy. With this partnership, the company aims to make 100 percent of its plastic packaging recyclable. In 2018, GOJO Industries and Kimberly Clark Professional entered into a partnership to offer premium smart restroom management system. Through this partnership, both the companies will provide hand soaps and hand sanitizers to office buildings, airports and universities.