June 10, 2020
According to the research report titled ‘Hand Sanitizer Market Size By Type, By Composition, By Distribution Channel, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global hand sanitizer market is expected to record remunerative growth through 2026.
Global spread of coronavirus has impelled the need for maintaining hygiene, which in turn is a major factor driving the growth of hand sanitizer market. Various non-profit organizations, governments and enterprises are collaborating to control the disease spread.
Additionally, numerous brewers are focusing on leveraging their respective alcohol reserves in order to develop various hygiene products, further aiding the market expansion. For instance, AB InBev, a leading alcoholic beverage manufacturer, is teaming up with their partners for transforming their key ingredients into alcohol sanitizers as well as for packaging and supplying the disinfectant alcohol.
By type, hand sanitizer market is divided into foam, liquid and gel. As per the report, gel segment is slated to record negative growth trend over the next couple of years, owing to excessive availability of product across the globe.
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As per composition, alcohol-free sanitizer segment held 7% market share in the year 2019 and is predicted to register significant growth during the forecast period. Alcohol-free sanitizers comprise of ingredients such as benzalkonium chloride which, unlike alcohol-based sanitizers, do not cause skin irritation on repeated usage.
With respect to distribution channel, hand sanitizer market is split into retail and online platform, in which the retail sector is further bifurcated into convenience stores, supermarkets and pharmaceutical stores. Market share from retail segment is reckoned to showcase -3% CAGR through 2026, due to easy accessibility of product in near-by stores.
Regionally, Latin America hand sanitizers industry generated revenues worth USD 56 million in the year 2019 and is anticipated to showcase substantial growth in the subsequent years. Rapid spread of COVID-19 in Mexico and Brazil is favoring the market outlook in LATAM.
Vi-Jon, Unilever, The Himalaya Drug Co., Reckitt Benckiser Group Plc., PZ Cussons, Kutol, ITC Ltd., Hartmann Group, GOJO Industries Inc., Godrej Group, Ecolab, Deb Group Ltd. (S.C. Johnson & Son Inc.), Certus Medical, Best Sanitizer Inc., Bath & Body Works Direct Inc. and 3M are the major contenders in global hand sanitizer industry.