The global hand sanitizers market size is expected to grow from $1.52 billion in 2019 to $3.04 billion in 2020. The markable growth is mainly due to the COVID-19 outbreak and the surge in the demand for hand sanitizers as a measure to contain it, giving rise to hand sanitizer business opportunities. The global hand sanitizers market size is then expected to stabilize and reach $3.34 billion in 2023 at CAGR of 3.21%.
The global coronavirus outbreak is a major driver for the growth of the global hand sanitizers market during the period. Hygiene is an important part of safety against coronavirus and to stay healthy. Therefore, the demand for sanitizers has grown tremendously post the COVID-19 outbreak globally, as sanitizers are effective against coronavirus. The Center for Disease Control (CDC) recommends the use of alcohol-based hand sanitizers with greater than 60% ethanol or 70% isopropanol, as the preferred form of hand hygiene in healthcare settings. According to the U.S. Food & Drug Administration, more than 1,500 additional manufacturers have registered with the agency to meet the increased demand for hand sanitizers. Hence, the COVID-19 outbreak, coupled with growing concerns for hygiene is anticipated to escalate the demand for sanitizers during the year 2020 and in years to come ahead.
The expansion of production capacities and revamping of companies to meet the higher demand for hand sanitizers is a major trend shaping the sanitizers industry, and is being used as a hand sanitizer marketing strategy. For instance, in March 2020, Bell International Laboratories, a vertically-integrated cosmetics manufacturer, announced the expansion of their production for alcohol-based hand sanitizers (gels and sprays), and is expected to produce 22 million units in April. Moreover, companies such as Radio Khaitan and Bacardi, manufacturers of alcoholic drinks, have turned into sanitizer producers amid the COVID-19 outbreak. This step was taken as companies’ contributions during the coronavirus pandemic in order to meet the increasing demand for hand sanitizers for health and hygiene. Therefore, increasing production capacities and companies entering into the production of hand sanitizers is a key trend in the hand sanitizers market.
The hand sanitizer market consists of sales of sanitizers and their related service. Sanitizers are substances or liquid used for cleaning objects in order to get rid of harmful microorganisms, including bacteria, and are based on toxic chemicals such as iodine, chlorine, phenol, and quaternary ammonium compounds. These are products that combine disinfectant and detergent and are used to remove dirt, reduce or kill bacteria, and dissolve grease from surface up to at least 99.9%. Sanitizers are widely used in many places including airports, hotels & restaurants, hospitals, and other places, for the purposes of cleaning and protection against contamination.
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