Global Hand Cream Market to Reach $623.3 Million by 2030, Driven by Growing Awareness of Skincare and Rising Demand from Working Women

DUBLIN, Sept. 27, 2023 /PRNewswire/ -- The "Global Hand Cream Market Size, Share, Growth Analysis, By Demographics, By Distribution channel, By Product Type, By Age Group - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global hand cream market is projected to grow from USD 434.4 million in 2022 to USD 623.3 million by 2030, at a CAGR of 5.8% during the forecast period from 2023 to 2030.

Hand cream, a body care product, is formulated with ingredients such as water, triethanolamine, propylene glycol, stearic acid, methyl stearate, lanolin, and mineral oil. It serves various purposes, including preventing dryness, combating premature aging signs, enhancing skin moisture and smoothness, and protecting against UV exposure. Hand cream is readily accessible through different channels, including online stores, supermarkets, and specialty shops.

Market Segmentation

The global hand cream market is segmented based on:

1. Demographics: Categories include male and female.
2. Distribution Channels: Supermarkets, specialty stores, beauty salons, pharma & drug stores, and online stores.
3. Product Type: Moisturizing hand creams, anti-aging hand creams, healing hand creams, and others.
4. Age Group: Generation X, Baby Boomers, Millennials, and Generation Z.
5. Region: Geographical regions include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Market Analysis by Demographics

• Female Segment: Holds the largest revenue share in the global hand cream market and is expected to grow at the fastest CAGR during the forecast period. The increasing population of working women is a significant factor driving market growth.

Analysis of the Hand Cream Market by Distribution Channel

• Supermarket Store Segment: Holds the largest revenue share and is expected to grow at a significant CAGR during the forecast period. Supermarket stores offer a wide range of hand cream brands, providing consumers with more options to purchase different hand creams according to their preferences.

Regional Insights on the Global Market for Hand Cream

• Asia Pacific: Holds the highest market share in the global hand cream market and is expected to be the fastest-growing region during the forecast period. Factors contributing to this growth include the increasing demand for skincare products and the presence of several hand cream manufacturers in the region. The habit of frequent hand washing, especially due to COVID-19, also drives market growth.
• North America: Dominated by the United States, primarily due to high hygiene standards and an increasing working population. The heightened awareness of hand washing and moisturizing after sanitization due to COVID-19 has led to increased spending on skincare products.
• Europe: Hand cream usage is prevalent and one of the most popular body care products in Europe. Health concerns and diseases have driven European consumers to prioritize personal health and hygiene, leading to higher usage of hand cream.

Market Dynamics

Drivers

• Rise in Working Women: The growing number of working women worldwide significantly impacts market growth. Working women, in particular, have the purchasing power for expensive and premium hand cream products.
• Increased Awareness: Growing consumer awareness regarding moisturizing hands after hand washing and sanitization positively impacts market growth.

Restraints

• Counterfeit Products: The availability of counterfeit products poses a significant challenge, eroding trust in reputable companies and hindering market growth.

Competitive Landscape

The global hand cream market features intense competition among both local and international companies. Major players are implementing strategies such as introducing new products, acquiring other companies, and forming collaborations to foster growth. Key players include L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Johnson & Johnson Services, Inc, and others.

Recent Developments

• In March 2022, GOJO Industries, Inc. (Purell brand) unveiled an environmentally friendly hand sanitizer produced from plant-based ethanol and packaged in a recyclable PET plastic container.
• Amway India launched Persona Germ Protection and Moisturizing liquid hand wash, which is free of commonly used preservatives like sulphate and paraben.

Key Market Trends

• Incorporation of Beneficial Elements: Hand creams are incorporating beneficial elements like herbs and essential oils with healing and regenerative properties for the skin. This trend aligns with consumer preferences for natural ingredients.

This information provides an overview of the global hand cream market, its growth prospects, and key trends.

Companies Mentioned

• L'Oreal SA
• Unilever PLC
• The Estee Lauder Companies Inc.
• Johnson & Johnson Services, Inc
• Procter & Gamble Co.
• Amway Corporation
• Beiersdorf AG
• Shiseido Company Limited
• Kao Corporation
• Avon Products, Inc
• Mary Kay Inc.
• Oriflame Cosmetics Global SA
• Coty Inc.
• Clarins SA
• Revlon Inc.
• The Body Shop International Limited
• Crabtree & Evelyn Ltd.
• Natura & Co Holding SA
• Mario Badescu Skin Care, Inc
• Burt's Bees

For more information about this report visit https://www.researchandmarkets.com/r/536olj

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