DUBAI, UAE, June 29, 2020 /PRNewswire/ -- Hand sanitizer sales have skyrocketed around the globe to unprecedented highs, and demand is likely to sustain even after a COVID-19 vaccine is available, according to a study by Future Market Insights.
According to the latest study, global hand sanitizer sales are likely to grow at over 7% CAGR through 2030. This is a revised forecast, adjusted for the massive spike hand sanitizers have witnessed since the onset of COVID-19.
"For the next one year, hand sanitizer demand will outstrip supply; however, there is a high likelihood that hand sanitizers will be as ubiquitous as toothpaste or say facewash – even after a vaccine is available," says FMI's report.
Key Takeaways from FMI's Hand Sanitizer Market Study
Hand sanitizer market poised to reach USD 2.8 billion by 2030
US and EU5 will witness high sales of branded hand sanitizers; APAC and Latin America witnessing foray of local players
Instant hand sanitizers are being sought-after due to on-the-go use
Portable hand sanitizer demand growing in many countries
Alcohol companies are diverting their production capacities to meet growing hand sanitizer demand
Although hand sanitizer market players are in the midst of heightened demand, the foray of unregulated players has led to widespread fragmentation. US FDA's announcement to declare nine hand sanitizer brands as 'toxic' is indicative of the widespread chaos in the marketplace.
"The hand sanitizer industry has witnessed a foray of thousands of player in a short span of 3-4 months. Many of the products available in low-income countries are catering to local demand. However, many products are of dubious quality and use ingredients banned or termed 'dangerous' in many countries," says FMI.
Hand Sanitizer Market: Region-wise Analysis
US hand sanitizer market is currently witnessing supply-demand challenges, but over long run, foray of new companies will address this
EU5 a more lucrative market as per 100 ml price significantly higher than Eastern Europe
Demand in China and India met by foray of new players; consumers buying these as a compulsion and not a choice
Middle East market looking at the import route, but domestic production also likely to go up
Hand Sanitizer Market: Competitive Landscape
The hand sanitizer marketplace was moderately fragmented before COVID-19 pandemic; however, since March 2020, an unprecedented demand has led to the foray of new players.
The number of players currently operating in the market is directly related to the relative strength of regulatory body. In the US, Canada, Australia, New Zealand, and Western Europe, the foray of local players is limited.
In APAC, Latin America, and parts of Africa, many new hand sanitizer companies have sprung up. Although these companies are helping meet demand in the absence of supply from known brands, ingredient quality remains a concern.
Future Market Insights, in its new offering, provides an unbiased analysis of the global hand sanitizer market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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