The global hand sanitizer market is likely to gain traction from the outbreak of the Covid-19 pandemic. It has resulted in the increasing demand for personal hygiene products, namely, hand wash, soaps, tissue papers, and sanitizers worldwide. The research further mentions that the hand sanitizer market size was anticipated to reach USD 1.35 billion in 2020 before the Covid-19 outbreak. However, on account of the present scenario, it is likely to generate USD 1.87 billion this year. In addition to this, it would rise tremendously from an annual growth rate of 5.06% to 45.71% in 2020.
This Research Addresses the Following Questions:
- Which strategies are being followed by industry giants to intensify competition?
- What are the crucial steps taken by the governments to lower the impact of Covid-19 on the market?
- Which segment is likely to dominate the market backed by the outbreak?
- What are the significant opportunities and challenges that the market would face owing to the outbreak?
Alcohol-based SanitizerSegment to Lead Backed by Rising Usage Amidst Covid-19 Pandemic
The impact of COVID-19 on hand sanitizer market is bifurcated into alcohol-free sanitizer and alcohol-based sanitizer. Out of these, the alcohol-based sanitizer segment held approximately 64% of the global market and is in the dominant position. Separately, the alcohol-based sanitizer market stood at USD 828.07 million in 2019. These sanitizers play a vital role in preventing many disease-spreading microorganisms. They contain around 60% to 90% of n-propanol or ethyl alcohol, as well as isopropyl alcohol. The CDC, for instance, announced that these types of sanitizers are the best during the Covid-19 outbreak as they are capable of killing most of the germs. Such norms are also aiding in the growth of this segment.
Raising Awareness about Personal Hygiene Products in Many Regions to Aid Growth
North America procured USD 485.59 million in 2019 in terms of revenue and occupied around 38% of the global market. As per one of our analysts, “The level of exposure experienced by every region will vary.” Several factors are responsible for the same. The governments of many countries are taking various initiatives to reduce the impact of the Covid-19 pandemic. Besides, the number of awareness programs regarding personal hygiene products in rural areas, as well as import & export activities would contribute to the varying levels of impact of this pandemic worldwide.
Some of the Most Vital Effects of Covid-19 Pandemic on the Market:
- Shortage of hand sanitizers owing to the panic-buying practices of the masses, especially in countries, such as the U.K., Spain, Italy, and the U.S.
- Numerous alcohol manufacturers are inclining towards the hand sanitizer-making business to cater to the growing demand from consumers worldwide.
- Many retailers have begun limiting the purchase of hand sanitizers. They are implementing the maximum purchasing quantity per person to only two.
- A large number of vendors present in the e-commerce platforms, such as Amazon and eBay are hiking the prices of essential commodities, including hand sanitizers.
- Consumers nowadays are shifting rapidly towards alternate products, namely, hand washes and soaps stoked by the guidelines provided by prominent government bodies, such as the Centres for Disease Control and Prevention (CDC).
- There may be a delay in the manufacturing of technologically innovative and organic personal care products.
Industries Shift towards Sanitizer Business to Cater to the Growing Needs
The outbreak of the Covid-19 pandemic is resulting in the rapid shift of a large number of companies, such as agriculture, beauty products, skincare, and liquor in producing alcohol-based sanitizers to meet the increasing demand. Below are a couple of the most recent industry developments:
- April 2020: John Distilleries, a producer of distilled beverages headquartered in Bengaluru, begun producing hand sanitizers at its distilleries in Goa, Davanagere, and Bengaluru. Its main aim is to prevent the short supply of the product owing to the Covid-19 pandemic. It has also planned to donate hand sanitizers to healthcare institutes.
- March 2020: The American whiskey industry and craft breweries started taking initiatives as the shortage of hand sanitizers is surging. They have paused the manufacturing of beverages and have started producing alcohol-based sanitizers. Some of the distilleries are selling their sanitizers to the masses to not only cater to the growing needs but also to keep their staff paid. However, some other distilleries chose to deliver their sanitizing products free of cost to businesses, critical facilities, and first responders.
Author’s Bio –
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.