Global Hand Sanitizer Market Outlook: Ken Research
Major players in the hand sanitizer market are Reckitt Benckiser Group, The Himalaya Drug Company, Procter and Gamble, Gojo Industry Inc., Henkel Corporation, Unilever, Vi-Jon Laboratories Inc., Chattem Inc., Best Sanitizers Inc., and Kutol Products Company.
The global hand sanitizer market is expected to grow from USD 1.52 billion in 2019 and to USD 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. The market is then expected to stabilize and reach USD 3.34 billion in 2023 at a CAGR of 3.21%.
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 the surface to at least 99.9%. Sanitizers used in many places including airports, hotels & restaurants, hospitals, and other places for cleaning and protects against contamination.
North America was the largest region in the sanitizer market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
The expansion of production capacities and revamp of companies to meet the higher demand for hand Sanitizers is a major trend shaping the Sanitizers industry. 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 COVID19 outbreak. This step was taken for 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 for the Sanitizers market’s growth.
The sanitizers market covered in this report is segmented by type into quaternary ammonium compounds based, alcohol-based, tridosan based, others, and by-product into gel, foam, liquid, others.
Health hazards associated with occupational exposure of chemicals used in Sanitizers manufacturing are expected to limit the growth of the Sanitizers market. According to Reuters’s health news on chemicals Sanitizers and disinfectants linked to thyroid cancer, the workers who are exposed to chemicals or biocides used in the production of Sanitizers, disinfectants, and deodorizers are likely to diagnose with a 65% higher risk of thyroid cancer. Thus, the occupational risk of exposure to chemicals during the production of chemical-based Sanitizers is forecast to restrict the development of the Sanitizers market over the forecast period.
In March 2020, Agritek Holdings, Inc., a USA-based active investor, and operator in the legal cannabis sector announced the acquisition of Full Spectrum Biosciences Inc. including New product line of RehabRx CBG infused hand Sanitizers. Full Spectrum Biosciences Inc.’s acquisition is expected to provide Agritek Holdings, Inc. with an additional revenue platform, as both companies together plan to launch hemp-based nutraceutical products for a growing consumer segment. With the COVID19 outbreak, the Full Spectrum Biosciences Inc. is to launch cannabinoid-infused, aloe-based hand Sanitizer products containing CBG or cannabigerol. Full Spectrum Biosciences Inc. was founded in 2018 is focused on IP formulation of premium brands and genetic mapping of cannabis strains.
The coronavirus outbreak is a major driver for the growth of the sanitizers market during the period. Hygiene is an important part of safety against the protection of coronavirus and to stay healthy. Therefore, the demand for sanitizers has grown tremendously post the COVID19 outbreak globally, since the outbreak of the virus in China as sanitizers is effective against coronavirus. 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 COVID19 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.
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