The hand sanitizer Market is anticipated to explode in the next decade, with experts expecting an annual growth rate of 7.2% from 2023-2033 and a market worth of US$ 3.7 billion by 2033.
Increasing COVID-19 Infection Globally
Demand for hand sanitizer, an antiseptic substitute for soap and water, is expected to increase in response to rising global awareness of cleanliness and personal hygiene. Most contagious illnesses, including COVID-19, the norovirus, influenza, meningitis, hand, foot, and mouth disease, whooping cough, and methicillin-resistant Staphylococcus aureus (MRSA), can be prevented with its help.
People are more concerned about their personal health and cleanliness as they become more aware of how COVID-19 impacts the community. In the wake of the ongoing pandemic crisis, the hand sanitizer industry has experienced significant global growth.
However, due to supply chain interruptions and rising supply-demand gaps around the world, the sector is currently facing substantial problems in scaling up manufacturing capacity to assist relieve the supply constraint. To alleviate the supply constraint, numerous corporations have begun to use their mass production capabilities to produce these products for their home markets.
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In response to the COVID-19 pandemic, innovators, and entrepreneurs all around the world are revamping their business models. Breweries and distilleries are shifting their focus from spirits to hand sanitizers in the craft cocktail industry.
The hand sanitizer market is expected to record a CAGR of 7.2% from 2023 to 2033.
The hand sanitizer market in India is primarily driven by the rising trend of aromatic hand sanitizers with natural and eco-friendly chemicals to maintain hand hygiene.
The hand sanitizer market is dominated by North America region.
Asia Pacific is the most rapidly rising region.
In response to the COVID-19 pandemic, Honeywell announced an increase in its manufacturing activities at two chemical manufacturing plants in April 2020 to produce and provide hand sanitizer to government agencies. The company's facilities in Muskegon, Michigan, Seelze, and Germany manufactured these products for government agencies and institutions.
SC Johnson, a global manufacturer of household and professional cleaning and disinfecting products, converted a line designated for new product testing in April 2020 to produce up to 75,000 bottles of hand sanitizer per month for health workers, first responders, and the company's own production employees.
In May 2020, Doctor Shultz's joined together with the clothing company Ilthy to produce and supply face masks and hand sanitizer. Ahava, released of 3.4 oz. FDA-approved gel hand sanitizer in September 2020. Using skincare skills to minimize bacteria, resulting in less infection. During the COVID-19 outbreak, product advancements are likely to meet the demand for hand sanitizers.
On March 22, 2022, Dabur Ltd., an Indian multinational consumer products firm, declared that it will stop producing sanitizers owing to shrinking demand, while Radico Khaitan, a liquor powerhouse, reduced pure alcohol manufacturing to supply sanitizer companies.
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