Hand Sanitizers can be as Ubiquitous as Soaps or Toothpaste, Even After COVID-19 Vaccine Availability New Study
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.
Download Sample copy with Table of Contents: https://www.futuremarketinsights.com/reports/sample/rep-gb-707
"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