Beauty Packaging Staff03.27.20
Supplies are running low as the demand for alcohol-based hand sanitizer is growing by the minute due to the coronavirus pandemic and the product's effectiveness in the battle against COVID-19.
Technavio reports the global hand sanitizer market, and it is forecasted to grow by $590.7 million from 2020 through 2024 -- progressing at a CAGR of almost 9% during the forecast period. A sample of the company's most recent report, published this year, can be requested here. (Graphic above, left, by Technavio)
The report states, "The market is fragmented, and the degree of fragmentation will accelerate during the forecast period."
The market is segmented by offline and online distribution, and by product type -- gels, foams, sprays, and wipes.
See the visual above, which shows that 26% of market growth, globally, is expected to come from North America.
Growing To $2.14 billion by 2027
Another company, Fior Markets, states that the global hand sanitizer market is projected to grow from $1.2 billion in 2019 to $2.14 billion by 2027.
A CAGR of 7.5% is expected during the forecast period, which is from 2019 through 2027.
The report states, "The growing demand for wellness and health products with a rising rate of diseases has increased the demand for hand sanitizer market. Also, increasing awareness about hand hygiene is driving the need of sanitizers."
Convenience
Fior Markets notes that hand sanitizers are so popular because they are so convenient and effective to use when you're not near a sink.
The company writes, "Hand sanitizer, a gel, liquid or spray is used to remove infectious agents on the hand. It’s a practical and fast method to clean your hands and get rid of germs. Just a small amount of the liquid/gel on the palm is enough..."
Read Next
More on the Hand Sanitizer Shortage, FDA, & Which Work Best for COVID-19: The FDA's new Guidance - and a video by Michelle Wong, aka 'Lab Muffin' explaining the most effective alcohol-based hand sanitizer formulas, and why she likes pump dispensers.
People Insiders Panel Reveals Changes in Buying Habits During COVID-19: The poll reveals insights for marketers about consumer preferences during the coronavirus pandemic.
