The global hand sanitizer market is expected to grow from $1.2 billion in 2019 to $2.14 billion by 2027, at a CAGR of 7.5% during the forecast period 2019-2027, according to a recent report from Fior Markets.
Hand sanitizers have been shown to be effective in killing human disease-causing pathogens (e.g., viruses, bacteria, fungi) on the hands. Many people prefer hand sanitizers to prevent infectious diseases, contributing to the growth of the market. Furthermore, an increase in awareness about personal hygiene among the people, is driving the growth of the market.
On the other hand, high usage of hand sanitizer can kill the good bacteria of the human body, which leads to the occurrence of diseases. This could hamper the growth of the market.
The report reads: "The demand for hand sanitizers are increasing… (and) the need for hand sanitizers has quadrupled.” The demand for hand sanitizers has increased by 1400% from December 2019 to February 2020 period, according to the report.
Much of the sanitizer from supermarkets and local pharmacies has been sold out, and online e-commerce channels are either out of stock or selling sanitizer at inflated prices.
Companies are increasing hand sanitizer prices by almost 70%, due to high demand. Active companies in the markets this week include Pressure BioSciences Inc., Reckitt Benckiser Group plc, Kimberly-Clark Corporation, The Clorox Company and Procter & Gamble.
Hand Sanitizer Market Is Surging, Forecasters Say