Hand Sanitizer Market Booms Globally, to Register 9.9% CAGR by 2023: Allied Market Research

- The global hand sanitizer market across Asia-Pacific is projected to portray the highest CAGR during the forecast period. In addition, the market across North America dominated, due to high hygiene standards in the region

PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- As per the report published by Allied Market Research global hand sanitizer market is expected to reach $1.75 billion by 2023, growing at a CAGR of 9.9% during the forecast period. The report highlights market characteristics, sizing, growth by segmentation, and competitive landscape.

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Biswa Sinha, the Senior Research Analyst, Consumer Goods at AMR, highlighted, "Innovations in hand sanitizers, change in lifestyle and surge in health expenditure, and innovations in hand sanitizers drive the growth of the global hand sanitizer market. However, health hazards regarding prolonged use of hand sanitizers hamper market growth. On the contrary, rise in popularity of online shopping is expected to create lucrative opportunities in the coming years.".

As per the report, the market across North America dominated, due to high hygiene standards in the region. However, the market across Asia-Pacific is projected to portray the highest CAGR during the forecast period. The report includes an in-depth analysis of the market across Europe and LAMEA.

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The global hand sanitizer market is segmented based on product, distribution channel, and end-users.

By product, the market is segmented into gel, foam, spray, and others. The gel-based segment held the largest share, as they are easily available and require lesser time to eradicate germs compared to spray sanitizers. The segment is expected to maintain dominance throughout the forecast period. However, the foam-based segment is expected to manifest the highest CAGR through 2023, as these are a convenient option for users.

Based on distribution channel, the market is classified into online store, departmental store, pharmacy store, and others. The departmental store segment accounted for the largest share, as consumers prefer to purchase hand sanitizers from supermarkets/hypermarkets. However, the online store segment is estimated to showcase the highest CAGR through 2023. This owes to rise in penetration of mobile phones, increase in e-commerce sales, ease payment options, and attractive discounts as compared to stores.

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The global hand sanitizer market report includes a comprehensive analysis of the major market players such as Reckitt Benckiser Group, Procter and Gamble, The Himalaya Drug Company, Henkel Corporation, Gojo Industry Inc., Vi-Jon Laboratories Inc., Unilever, Best Sanitizers Inc., Chattem Inc., and Kutol Products Company.

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SOURCE Allied Market Research