Hand Sanitizer Market to Record 6.98% Y-O-Y Growth Rate in 2021 | 3M Co. and Godrej Consumer Products Ltd. Among Key Vendors | Technavio
NEW YORK, Dec. 17, 2021 /PRNewswire/ --
Hand Sanitizer Market Facts at a Glance-
NEW YORK, Dec. 17, 2021 /PRNewswire/ --
Hand Sanitizer Market Facts at a Glance-
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According to the recent market study by Technavio, the Hand Sanitizer Market Share in Personal Products Industry is expected to increase by USD 458.83 million from 2020 to 2025, with a decelerating CAGR of 1.02%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
Europe will register the highest growth rate of 41% among the other regions. Germany and the UK are the key markets for hand sanitizers. Moreover, market growth in Europe will be faster than the growth of the market in other regions.
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Vendor Insights-
The hand sanitizer market is fragmented, and the vendors focus on R&D, technology, labor, and branding to compete in the market. They invest significantly in the procurement of high-quality raw materials to develop high-quality products. Vendors also focus on brand building and brand equity to differentiate themselves from their competitors. In July 2020, Godrej Consumer Products Ltd. introduced products such as hand sanitizer sachets, dishwashing liquid, fruit and veggie wash, disinfectant sprays, and face masks.
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Regional Market Outlook
The hand sanitizer market share growth in Europe will be significant during the forecast period. Germany and the UK are the key markets for hand sanitizers in Europe. Market growth in Europe will be faster than the growth of the market in other regions. The launch of new and innovative products to meet the rising demand from consumers will drive the hand sanitizer market growth in Europe during the forecast period.
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Latest Drivers & Challenges -
With the growing competition and demand for innovative products, vendors have actively started focusing on improving their products by enhancing their R&D operations. In addition, they have been focusing on differentiating themselves from pharmaceutical companies. Hence, their investments in innovative ingredients and technologies used in their product offerings are increasing. Customers usually look for hand sanitizers that can address concerns pertaining to multiple skin- and hygiene-related issues in minimal time. Customers also look for products that are effective and easy to use. BPC products such as hand sanitizers that are innovative and made of natural/organic ingredients are priced premium than the regular. For customers to use these products on a daily basis, they must have the adequate and right combination of superior-quality ingredients. This further leads to product premiumization. This is expected to augment the growth of the market during the forecast period.
The growing market prospects of hand sanitizers and their surging demand have attracted the attention of manufacturers of counterfeit hand sanitizers and paved the way for their entry into the market, especially in developing regions. Counterfeit products are made of low-quality raw materials and have several ill-effects. The penetration of e-commerce is also facilitating the distribution, sales, and reach of counterfeit products. Sometimes, customers face difficulties in differentiating genuine products from counterfeit ones as they appear similar. The relatively low price of counterfeit products is one of the factors that contribute to their demand. Hence, the availability of counterfeit products has an adverse impact on the sales and pricing strategies of genuine vendors, as the sales of counterfeit products dilute the market shares and damage the reputation of original players. To overcome these challenges, global vendors are compelled to lower the prices of their products, which reduces their profit margins. This also affects value sales in the market. Moreover, the availability of counterfeit products has an adverse impact on volume sales as well, which can also lead to inventory backlogs for international vendors of hand sanitizers.
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Here are Some Similar Topics-
Hand Sanitizer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Decelerate at a CAGR of 1% |
Market growth 2021-2025 |
USD 458.83 million |
Market structure |
Fragmented |
YoY growth (%) |
6.98 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
Europe at 41% |
Key consumer countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
3M Co., GOJO Industries Inc., L Brands Inc., Reckitt Benckiser Group Plc, S. C. Johnson & Son Inc., The Clorox Co., The Procter & Gamble Co., Godrej Consumer Products Ltd., Unilever Group, and Vi-Jon Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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