New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hand Sanitizers Global Market Report 2023" - https://www.reportlinker.com/p06281563/?utm_source=GNW
The global hand sanitizers market will grow from $3.66 billion in 2022 to $4.02 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hand sanitizers market is expected to grow from $6.16 billion in 2027 at a CAGR of 11.3%.
The hand sanitizers market consists of the sales of alcohol-based and alcohol-free hand sanitizers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hand sanitizers refer to substances or liquids used for cleaning objects to get rid of harmful microorganisms, including bacteria. These are products that combine disinfectant and detergent and are used to remove dirt, reduce or kill bacteria, and dissolve grease from the surface by at least 99.9%.
Asia Pacific was the largest region in the hand sanitizers market in 2022.North America was the second-largest region in the hand sanitizers market.
The regions covered in the hand sanitizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of hand sanitizers are quaternary ammonium compounds (QACs) based, alcohol-based, tridosan-based, and other types.An alcohol-based sanitizer is defined as a liquid containing alcohol at a certain minute level that is designed for applying to the hands for the purpose of inactivating microorganisms and suppressing their growth.
The alcohol-based sanitizers usually contain ethanol, n-propanol, isopropanol, or a mixture of these.The various hand sanitizer products are gel, foam, liquid, and other products.
The major distribution channels of hand sanitizers include online stores, pharmacy stores, departmental stores, and other distribution channels. The main end-use industries for hand sanitizers are hospitals, restaurants, schools, household purposes, and other end-users.
The coronavirus outbreak was a major driver for the growth of the sanitizer market during the period.Hygiene is an important part of staying safe from the protection of coronavirus and staying healthy.
Therefore, the demand for sanitizers has grown tremendously post the COVID-19 outbreak globally since the outbreak of the virus in China as sanitizers are effective against coronavirus.The Center for Disease Control (CDC) recommends the use of alcohol-based hand sanitizers with greater than 60% ethanol or 70% isopropanol as the preferred form of hand hygiene in healthcare settings.
According to the U.S. Food and Drug Administration, more than 1,500 additional manufacturers have registered with the agency to meet the increased demand for hand sanitizers. Hence, the COVID-19 outbreak coupled with growing concerns for hygiene is anticipated to escalate the demand for sanitizers during the year 2020 and in years to come.
Health hazards associated with occupational exposure to chemicals used in sanitizer manufacturing are expected to limit the growth of the sanitizer market.According to Reuters’s health news on chemicals sanitizers and disinfectants linked to thyroid cancer, workers who are exposed to chemicals or biocides used in the production of sanitizers, disinfectants, and deodorizers are likely to be diagnosed with a 65% higher risk of thyroid cancer.
Thus, the occupational risk of exposure to chemicals during the production of chemical-based sanitizers is forecast to restrict the development of the sanitizer market over the forecast period.
The expansion of production capacities and the revamping of companies to meet the higher demand for hand sanitizers is a major trend shaping the sanitizer industry.For instance, in March 2020, Bell International Laboratories, a vertically-integrated cosmetics manufacturer, announced the expansion of their production of alcohol-based hand sanitizers (gels and sprays) and is expected to produce 22 million units in April.
Moreover, companies such as Radio Khaitan and Bacardi, manufacturers of alcoholic drinks, have turned into sanitant producers amid the COVID-19 outbreak.This step was taken for companies’ contributions during the coronavirus pandemic to meet the increasing demand for hand sanitizers for health and hygiene.
Therefore, increasing production capacities and companies entering into the production of hand sanitizers is a key trend for the sanitizer market’s growth.
In March 2020, Agritek Holdings, Inc., a USA-based active investor and operator in the legal cannabis sector, announced the acquisition of Full Spectrum Biosciences, Inc., including a new product line of RehabRx CBG infused hand sanitizers. Full Spectrum Biosciences, Inc.’s acquisition is expected to provide Agritek Holdings, Inc. with an additional revenue platform, as both companies together plan to launch hemp-based nutraceutical products for a growing consumer segment. In response to the COVID-19 outbreak, Full Spectrum Biosciences Inc. plans to release cannabinoid-infused, aloe-based hand sanitizers containing CBG or cannabigerol. Full Spectrum Biosciences, Inc. is focused on IP formulation of premium brands and genetic mapping of cannabis strains.
The countries covered in the hand sanitizers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The hand sanitizer market research report is one of a series of new reports that provides hand sanitizer market statistics, including hand sanitizer industry global market size, regional shares, competitors with a hand sanitizer market share, detailed hand sanitizer market segments, market trends and opportunities, and any further data you may need to thrive in the hand sanitizer industry. This hand sanitizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Read the full report: https://www.reportlinker.com/p06281563/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
