The global is anticipated to gain impetus from the increasing government initiatives to promote the usage of personal care products. Many regulatory bodies and NGOs are also encouraging the usage of hand wash and sanitizers through social media platforms, websites, print media, television, and radio. This information is given by Fortune Business Insights™ in a recent report, titled, The report further states that the hand wash market size was USD 2.67 billion in 2019 and is projected to reach USD 4.56 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period.
Drivers & Restraints-
Rising Number of Hospitals & Clinics to Skyrocket Demand
There is a rise in the adoption of a health-conscious approach towards life across the globe backed by the surge in the global economy. It has further resulted in higher standards of living and changing lifestyles of the masses. This is a vital factor that has accelerated the demand for personal care products. At present, almost every country is under lockdown owing to the spread of the coronavirus infection. Hence, people are gradually shifting towards stretching and yoga activities to keep themselves fit and active. Apart from that, the large number of clinics and hospitals worldwide would augment the hand wash market growth in the near future as these medical institutions extensively use such personal care products to provide a germ-free environment and maintain sanitation. However, the raw materials used in the production of hand wash are expensive. It may hamper growth.
Ordinary Hand Wash Segment to Lead Owing to Their High Demand Worldwide
Based on product, the market is bifurcated into waterless hand wash and ordinary hand wash. Amongst these, the ordinary hand wash segment held 65.11% hand wash market share in 2019. This segment is expected to lead the market throughout the forthcoming years. The growth is attributable to their high demand worldwide as they are capable of providing more bacterial protection and hydration to the skin. These products are available in two forms, namely, liquid and gel. The waterless segment is likely to showcase considerable growth backed by their ability to aid in drying the palms quickly. They are either spray- or foam-based products.
Browse Summary of This Research Report with Detailed Table of Content:
Fortune Business Insights™ presents a list of all the hand wash manufacturers operating in the market. They are as follows:
Godrej Group (India)Unilever PLC (UK)Amway Corporation (US)Avon Product, Inc. (UK)3M (US)C. Johnson & Son, Inc. (US)Henkel AG & Co. KGaA (Germany)The Procter & Gamble Company (US)Reckitt Benckiser Group PLC (UK)Vi-Jon, Inc. (US)
Asia Pacific to Remain at the Forefront Stoked by Rapid Urbanization
Regionally, the market is segregated into the Middle East and Africa, Europe, Asia Pacific, Latin America, and North America. Amongst these, Asia Pacific generated USD 818.02 million in terms of revenue in 2019 and is set to dominate the market in the coming years. The main reason behind this growth is the rapid urbanization in the developing nations, such as India and China. It is thereby, propelling people to adopt hygienic and healthier routines. Also, governmental awareness programs, such as the Swachh Bharat Mission in India would upsurge growth. The data provided by the Press Information Bureau exhibits that owing to the launch of this mission, the overall sanitation coverage in the rural areas of India went up from 39% in 2014 to 76% in January 2018.