Innovation such as addition of fragrances in formulation of hand sanitizers boosts the growth of the market. In addition, International Fragrance Association (IFRA) certified fragrance ingredients used in sanitizers fuel the market growth, as it assures safety as compared to noncertified fragrance ingredients such as petrochemical & phthalates, neurotoxins, and others. Moreover, surge in adoption of new formulation of hand sanitizers by manufacturers to provide enhanced experience to consumers drive the market growth.
Portland, OR -- (SBWIRE) -- 05/25/2018 -- According to a new report published by Allied Market Research, titled, Hand Sanitizer Market by Product, Distribution Channel, and End Use: Global Opportunity Analysis and Industry Forecast, 2017-2023," the hand sanitizer market size was valued at $919 million in 2016, and is projected to reach $1,755 million by 2023, growing at a CAGR of 9.9% from 2017 to 2023. North America was the largest contributor in 2016, accounting for around 35% of the market share.
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Factors that drive the growth of the global hand sanitizer market include change in lifestyle of people and increase in consumer inclination towards health. Moreover, rise in awareness about hand hygiene has significantly influenced the market. However, health hazardous associated with hand sanitizer are expected to hamper the market growth in the near future.
Gel hand sanitizer is expected to maintain dominance in the global hand sanitizer market during the forecast period, as it is easily available in the market and requires lesser time to effectively eradicate germs as compared to spray and other sanitizers. In North America and Europe garnered maximum share of the market in 2016. On the contrary, China accounted for the major share in Asia-Pacific in the same year.
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Hospitals dominated the global hand sanitizer industry with more than two-fifths share in 2016. Increase in demand for sanitization across various end-use industries, particularly food & beverages industry, is anticipated to drive the market growth during the analysis period.
Key Findings of the Hand Sanitizer Market:
-The foam-based hand sanitizer is expected to grow at a CAGR of 11.3% during the forecast period.
-North America is projected to maintain its dominance throughout the period, growing at a CAGR of 8.6%.
-Online store is estimated to grow at the highest CAGR of 14.1% by 2023.
-Asia-Pacific is expected to grow at the highest CAGR of 12.0% during the forecast period.
-China, being the largest consumer of hand sanitizers, generated more than $60 million in 2016, and is estimated to grow at a CAGR of 11.4%.
Increase in inclination towards health and wellness has contributed towards the growth of the North American hand sanitizer market. Hospital and restaurant dominate in the consumption of hand sanitizer in the region.
However, the Asia-Pacific hand sanitizer market is analyzed across countries such as China, India, Japan, South Korea, and others. The consumption of hand sanitizer in these countries is rising, owing to improved living standard and increase in concern towards health & hand hygiene.
The major companies profiled in the report include Reckitt Benckiser Group, The Himalaya Drug Company, Procter and Gamble, Gojo Industry Inc., Henkel Corporation, Unilever, Vi-Jon Laboratories Inc., Chattem Inc., Best Sanitizers Inc., and Kutol Products Company.
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