Hand Sanitizer Market Grows At a Stellar Rate During COVID-19 Pandemic, Growing Awareness Regarding Sanitization to Drive The Market Growth, Says PMR
Date : Apr 21, 2020 Author : PMR Editorial Staff
The spread of COVID-19 continues to create a crisis everywhere. The retail economics is witnessing a sudden change in the demand-supply dynamics.
The spread of COVID-19 continues to create a crisis everywhere. The retail economics is witnessing a sudden change in the demand-supply dynamics. Hand sanitizers have become a commodity of significance in the current times of crisis owing to the touch-based transmission of the corona virus. World Health Organization is stressing on maintaining hygiene and washing hands. Governments are directing their citizens to use soap and hand sanitizers to keep the corona virus germs away. Official verification of hand sanitizers has a disinfectant medium is significant driving their demand in the market.
The growing awareness regarding the touch-based transmission of corona virus has emerged as the primary factor hiking the demand for hand sanitizers. The demand has increased significantly creating pandemonium in the market. With the fear of unavailability of sanitizers in the market, a major segment of the population is involved in creating reserves of hand sanitizers with them. This has led to a shortage of sanitizers in the market which is impacting the price of hand sanitizers. With nearly out-of-stock reserves, the retail shops and other commercial spaces selling hand sanitizers increased its price. Owing to the panic situation created by corona virus, the general public has been purchasing the hand sanitizers at the elevated prices, substantially increasing the revenue generated in the hand sanitizer market in a very short duration of time.
Hand Sanitizers As Cleanroom Disinfectant
Consumption of hand sanitizers as cleanroom disinfectants is also driving the growth of the hand sanitizer market. The general public is increasingly using hand sanitizers as a cleaning agent for different commodities. The sudden burst of the COVID-19 crisis has set the hospitals and other places that are associated with public gatherings into a frenzy. Hand sanitizers emerged as the most easily available disinfectant, thereby substantially scaling the sales of the hand sanitizers. Heavy cleaning application significantly contributes to the depleting stock of hand sanitizers in the market.
Ease Of Use Drives Demand
PMR highlights the ease of use as a prominent factor determining the progress of the hand sanitizer market. No involvement of cleaning medium such as water accounts for the growing popularity of hand sanitizers. Sale of these sanitizers also picked up pace in the market as the handy disinfectant. During movement outside homes, people choose to sanitize their hands multiple times with hand sanitizers in their pockets. The general public is deriving a sense of safety with hand sanitizers with them all the time, creating a robust revenue pool in the market.
In the light of growing shortage of hand sanitizers in the market, the general public is actively involved in making DO-It-Yourself(DIY) hand sanitizers. However these consumers are known to lack the knowledge of correct methods to prepare such sanitizers. Assessing the seriousness of the situation, organizations such as the US Food and Drug Administration are taking measures by assisting the manufacturers in increasing their production capacity to satiate the increasing demand.
Enhanced Market Participation Surges Revenue
Market leaders from different domains such as the beer market and Oil & Gas industry have extended their support in increasing the capacity of the hand sanitizer market. For instance, Indian Oil Corporation has introduced IOC clean hand sanitizers in the market. Several distilleries making beer has started the production of hand sanitizers in their facilities. Besides running shortage, such developments are inspired by the stand-still business in these markets. With lockdown and ban on liquor sale in many regions, liquor companies with unused facilities are eyeing hand sanitizers as a source of revenue. Though the market is witnessing the entrance of these new players from different domains, the lack of separate facilities for hand sanitizer production is expected to compel them to withdraw their participation after the economic activities start at a normal pace.
The current times of crisis have opened doors of opportunities for the regional market players. Besides generating revenue, these players have amplified their production capacities to strengthen their brand image in the market. New local players have entered the landscape, significantly inflating the total revenue generated in the hand sanitizer market. PMR predicts the hand sanitizer market to grow at the stellar rate during the COVID-19 pandemic.
Report Highlights: Global Hand Sanitizer Market
- Parent market overview with COVID-19 pandemic impact
- Evolving market dynamics
- Hand Sanitizer market segmentation
- Market size - by volume and value
- Latest trends and developments
- Potentially profitable prospects
- Competitive landscape
- Strategic evaluation of the players and their strategies