The global hand care market size is expected to reach USD 16.9 billion by the year 2025, according to a new report by Million Insights. The rising awareness about the maintenance of personal health coupled with the increasing risks of communicable diseases in the society is the major factors driving the market growth of hand care products. Also, changing lifestyles and the need for maintaining hygiene are the drivers responsible for the rise in the growth of hand care products during the forecasted years, 2019 to 2025.
The market for hygiene majorly focuses on hand hygiene because of regular usage of hands to touch germs affected and contaminated products. Thus, the World Health Organization has stated that one should follow hand hygiene to reduce the chances of getting infected from germs and viruses. Also, initiatives like “Clean care is safe care” are being undertaken by WHO to raise the standard of maintaining hygiene thereby boosting the market growth for hand care products.
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The hand wash segment held the largest share of 40% in the overall hand care market, in 2018. This share can be contributed to the increase in usage of hand wash among the consumers. According to Simmons National Consumers Survey and Census data of the U.S., 298.63 million population were using liquid hand wash regularly. The segment of hand sanitizer is also anticipated to expand at a CAGR of 4.8% during the years 2019 to 2025. The beauty products segment is also expected to grow significantly owing to the rise in the variety of products to resolve specific problems like skin dryness and skin rashes. For instance, products like sunscreens and moisturizers act as a protection for the skin against the harmful ultraviolet rays.
The online segment of the distribution channel is expected to achieve the highest CAGR over the forecasted period. This growth can be attributed to an increase in the penetration of the e-commerce segment and a rise in the usage of the internet across the globe. For example, the penetration of the e-commerce segment was 51%, in 2019 which is expected to rise to 58.5% till 2023.
The region of Asia Pacific held the largest share for the consumption of hand care products across the globe. This can be attributed to the increase in the population and rising disposable income among the working population. The region of the Middle East and Africa is anticipated to gain the highest CAGR of 5.1% from 2019 to 2025.
The key players are launching various products using natural and organic ingredients to achieve a competitive advantage over other manufacturers. For example, Amway recently launched a liquid handwash that is free from paraben, sulfate and other harmful chemicals.
Further key findings from the report suggest:
• The sanitizer product types are anticipated to register highest CAGR of 4.8% during the forecasted period, 2019 to 2025.
• The segment of Hand wash held the largest share of 40% and is expected to continue its dominance over the forecasted period.
• The supermarkets/ hypermarkets held the largest share in the distribution channel segment. The online mode of distribution channel is expected to witness highest CAGR from 2019 to 2025.
Top Key players profiled the Hand Care market report include : Beiersdorf; Procter & Gamble; Johnson & Johnson Services, Inc.; Unilever; Coty Inc.; and Lynx.
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