The coronavirus has created a desperate need for many products, including face masks and hand sanitisers. Key among them is hand sanitiser, a product that is currently in huge demand, and massive growth is forecast in the coming years.
Alcohol-based hand sanitisers have proven to be effective in killing human disease-causing pathogens like bacteria, viruses, and fungi.
Because most people prefer hand sanitiser to prevent infectious diseases, especially during the Covid-19 pandemic, it has caused an increased demand for the product. Another factor driving the growth of the market is the increase in awareness about personal hygiene among the people.
And hand sanitiser manufacturers in Malaysia are increasing their production to satisfy the need of both the local and global markets. As a result, a surge in the demand for small plastic bottles and bottle capping machines in Malaysia is expected.
According to Fior Markets Report, the global hand sanitiser market is expected to grow from USD 1.2 billion in 2019 to USD 2.14 billion by 2027, at a CAGR of 7.5% during the forecast period of 2019-2027. The report further stated that hand sanitisers had seen an exponential increase by 1400% from the period of December 2019 to February 2020.
During the MCO period in Malaysia, most of the hand sanitisers in the pharmacies and supermarkets were sold out. Also, most online stores were either out of stock or available at an outrageous price.
The increase in prices was due to the high demand and shortage of the product. The companies that produced hand sanitisers industrially had also increased wholesale prices by almost 70%.
Key reports from Globe News Wire suggests the following distinctions between hand sanitisers: