The Demand For Hand Sanitisers Continues To Grow
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:
1. By type
Alcohol-based hand sanitisers are estimated to grow at a faster rate in the forecast period, as the alcohol presence in such products is capable of killing most of the germs, including coronavirus.
2. By form
Gel hand sanitiser contributed to the largest market share in 2019 and is likely to grow at a rate of 10.7% in the forecast period.
Gel hand sanitizers quickly spread on hands and need less time to eradicate germs in comparison to other types of sanitizers.
3. By application
Household purposes is likely to witness the fastest growth rate of 11.8% in the forecast period.
Changing lifestyle trends and growing awareness about hygiene are responsible for the increasing demand for this application.
The report by Fior Markets also sheds more light on the world market space as well as the local market space coupled with an in-depth analytical prospect. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
The North American region dominated the global hand sanitizer market and held the dominant market share of 35.26% in the year 2019.
- The presence of a large number of key market players in the North America region is one of the key factors driving the growth of the market.
In addition to this, high product availability and high awareness about personal safety and hygiene, further boosting the growth of the market in this region.
- Asia Pacific region witnessed rapid growth and projected to grow at the highest CAGR of 9.6% over the forecast period. Increasing awareness about personal hygiene is one of the primary factors is anticipated to boost the market growth in the Asia Pacific region.
In addition to this, rising contagious diseases have led the people to maintain personal hygiene, also fueling the growth of the market.
In the meantime, hand sanitiser manufacturers in Malaysia are also fast to act. Although not as big as the international brands, hand sanitiser manufacturers in Malaysia like MH Multipack also play an important role in fulfilling the demand for hand sanitiser in Malaysia and the neighbouring countries. For more information, feel free to get in touch with our professional staff.