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Hand Sanitizer Market Expected to Reach $1,755 Million by 2023, CAGR of 9.9% | Key Players are Reckitt Benckiser Group, The Himalaya Drug Company, Procter and Gamble, Gojo Industry Inc., Henkel Corporation, Unilever

06-21-2019 11:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Hand Sanitizer Market Expected to Reach $1,755 Million by 2023,

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.

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.

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.

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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.

Major Players:
• 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.
• Kutol Products Company.

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%.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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