Press release
Hygiene in Focus: South Korea's Hand Sanitizer Market Trends and Projections 2024-2032
South Korea Hand Sanitizer Market
In a recent report by Expert Market Research titled "South Korea Hand Sanitizer Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032," the South Korea Hand Sanitizer market demonstrated its significance by reaching approximately USD 53.55 million in 2023. As we progress into the forecast period of 2024-2032, the industry is poised to witness sustained growth, driven by heightened hygiene awareness and continuous product innovations.
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Elevated Hygiene Concerns and Pandemic Bolstered the Market of Hand Sanitizers
The outbreak of Covid-19 had a detrimental effect on immunity and compelled individuals to enhance their hygiene practices, specifically hand hygiene, creating a massive opportunity for manufacturers to meet the high demand for hand sanitizers in the Korean market. The World Health Organization highly recommended using alcohol-based hand sanitizers as a precaution against COVID-19.
The reopening of educational institutions, offices, hotels and resorts, cafes and restaurants, and other commercial settings further contributed to sanitizer sales in South Korea.
Since frequent handwashing with soap and water for 20-30 seconds is impractical, the acceptance of hand sanitizers among people has increased. This surge has made the hand sanitizer market highly competitive, with pharmaceuticals, chemical industries, perfumeries, breweries, and cosmetics brands producing hand sanitizers to meet the surging demand. The unparalleled demand for hand sanitizers is expected to persist as the 'new normal' for an extended period.
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Pharmaceuticals have secured a significant market share through tie-ups with hospitals and healthcare institutions for sanitizer supply. Simultaneously, cosmetics brands have targeted the general public by continuously innovating products like scented and moisturizing hand sanitizers, intensifying market competition.
Market Segmentation:
Hand sanitizers, additionally known as hand rub, hand disinfectant, or hand antiseptic, are used to put off germs which includes viruses, fungi, micro organism, and other ailment-inflicting pathogens at the pores and skin. These alcohol-based sanitizers are to be had inside the form of gel, liquid, and foam.
Based on product, the South Korea hand sanitizer market can be segmented into:
Gel
Foam
Spray
Others
Based on type, the South Korea hand sanitizer market can be segmented into:
Alcohol-Based Hand Sanitizer
Alcohol-Free Hand Sanitizer
Based on end-use, the hand sanitizer market can be divided into:
Restaurants
Schools
Hospitals
Household Purpose
Others
Based on distributional channel, the South Korea hand sanitizer market is bifurcated into:
Online Stores
Departmental Stores
Pharmacy Stores
Others
Consumer Inclination Towards Skin-Friendly and Sustainable Hand Sanitizers is Compelling the Manufacturers to Invest in Product Development
The South Korean market for hand sanitizers is predicted to develop due to growing purchaser consciousness of health and non-stop product tendencies, such as incorporating scents in sanitizer formulations. The demand for skin-pleasant, sustainable hand sanitizers with herbal components like aloe vera has also steadily increased. The call for for hand sanitizers is surging due to better residing requirements, growing disposable income, and more hygiene cognizance.
Due to increased social media usage and internet penetration, people now prefer products with more natural ingredients. The premiumization of sanitizers is a current trend, with brands like Innisfree gaining attention for their emphasis on vegan-friendly, eco-friendly, and coral-reef-friendly products. As an eco-conscious brand, they are investing more in product packaging by expanding the use of recyclable as well as reusable packaging.
The world's ethanol markets have changed due to the COVID-19 outbreak, leading to a rise in South Korea's domestic demand for hand sanitizers. The market for hand sanitizers is expected to move ahead on a positive trajectory during the forecast period. The convenience of getting these sanitizing products and increased accessibility will further augment their demand in the upcoming years.
Additionally, older adults with medical conditions have been more at risk from this expanding coronavirus pandemic. Businesses are compelled to come up with various hand hygiene and skincare items to effectively meet consumer demands.
Key Players in the South Korea Hand Sanitizer Market
The report provides a detailed analysis of the following key players in the South Korea hand sanitizer market:
Reckitt Benckiser Group plc
3M Co.
Aekyung Industrial Co., Ltd.
DBK Korea Co., Ltd.
Lion Corporation
Others
The comprehensive EMR report offers an in-depth assessment of the South Korea hand sanitizer market based on the Porter's five forces model along with a SWOT analysis.
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