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Global Hand Cream and Lotion Market Insights and Projections 2024
Hand Cream and Lotion Market Insights
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According to The Business Research Company's, The hand cream and hand lotion market size has grown strongly in recent years. It will grow from $7.8 billion in 2023 to $8.53 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to skin health awareness, changing consumer preferences, seasonal demand, fashion and beauty trends, healthcare professional recommendations, marketing and branding strategies.
The hand cream and hand lotion market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to ingredient transparency and sustainability, customization and personalization, natural and clean beauty movement, hygiene awareness and health concerns, packaging and sustainability solutions. Major trends in the forecast period include inclusion of cb*d and botanical extracts, innovative application methods, multifunctional products, aromatherapy and fragrance diversity, targeted solutions.
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Market Drivers and Trends:
The increasing habit of frequent hand washing to avoid infections is a key factor driving the growth of the hand cream and hand lotion market. Washing hands regularly and thoroughly is one of the best ways to reduce COVID-19 transmission, as hands are responsible for bringing most bacteria into our respiratory system. Although hand washing and the use of harsh sanitizers are both essential to reducing the spread of the virus, they can hurt the skin, causing the hands to feel dry, cracked, and sore. Therefore, doctors recommend using hand creams that help keep the hands nourished, soothe any dry areas, and minimize irritation of the skin. Therefore, the drying of hands owing to frequent hand washing is expected to drive the growth of the hand cream and hand lotion market.
Hand creams that contain healthy ingredients such as herbs and essential oils that cure and rebuild skin are a key trend in the hand cream and hand lotion market. For instance, the aloe-based hand repair creams made with 60% aloe gel provide deep moisture to the skin for comfortable and soft hands. This cream repairs dry and broken skin and can also be applied to key dry areas of the skin, such as knees and elbows. The subtle scent that these natural ingredients leave behind also encourages the use of this cream more frequently.
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Major Key Players of the Market:
Johnson & Johnson, Procter & Gamble Company, Unilever plc, L'Oréal SA, Henkel AG & Co. KGaA., Colgate-Palmolive Company., Estée Lauder Companies Inc., Kao Corporation, Beiersdorf Ag, Amway Corporation, Shiseido Company Limited, Natura & Co Holding SA, LG Household & Health Care Ltd., Coty Inc., Neutrogena Corporation, Galderma SA, Amorepacific Corporation, Avon Products Inc., Mary Kay Inc., Yves Rocher International, Revlon Inc., Jahwa Group Co. Ltd., Oriflame Holding AG, Whealthfields Lohmann GmbH & Co. KG, Body Shop International Limited, Weleda AG, LYNX International Ltd., Burt's Bees Inc., Clarins Group, Jurlique International Pty Ltd., Crabtree & Evelyn Ltd., Aveeno, O'Keeffe's Company
Hand Cream and Hand Lotion Market 2024 Key Insights:
• The hand cream and hand lotion market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Sustained Increase In Hand Washing Fuels Demand For Hand Creams And Lotions
• Increasing Focus On The Use Of Herbs And Essential Oils To Gain A Competitive Edge
• North America was the largest region in the hand cream and hand lotion market in 2023
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