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Hand Wash Market Growth and Industry Dynamics Report 2024
Hand Wash Market Growth
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According to The Business Research Company's, The hand wash market size has grown strongly in recent years. It will grow from $13.31 billion in 2023 to $14.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increasing awareness of hygiene, rise in health and wellness consciousness, urbanization and changing lifestyles, promotion of hand hygiene by health authorities, economic development and increased disposable income.
The hand wash market size is expected to see rapid growth in the next few years. It will grow to $22.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to continued emphasis on hand hygiene, growing concerns about antimicrobial resistance, preference for natural and eco-friendly formulation, health crisis preparedness and response, customization and personalization trends. Major trends in the forecast period include technological advances in hand hygiene solutions, rise in demand for antibacterial and antimicrobial formulations, growing popularity of natural and organic ingredients, innovation in packaging formats, expansion of specialty and niche segments.
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Market Drivers and Trends:
The rising incidence of infectious diseases is expected to propel the growth of the hand wash market going forward. Hygiene consciousness and personnel care refer to the removal of microbes for the prevention of infectious diseases. To prevent bacterial contamination and the spread of germs and viruses, frequent hand washing is necessary, particularly in public places. The communities, commercial units, and residential customers are increasingly investing in hygiene products including hand wash to protect themselves and communities from contagious infectious diseases. For instance, in November 2022, according to the Centers for Disease Control and Prevention, a US-based national public health agency, as of November 2, 2022, the current 7-day average of weekly new cases (39,016) had increased 4.7% over the previous 7-day average. Further, there had been 97,604,763 COVID-19 cases reported in the United States. Furthermore, there are 78 (2.0%) counties, districts, or territories with a high COVID-19 Community Level, 614 (20.1%) counties with a medium Community Level, and 2,525 (77.5%) counties with a low Community Level. Therefore, the rising incidence of infectious diseases is expected to boost demand for hand washes during the forecast period.
Product innovation is a key trend gaining popularity in the hand wash market. Companies operating in hand washing are developing innovative products to strengthen their position in the hand wash market. The companies operating in the hand wash sector are investing continuous efforts to introduce new products for personnel hygiene that can reduce the risk of spreading germs and protect against microbial contamination. For instance, in April 2021, Soapy Care Ltd., an Israel-based hand washes and sanitizer manufacturer, introduced a sink embedded with a new technology known as ""CleanMachine"" to wash and clean hands properly.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Johnson & Johnson Inc., Procter & Gamble Company, Unilever plc, Green People Ltd, 3M Company, Henkel AG & Co. KGaA, Medline Industries Inc., Colgate-Palmolive Company, Reckitt Benckiser Group plc, Kao Corporation, S. C. Johnson & Son Inc., Amway Corporation, Lion Corporation, The Formula Corporation, GOJO Industries Inc., The Honest Company Inc., Seventh Generation Inc., Dr. Bronner's Bros. Inc., Method Products PBC, Babyganics LLC, Kutol Products Company, Attitude Living Inc., EO Products LLC, Faith in Nature Ltd, Bluemoon LLC, The Caldrea Company, Puracy, TY Group Holdings Limited, Tropical Products Inc., Unified Cleaning Group, Ecover NV, Alaffia, Avalon Organics Inc., Bentley Natural Products
Hand Wash Market 2024 Key Insights:
• The hand wash market size is expected to see rapid growth in the next few years. It will grow to $22.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Growing Hand Wash Market Driven By Increased Infectious Diseases
• Rising Popularity Of Innovative Hand Wash Products In Market Trends
• Asia-Pacific was the largest region in the hand wash market in 2023
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