Hand Care Market Size Is Anticipated To Reach USD 16.9 Billion by 2025
The global hand care market size is anticipated to reach USD 16.9 billion by 2025,expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. The market is driven by increasing health, hygiene, and wellness concerns, risks of communicable diseases, rise in health expenditure, and change in lifestyle.
The market finds vast applications, majorly focusing on hand hygiene. According to WHO, the primary measure to reduce infections is hand hygiene. Moreover, challenges like “Clean Care is Safer Care” by WHO to improve and promote hygiene practices and standards are contributing to the growth of the hand care market.
In 2018, the hand wash segment held the largest share of over 40.0% owing to its benefits of providing basic hygiene. Based on the U.S. Census data and Simmons National Consumer Survey (NHCS), 298.63 million Americans used liquid hand wash. The sanitizer segment is expected to expand at a CAGR of 4.8% over the forecast period due to its hassle free use. The beauty products market is also expected to witness significant growth over the next few years due to availability of a large variety of care solutions catering to specific problems. These products include moisturizers and sunscreens. For instance, a new e-commerce startup named Public Goods, which deals in hand care products with natural and organic products, have moisturizers and sunscreens to protect the skin.
On the basis of distribution channel, the online segment is anticipated to expand at the highest CAGR over the forecast period. The growth is a result of high penetration of e-commerce and usage of smart phones. For instance, the user penetration of e-commerce was 51.0% in 2019 and is expected to hit 58.5% in 2023.
Asia Pacific held the largest share due to high product consumption, majorly hand creams. The Middle East and Africa is expected to exhibit the highest CAGR of 5.1% during the forecast period owing to increasing demand.
Leading players of the market include Unilever; Procter & Gamble; Johnson & Johnson Services, Inc.; PHILOSOPHY, INC.; Coty Inc.; Beiersdorf; Lynx; Whealthfields Lohmann; and Jahwa. Companies are focusing on product launches, natural and organic product development, and adding soothing fragrances in order to gain competitive advantage over others. For instance, Amway India launched “Persona Germ Protection and Moisturizing” liquid hand wash, which is free from widely used preservatives like sulphate, paraben, and triclosan.
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Further key findings from the study suggest:
• On the basis of product type, the sanitizer segment is expected to exhibit the highest CAGR of 4.8% over the next few years. Hand wash held the largest share of more than 40.0% in 2018 and is expected to maintain its share in the coming years
• Hypermarket & supermarket accounted for the largest share in terms of revenue among the distribution channels. The online segment is estimated to expand at the highest CAGR over the forecast period
• Various manufacturers are concentrating on new product launches, organic and natural ingredients, and product innovation to gain competitive advantage.
Grand View Research has segmented the global hand care market on the basis of product type, distribution channel, and region:
Hand Care Product Type Outlook (Revenue, USD Billion, 2015 – 2025)
• Beauty Product
• Hand Wash
Hand Care Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
• Supermarket & Hypermarket
• Specialty Stores
Hand Care Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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