Hand Wash Market Business Opportunities to 2027
The global hand wash market size is anticipated to gain impetus from the increasing government initiatives to promote the usage of personal care products. Many regulatory bodies and NGOs are also encouraging the usage of hand wash and sanitizers through social media platforms, websites, print media, television, and radio. This information is given by Fortune Business Insights™ in a recent report, titled, “Hand Wash Market Size, Share & Industry Analysis, By Product (Ordinary Hand Wash and Waterless Hand Wash), End-User (Commercial, Residential, and Industrial), Sales Channel (Pharmacy Stores, Supermarket/ Hypermarket, Online Channels, and Others), and Regional Forecast, 2020-2027.” The report further states that the hand wash market size was USD 2.67 billion in 2019 and is projected to reach USD 4.56 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period.
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Ordinary Hand Wash Segment to Lead Owing to Their High Demand Worldwide
Based on the product, the market is bifurcated into waterless hand wash and ordinary hand washes. Amongst these, the ordinary hand wash segment held 65.11% hand wash market share in 2019. This segment is expected to lead the market throughout the forthcoming years. The growth is attributable to their high demand worldwide as they are capable of providing more bacterial protection and hydration to the skin. These products are available in two forms, namely, liquid and gel. The waterless segment is likely to showcase considerable growth backed by its ability to aid in drying the palms quickly. They are either spray- or foam-based products.
The Asia Pacific to Remain at the Forefront Stoked by Rapid Urbanization
Regionally, the market is segregated into the Middle East and Africa, Europe, Asia Pacific, Latin America, and North America. Amongst these, Asia Pacific generated USD 818.02 million in terms of revenue in 2019 and is set to dominate the market in the coming years. The main reason behind this growth is the rapid urbanization in developing nations, such as India and China. It is thereby, propelling people to adopt hygienic and healthier routines. Also, governmental awareness programs, such as the Swachh Bharat Mission in India would upsurge growth.
Information source: https://www.fortunebusinessinsights.com/hand-wash-market-102846