"Sustain your Business Growth from the Impact of COVID-19 Pandemic."
The impact of COVID-19 on hand sanitizer market is expected to be on a strong foot fold as there is an increasing demand for the product across the globe.
The COVID-19 outbreak has reflected a huge uptick in the demand for personal hygiene products such as hand sanitizers, tissue papers, soaps, hand wash, and others across the globe. Several industry players are boosting up their production capacity and enhancing their supply chains to meet the sudden spike in the demand for these products. As of 28th April 2020, there were around 3.04 million cases and 211 thousand deaths resulting from the COVID-19 outbreak. The pandemic has resulted in an exponential growth in the demand for personal hygiene products, whereas several other players are undergoing a tough time as there has been no distribution in the market and consequently, the production has also been shut down. However, many companies are eagerly waiting for the government’s approval to resume factory operations.
Based on the analysis of Fortune Business Insights, the short-term impact of COVID-19 is expected to cause a tremendous rise in the annual growth rate of the global hand sanitizer market from 5.06% to 45.71% in 2020. The market was projected to be worth USD 1.35 billion in 2020 before the outbreak of this infectious disease, is now expected to generate USD 1.87 billion this year.
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Impact on Demand
The hit of COVID-19 has tremendously impacted the operations of several key players. Due to the sudden spike in the cases of COVID-19, there has been a rapid surge in the demand for hand sanitizers across countries such as the U.S., Italy, Spain, the U.K., and others. As the virus is spreading rapidly, people across the globe have started to panic-buy hand sanitizers as preventive measures. For instance, in February 2020, it is estimated that the Y-o-Y growth of hand sanitizer in the U.K. was over 250%, whereas in Italy, it was observed to be 1800%. In addition to this, in the U.S., the M-o-M was over 1,380% from December 2019 to January 2020.
Impact of Supply Chain and Price
Owing to the sudden increase in the demand for hand sanitizers from the past few months, most of the retailers and chemist stores have run out of stock. Furthermore, to meet the shortage needs, most of the other manufacturing companies are struggling hard to manufacture this product and meet the consumers’ demand. For instance, in April 2020, John Distilleries, an Indian whiskey maker has announced the production of alcohol-based hand sanitizers to overcome the short supply of the product. Similarly, NIVEA India, a leading skincare brand has started utilizing this factor in India for producing hand sanitizers to fight against the COVID-19 virus.
However, retail stores are running out of stock due to the large quantity of buying by consumers. Some of the retailers in the U.S. and the U.K. have brought their limit on the maximum purchase quantity per person to two, in order to fulfill the needs of as many people as possible. For instance, prominent companies such as Unilever (Lifebuoy) and Reckitt Benckiser (Dettol) are trying hard to invest in the supply chain to prevent shortages. Moreover, there is a huge impact on the prices through online channels, such as eBay and Amazon where vendors have hiked the prices of the essential products.
Consumers Are Shifting Towards Alternative Products
Most consumers across the globe are experiencing a shortage of hand sanitizers for the last few days. So they are switching towards alternative products such as soaps and hand washes to prevent the COVID-19 outbreak. According to the Centres of Disease Control and Prevention (CDC), washing hands with soap and water for 20 seconds can deal with the prevention of the spread of infection. Therefore, the availability of excessive alternative products is anticipated to impact the revenue generated from the hand sanitizer market.
An Infographic Representation of Impact of COVID-19 on Hand Sanitizer Market
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“ Demand for alcohol-based hand sanitizers is at a high peak as they are more effective for germs protection.”
The Alcohol-based Sanitizer Market was USD 828.07 million in 2019 and accounted for around 64% of the Hand Sanitizer Market
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Alcohol-based hand sanitizers play a significant role in preventing the major disease spreading microorganisms and it leads the global hand sanitizer market. This type of sanitizer contains different amounts and types of alcohol such as isopropyl alcohol, ethanol (ethyl alcohol), or n-propanol ranging between 60% and 90%. For instance, the Center for Disease Control and Prevention (CDC) has recommended going for alcohol-based hand sanitizers for hand hygiene during the COVID-19 pandemic, as alcohol is well-known to be able to kill most of the germs. Additionally, most of the players have paused their businesses and started producing sanitizers as a prevention measure. For instance, in March 2020, the American whiskey industry, along with the other alcohol industries such as craft breweries have halted beverage production and started manufacturing alcohol-based hand sanitizers.
Markets Exhibiting Significant Traction due to the Impact of COVID-19 Outbreak
“The COVID-19 Outbreak Has Resulted in Boundless Opportunity for Small and Medium Scale Businesses”
The COVID-19 crisis has exponentially surged the demand for hand sanitizers. This scenario has led several companies such as liquor, skincare, beauty products, agriculture, and others to start making hand sanitizer to meet the needs. Therefore, several key players are obtaining a strong foot fold in the market during the period of COVID-19.
The report provides a detailed qualitative and quantitative analysis on the level of impact of COVID-19 on major hand sanitizer manufacturers along with the measures taken by these companies to minimize the impact.
“The North America Hand Sanitizer Market value stood at USD 485.59 million in 2019 and accounted for around 38% of the Global Market”
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The level of impact of the COVID-19 outbreak will vary across regions as well as the level of exposure experienced by different regions and countries will depend on various factors such as:
The report provides a detailed analysis on the level of impact of COVID-19 across different regions/countries by taking these factors into consideration.
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