Rising awareness regarding personal hygiene among consumers is the key driving factor of hand soap market. In addition, various hygiene-dedicated programs by government bodies and non-profit organizations have been triggering sales of hand soap.
As per market analysts, the global hand soap market is estimated to witness lucrative CAGR of 6.7% between 2020 and 2030.
In recent years, spread of communicable diseases has increased due to various factors. Onset of COCID-19 has resulted in catastrophic. The diseases is caused due to novel coronavirus. The virus is highly transmissible in nature. The only way to avoid the risk of infection from the virus is wash your hands at regular interval and maintain social distance.
Outbreak of COVID-19 Stimulated Sale of Hand Soap
The outbreak has accelerated demand of hand soap. Stringent regulations and awareness campaigns by celebrities are underpinning adoption of hand soap in day-to-day practice.
The global hand soap market is witnessing demand from both residential and commercial sector. As per data, the household segment holds 70% of the entire hand soap market. On the other hand, medical and clinical applications have also paved tremendous opportunities for key players operating in the global hand soap market.
According to data provided by market analysts, demand for hand soap has escalated in the first quarter of 2020, due to pandemic. The demand trajectory is, most likely, to move in north direction in following months due to threat of the infection.
Lockdown Situation Causing Disruption in Supply Chain of Hand Soap, Restraining Growth of Market
However, lockdown due to pandemic has also resulted in disruption of supply chains. Upsurge in demand for hand soap has shrunk the buffer present around the globe. This, in turn, has created wide demand gap. Tier-1 stakeholders may use the gap as an opportunity and expand their production centers of hand soap across various regions.
On regional basis, Europe, standalone, holds more than 35% of the global hand soap market share. Prominence of the region is attributed to highest number of COVID-19 cases. To be specific, Italy accounts for highest household expenditure on hand soap.
Meanwhile, North America has captured approximately 30% of hand soap market on global level, wherein the U.S. holds more than 50% of the market share, in terms of revenue. The regional market is likely to exhibit moderate CAGR of 6.4% during the forecast period (2020-2030).
Similarly, Asia Pacific hand soap market is predicted to grow at a substantial rate, owing to change in consumer preference for hygiene products. The trend is observed in developing countries such as China, India, Indonesia, and Japan.
At the 2020, surge in demand for hand soap has been observed in Oceania. Further, the demand is likely to remain steady in years to follow.
Global hand soap market is consolidated in nature. Majority of the market share remains with only few players operating in the global market. Lately, new entrants are trying to mark their position in the market. However, they are failing to do so against key players. Some of the prominent consumer’s choice are Dettol of Reckitt Benckiser’s and Unilever’s Lifebuoy among others. Key players such as Johnson & Johnson, Reckitt Benckiser, Henkel, and Unilever are estimated to capture 30-35% of the global hand soap market.
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