The size of the Asia Pacific Hand Sanitizer Market is expected to record a compound annual growth rate (CAGR) of 15.22% during the forecast period of 2023-2028.
Market Overview:
The Asia Pacific Hand Sanitizer market is likely to register a compound annual growth rate (CAGR) of 12.8% during the outlook period of 2020-2025 owing to the factors such as improving living standards, higher disposable income, and other supporting aspects. In general, Hand sanitizer is an antiseptic solution that can be used as an alternative to soap and water to prevent the transmission of infections, which happen through hands and cause several diseases like nosocomial foodborne illness and others.
Market Drivers:
One of the major driving factors that help the growth of the Asia Pacific Hand Sanitizer market is the increasing awareness programs by the government organizations regarding the use of alcohol-based sanitizers to fight the coronavirus pandemic in this area. The increasing prevalence of the COVID-19 pandemic in the Asia Pacific region, especially in the countries such as India, Japan, and China, is another major growth factor in the Asia Pacific Hand Sanitizer market. Rising awareness regarding the importance of hygiene and sanitization across the area especially in India and China is also one of the major growth factors of the Hand Sanitizer market in the Asia Pacific region.
Market Challenges:
Availability of cheap and duplicate hand sanitizers and health hazards associated with chemical ingredients that are used in the hand sanitizers are the major growth affecting factors of the Asia Pacific Hand Sanitizer market.
Market Segmentation:
Among these, the departmental store segment holds the major share of the market since most of the customers prefer to purchase from stores such as supermarkets and hypermarkets because these stores offer attractive discounts to the customers helping the market to grow.
The gel-based products segment holds the major share of the market among the other segments as these are easily available in the market and also require less time to eradicate the germs effectively than any other segments. Among the other segments, the foam-based segment is expected to increase the market value as they immediately cling to hands while applying and these are smaller than compared to other products such as gel or spray pumps which will act as a convenient option for the consumers.
Market Regional Analysis:
China holds the major share of the market owing to the increased number of cases across the nations since the virus was first identified. Increasing usage of hand sanitizers to eradicate the spread of the virus, especially in countries such as India, China, etc., further promotes the growth of the market of hand sanitizers in the Asia Pacific.
Asia Pacific region was affected a lot more due to the coronavirus pandemic than any other region since the virus was discovered first in Wuhan city of China. Since then the virus spread across all parts of the world, especially with the greatest number of cases recorded in the Asia Pacific region in countries such as India, China, etc. COVID-19 has impacted all sectors like restaurants, manufacturing units, flights, traveling, and so many sectors to halt their services. This pandemic has affected the business mainly in 3 ways, directly affecting production, creating supply chain and market disturbance, and financially. The government authorities have already lifted the lockdown in most of the countries and also gave permission for the manufacturing companies to start their businesses with strict rules and regulations.
Asia Pacific Hand Sanitizer market has increased at an impeccable rate during the COVID-19 pandemic as there is increasing in usage of hand sanitizers in India, and China and also an increase in awareness activities by the government authorities regarding hygiene conditions and the use of hand sanitizers. As per the analysis, industry experts are predicting that the market will increase much further with increasing of coronavirus cases, especially in India, where the virus has affected more and also with an increase in the death rate as well.
Market Key Players:
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