Exiting growth ahead of us!
According to the latest, and exciting, hand wash Global Market Report 2023, The global hand wash market grew from $12.22 billion in 2022 to $13.23 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hand wash market is expected to grow to $19.02 billion in 2027 at a CAGR of 9.5%.
The rising incidence of infectious diseases is expected to propel the growth of the hand wash market going forward. Hygiene consciousness and personnel care refer to the removal of microbes for the prevention of infectious diseases.
To prevent bacterial contamination and the spread of germs and viruses, frequent hand washing is necessary, particularly in public places. The communities, commercial units, and residential customers are increasingly investing in hygiene products, including hand washing to protect themselves and their communities from contagious infectious diseases.
For instance, in November 2022, according to the Centres for Disease Control and Prevention, a US-based national public health agency, as of November 2, 2022, the current 7-day average of weekly new cases (39,016) had increased by 4.7% over the previous 7-day average. Further, there have been 97,604,763 COVID-19 cases reported in the United States. Furthermore, there are 78 (2.0%) counties, districts, or territories with a high COVID-19 Community Level, 614 (20.1%) counties with a medium Community Level, and 2,525 (77.5%) counties with a low Community Level. Therefore, the rising incidence of infectious diseases will boost demand for hand washes during the forecast period.
Product innovation is a key trend gaining popularity in the hand wash market. Companies operating in hand washing are developing innovative products to strengthen their position in the hand wash market.
The companies operating in the hand wash sector are investing continuously to introduce new products for personnel hygiene that can reduce the risk of spreading germs and protect against microbial contamination. For instance, in April 2021, Soapy Care Ltd., an Israel-based hand washes and sanitizer manufacturer, introduced a sink embedded with a new technology known as “CleanMachine” to wash and clean hands properly.
Link to the original YAHOO FINANCE Publication
Hand Wash Global Market Report 2023
