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Sales are expected to reach more than $3.043 million by the year 2027, which is up from $1.106 million in 2018 with a projected growth rate of 11.9 percent, according to the Global Hand Sanitizer market outlook.
The report takes into consideration that market growth is due to a greater consumer conscience to sanitize and uphold personal hygiene, as well as the convenience of hand sanitizing products.
Alcohol-based sanitizers have been gaining popularity in health care settings against washing with soap and water, the report says.
During the next seven years, gel sanitizer is projected to grow most significantly over other products, as its penetrable formula reportedly kills the most germs. The U.S. is expected to drive most market shares due to the ability to spend on personal care products.
Even though companies like Unilever and Proctor & Gamble continue to be major market players, cross-industry efforts are catching fire with companies like Tito's Vodka and John Paul Mitchell Systems manufacturing their own sanitizing products amid coronavirus.