The growing demand for wellness and health products with a rising rate of diseases has increased the demand for hand sanitizer market.
The demand for hand sanitizers seems to be ever increasing, with the health crisis growing rapidly across the globe. With the outbreak of the global pandemic, the need for hand sanitizers has quadrupled and an increase in the overall growth of 16X from December 2019 to March 2020. In addition, to prevent the infectious diseases many people prefer hand sanitizers, further contributing to the growth of the market.
The FDA recently issued an updated version of its guidance originally released in March 2020 in response to a number of queries from entities that are not currently licensed or registered drug manufacturers that would like to prepare alcohol-based hand sanitizers, either for public distribution or for their own internal use. The Agency is issuing this guidance to communicate its policy for the temporary preparation of certain alcohol-based hand sanitizer products by firms that register their establishment with FDA as an over-the-counter (OTC) drug manufacturer, re-packager or re-labeler to prepare alcohol-based hand sanitizers under the circumstances described in this guidance (“firms”) for the duration of the public health emergency declared by the Secretary of Health and Human Services (HHS) on January 31, 2020, including any renewals made by the HHS Secretary in accordance with section 319(a)(2) of the Public Health Service Act (PHS Act) (42 U.S.C. 247d(a)(2)). At such time when the public health emergency is over, as declared by the Secretary, FDA intends to discontinue this enforcement discretion policy and withdraw this guidance.
As per a report published by Fior Markets, the global hand sanitizer market is expected to grow from $1.2 billion in 2019 to $2.14 billion by 2027, at a CARG of 7.5 percent during the forecast period 2019–2027. The hand sanitizer market is witnessing the exponential growth from the past few years. With the outbreak of global pandemic coronavirus in the year 2019, the sales of hand sanitizers swelled across every region in the world, which led to the shortage of hand sanitizers across the globe. Active companies in the markets this week include Nu Skin Enterprises.
Nu Skin recently announced first-quarter 2020 results above guidance. “The efforts and resiliency of our sales leaders and global teams helped us achieve revenue and earnings above guidance in the first quarter,” said Ritch Wood, chief executive officer. “While COVID-19 continues to present significant challenges globally, we are grateful for the heroic efforts of healthcare workers, first responders and other essential workers around the world. From a Nu Skin perspective, our entire organization has mobilized to protect the health and safety of our teams and ensure business continuity for our customers. As a result, we have been able to maintain support for our sales leaders, leverage our supply chain to meet consumer demand for our products and utilize technology to facilitate remote work for both our sales leaders and employees.”
