Hand Cream Market to Garner $655.6 Mn, Globally, by 2027 at 6.2% CAGR, Says Allied Market Research

Growing awareness of moisturizing hand after handwash, product innovation, and rise in working women population drive the growth of the global hand cream market.

PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hand Cream Market by Product Type (Repair Hand Cream, Anti-Aging Hand Cream, Whitening Hand Cream, Overnight Hand Cream and Others), Demographics (Male and Female), Age Group (Baby Boomers, Millennial, Generation X, and Generation Z), and Sales Channel (Supermarket/Hypermarket, Specialty Stores, Beauty Salon, Pharma & Drug Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global hand cream industry was pegged at $336.2 million in 2019, and is projected to reach $655.6 million by 2027, growing at a CAGR of 6.2% from 2021 to 2027.

Major determinants of the market

Rise in awareness about moisturizing hands after handwash, product innovation, and rise in working women population drive the growth of the global hand cream market. However, high price of hand cream hampers the market growth. On the contrary, surge in demand for skincare products with safe & sustainable ingredients and rapid growth of the online retail platform are expected to create lucrative opportunities for the market players in the future.

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COVID-19 scenario:

• Since the Covid-19 pandemic, consumers across the globe have become aware of moisturizing their hands after hand wash or sanitizing in order to provide moisture and hydration to their hands.
• However, lack of labors and prolonged lockdown across various countries have created a supply-demand gapand disrupted the supply chain.

The repair hand cream segment held the lion's share

By product type, the repair hand cream segment dominated the market in 2019, accounting for around one-fourth of the global hand cream market, owing torise in consumer awareness aboutmaintaining hygiene and increased use of hand creams to treat skin irritation caused by frequent use of hand sanitizers. However, the anti-aging hand cream segment is expected to manifest the highest CAGR of 7.5% during the forecast period, due togrowing physical appearance consciousness among consumers across the globe.

The online storesegment to manifest the highest CAGR through 2027

By distribution channel, the online store segment is anticipated to manifest the highest CAGR of 8.0% during the forecast period, owing to rise in popularity of online platforms for purchase of cosmetics and personal care products including hand cream among the customers.However, the supermarket/hypermarket segment held the largest share in 2019, accounting for more than one-fourth of the global hand cream market, due toavailability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings.

Asia-Pacific, followed by North America, dominated the market

By region, the market across Asia-Pacific, followed by North America, held the largest share in 2019, contributing to more than half of the total revenue, owing to huge demand for skincare products and presence of many manufacturers of hand cream in the region. Moreover, the global hand cream market across LAMEA is expected to register the highest CAGR of 7.2% during the forecast period. This is due toincreased awareness of hygiene and rise in people suffering from skin hydrationin the region.

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Major market players

• Unilever
• Johnson & Johnson
• Philosophy INC.
• Beiersdorf
• Procter & Gamble
• Sanofi Consumer Health Inc.
• Shanghai Jahwa United Co., Ltd
• Marks and Spencer plc.
• Henkel AG & Co.

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