[TREND 4] Huge Increases in Consumer and Professional Hand Care
While the world contends with the COVID-19, there have been strong surges in consumer demand for hand care products. A category that has previously seen comfortable growth, averaging increases of about 4% annually over the last five years, hand sanitizers are now on track to more than double sales in 2020 in the United States alone. Stockpiling and price increases for alcohol-based hand sanitizers are also expected to contribute to the significant sales gains this year.
We’re also seeing unprecedented growth in sales and consumption of professional hand care products, and this is expected to continue for several years. Most I&I end users expect they will spend more on hand care in 2021 than they did in 2020. In 2020, nearly half of the I&I end users we surveyed estimate they spent up to 50% more on hand care, one-third spent twice as much, and only 7% of end users indicate they are spending less. The main reason for spending more on hand care is more frequent hand washing.
Ingredients demand closely follows product consumption trends. Consequently, ingredients such as preservation solutions, emollients, and mild-surfactant products are expected to have sustained if not exceptional global growth due to the heightened use of hand soaps and sanitizers.
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