Hand Cream Market to hit USD 1.43 billion by 2032, says Global Market Insights Inc.
Hand cream industry is projected to witness a CAGR of 6.1% during the period 2024-2032. This growth can be attributed to the increased demand for premium and luxury products.
Selbyville, Delaware, Oct. 21, 2024 (GLOBE NEWSWIRE) --
Hand Cream Market size was valued at USD 842.9 million in 2023 and is projected to grow at 6.1% CAGR from 2024 to 2032. This market has witnessed considerable expansion driven by several key factors.
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One primary catalyst for the progression of the hand cream market is the increasing awareness of hand hygiene, significantly heightened by the global health crisis. As consumers engage in more frequent handwashing and use hand sanitizers, there is a growing demand for hand creams that moisturize while shielding the skin from the drying effects associated with these practices.
In addition, rising disposable incomes and a growing middle-class population worldwide have fueled the demand for personal care products, including hand creams. As consumers' purchasing power increases, they are more inclined to invest in products that elevate their skincare routines. This trend has led to a greater interest in premium and luxury hand creams, with consumers actively seeking items that provide enhanced benefits, advanced formulations, and prestigious branding.
The hand cream market is categorized by product type into natural and synthetic formulations. In 2023, natural products led the market with revenues of USD 526.7 million and are expected to grow at a CAGR of 6.2% over the forecast period. This growth is primarily driven by rising consumer awareness regarding the advantages of natural and organic ingredients. Heightened concerns about synthetic chemicals, along with a growing preference for eco-friendly and skin-safe options, are propelling the shift towards natural formulations.
When analyzing distribution channels, the hand cream market is divided into online and offline segments. Online sales dominated the market in 2023, capturing a substantial 62.6% share. This channel is expected to grow at a CAGR of 6.2% during the forecast period. The convenience and accessibility offered by online platforms enable consumers to purchase hand cream products from the comfort of their homes, unrestricted by geographical barriers. The increase in online shopping is further accelerated by a rise in overall online spending and growing consumer confidence in purchasing personal care products online.
In North America, the hand cream market accounted for approximately USD 165.4 million in 2023 and is anticipated to grow at a CAGR of 6% from 2024 to 2032. The self-care movement has inspired consumers to seek premium hand creams with soothing and nourishing effects, leading to an expanded product variety in the market. Brands are responding to this trend by formulating products with beneficial ingredients to cater to consumers who prioritize effective and high-quality hand care solutions.
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Major players in hand cream market include Avon Products, Inc., Beiersdorf AG, Clarins, Colgate-Palmolive Company, Coty Inc., Johnson & Johnson, Kao Corporation, L'Oréal S.A., LVMH - Sephora, Procter & Gamble Co., Revlon Inc., Shiseido Company, Limited, The Body Shop, The Estée Lauder Companies Inc., and Unilever among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast parameters
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factors affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing awareness of hand hygiene
3.2.1.2 Rising disposable incomes
3.2.1.3 Increased demand for premium and luxury products
3.2.1.4 Increased awareness of skin health
3.2.2 Industry pitfalls & challenges
3.2.2.1 Intense competition
3.2.2.2 Presence of counterfeit products
3.3 Technology & innovation landscape
3.4 Consumer buying behavior analysis
3.4.1 Demographic trends
3.4.2 Factors affecting buying decision
3.4.3 Consumer product adoption
3.4.4 Preferred distribution channel
3.5 Growth potential analysis
3.6 Regulatory landscape
3.7 Pricing analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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