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Global Hand Cream Market Insights
Global Hand Cream Market size was valued at USD 416 million in 2021 and is poised to grow from USD 434.4 million in 2022 to USD 623.3 million by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).
Hand cream is a body care product made up of using water, triethanolamine, propylene glycol, stearic acid, methyl stearate, lanolin, and mineral oil. It helps to prevent dryness, fight the indications of premature aging, increase moisture levels and skin smoothness, and protect against UV exposure, which promotes cracking and pigmentation. It also helps to reduce the clinical symptoms of irritant contact dermatitis, and its sales are increasing worldwide. The hand cream is easily available in the market through various distribution channels including online stores, supermarkets, and specialty stores. The increasing habit of frequent hand washing to avoid infections is one of the best ways to reduce COVID-19 transmission. Therefore, doctors recommend using hand creams that help keep the hands nourished, and minimize irritation of the skin.
The increase in the number of working women worldwide and the increase in spending on premium skin care products are driving market growth. Also, increasing consumer awareness about moisturizing hands after hand washing and sanitization is helping in the growth of the hand cream market. Growing demand for skin care products with safe and sustainable ingredients, with the rapid expansion of online retail platforms is expected to expand the market. The high market price of hand cream is expected to hamper the market growth. The availability of counterfeit products is a major challenge for the expansion of the hand cream market. Many users do not know that the product they are using is a counterfeit product. Because of counterfeit products, retailers and distributors lose faith in reputable companies. Consequently, the availability of fake products is expected to hamper the growth of the hand cream market.
Global Hand Cream Market Segmental Analysis
Global hand cream market is segmented on the basis of demographics, distribution channel, product type, age group, and region. On the basis of demographics, global hand cream market is segmented into, male and female. On the basis of distribution channel, global hand cream market are segmented into, supermarket, speciality store, beauty salon, pharma & drugs store and online store. By Product Type, the Hand Cream Market is segmented into moisturizing hand creams, anti-aging hand creams, healing hand creams, and Others. By Age Group, Hand Cream Market is segmented into Generation X, Baby Boomers, Millennials, Generation Z. On the basis of region, global hand cream market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Hand Cream Market Analysis by Demographics
On the basis of demographics, global hand cream market is segmented into male and female. The female segment accounted for the largest revenue share of global hand cream market and is expected to grow at fastest CAGR during forecast period. Around 39% of the world’s working population is women. The growing population of working women is the major factor driving the growth of the market. Women are major consumers of hand cream products and working women also lead the purchasing power of expensive and premium hand cream products.
Hand Cream Market Analysis by Distribution Channel
On the basis of distribution channel, global hand cream market are segmented into, supermarket, speciality store, beauty salon, pharma & drugs store and online store. The supermarket store segment accounted for largest revenue share of global hand cream market and is expected to grow at significant CAGR during forecast period. The supermarket store offers a variety of brands in the hand cream product range, giving consumers more options to purchase a variety of hand creams from different brands as per their preferences. Supermarket shop staff provides customers with detailed information about the variety of different brands of products as well as the skin benefits of hand creams.