Market Insights Health OTC Pharmaceuticals

Hand Sanitizer - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue generated in the Hand Sanitizer market market is estimated to be US$3.26m in 2024.
It is projected that the market will experience an annual growth rate of 0.06% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States leads in terms of revenue with US$643.50m in 2024.
In terms of per person revenues, in Sri Lanka generates US$0.15 in 2024, taking into account the total population figures.
Despite the recent surge in demand for hand sanitizers in Sri Lanka, local manufacturers are struggling to keep up with the increasing consumer needs.

Key regions: Germany, Europe, United States, Brazil, India

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Analyst Opinion

The Hand Sanitizer market in Sri Lanka has experienced significant growth in recent years, driven by changing consumer preferences and increased awareness of the importance of hand hygiene.

Customer preferences: Customers in Sri Lanka have shown a strong preference for hand sanitizers that are effective in killing germs and bacteria. They are particularly interested in products that contain ingredients such as alcohol, which is known for its antimicrobial properties. Additionally, customers are looking for hand sanitizers that are gentle on the skin and do not cause dryness or irritation. With the COVID-19 pandemic, there has been a surge in demand for hand sanitizers with higher alcohol content as customers prioritize the effectiveness of the product in killing the virus.

Trends in the market: One of the key trends in the Hand Sanitizer market in Sri Lanka is the increasing popularity of natural and organic hand sanitizers. Customers are becoming more conscious of the ingredients used in the products they use and are seeking out natural alternatives. This trend is driven by the growing awareness of the potential health risks associated with certain chemicals found in traditional hand sanitizers. As a result, manufacturers are introducing hand sanitizers that are made from plant-based ingredients and free from harsh chemicals.Another trend in the market is the rising demand for portable and travel-friendly hand sanitizers. As people become more mobile and travel frequently, they are looking for hand sanitizers that can be easily carried in their bags or pockets. This trend has led to the introduction of compact and lightweight hand sanitizer packaging that is convenient for on-the-go use.

Local special circumstances: Sri Lanka has a tropical climate, which can contribute to the spread of germs and bacteria. The warm and humid weather creates conditions that are favorable for the growth and transmission of pathogens. As a result, there is a higher risk of infections and diseases, making hand hygiene a top priority for Sri Lankan consumers.

Underlying macroeconomic factors: The Hand Sanitizer market in Sri Lanka is also influenced by macroeconomic factors such as population growth, urbanization, and increasing disposable income. The country has a growing population, with a significant proportion of the population living in urban areas. Urbanization and a rising middle class have led to increased awareness and demand for personal care and hygiene products, including hand sanitizers. Additionally, the increasing disposable income has made hand sanitizers more affordable and accessible to a larger segment of the population.In conclusion, the Hand Sanitizer market in Sri Lanka is experiencing growth due to changing customer preferences, including a preference for effective and gentle products, as well as the rising popularity of natural and organic options. The market is also influenced by local special circumstances, such as the tropical climate, which increases the importance of hand hygiene. Furthermore, underlying macroeconomic factors, such as population growth, urbanization, and increasing disposable income, are driving the demand for hand sanitizers in the country.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.