Hand Cream and Hand Lotion Global Market Report 2020-30: COVID-19 Growth and Change

Hand Cream and Hand Lotion Global Market Report 2020-30: COVID-19 Growth and Change

  • December 2020 •
  • 200 pages •
  • Report ID: 5995339 •
  • Format: PDF
Major players in the hand cream and hand lotion market are Unilever, Johnson & Johnson, Procter & Gamble, Coty, Beiersdorf, LYNX, Whealthfields Lohmann, Jahwa, and Suave?.

The global hand cream and hand lotion market is expected to decline from $5.11 billion in 2019 to $4.92 billion in 2020 at a compound annual growth rate (CAGR) of -3.63%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $6.69 billion in 2023 at a CAGR of 10.8%.

The hand cream and hand lotion market consists of sales of hand creams and hand lotions and related services. Hand cream and hand lotion are a topical formulation with low to medium viscosity, intended for unbreakable skin application. Many lotions, especially hand lotions and body lotions, are developed simply to smooth, rehydrate and soften the skin.

North America was the largest region in the hand cream and hand lotion market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

In June 2019, Unilever, a London-based consumer good company, acquired Tatcha LLC for $500 million. Through this acquisition, Unilever is widening its portfolio. Tatcha joins brands such as Murad, Dermalogica, REN Clean Skincare, Kate Somerville, Living Proof and Hourglass as part of Unilever’s portfolio. Tatcha LLC is a Japanese anti-aging skincare company.

The hand cream and hand lotion market covered in this report is segmented by type into moisturizing hand lotion; protective hand lotion; repair hand crème; others and by application into adult; baby.

The presence of counterfeit products is a key factor hampering the growth of the hand cream and hand lotion market. Since many users are unaware that the product they are using is a counterfeit, the user will blame the authentic company if the take-off item stops working properly, or it quickly falls apart, or it doesn’t meet their expectations. Retailers, distributors and other organizations that work with companies frequently lose trust in reputable companies because of counterfeiters’ actions. In 2018, more than $27.7 billion was lost annually by counterfeit goods throughout the fashion industry alone, and this issue extends to a multitude of industries. Therefore, the presence of counterfeit products is expected to hinder the growth of the hand cream and hand lotion market.

The hand creams that contain healthy ingredients such as herbs and essential oils that cure and rebuild skin is a key trend in the hand cream and hand lotion market. For instance, the aloe-based hand repair creams made with 60% aloe gel provides deep moisture to the skin for comfortable and soft hands. This cream repairs dry and broken skin and can also be applied to key dry areas of the skin such as knees and elbows. The subtle scent that these natural ingredients leave behind also attracts the use of this cream more frequently.

The increasing habit of frequent hand washing to avoid infections is a key factor driving the growth of the hand cream and hand lotion market. Washing hands regularly and thoroughly is one of the best ways to reduce COVID-19 transmission, as hands are responsible for bringing most bacteria into our respiratory system. Although hand washing and the use of harsh sanitizers are both essential to reduce the spread of the virus, they can have an adverse effect on the skin, causing the hands to feel dry, cracked and sore. Therefore, doctors recommend using hand creams that help maintain the hands nourished, soothe any dry areas and minimize irritation of the skin. Therefore, the drying of hands owing to frequent hand-wash is expected to drive the growth of the hand cream and hand lotion market.