Global Hand Cream Market Grows Steadily at a CAGR of 6.3%

Introduction

High-end hand cream keeps hands moisturized, soft, and smooth for a longer period. Many types of hand cream are available on the market, including repairing hand cream, protective hand cream, hand cream with SPF, scented hand cream, unscented hand cream, and others. The hand cream market is growing exponentially due to increased consumer awareness of the advantages of moisturizing hands after washing and sanitizing them. Additionally, expanding distribution channels, such as online stores, grocery stores, hypermarkets, specialty stores, and others, has increased consumers' access to these hand creams, supporting the market's growth.

Market Dynamics

Growing Understanding of Advantages of Moisturizing Hands Drives the Global Market

Consumer awareness of the value of hygiene and regular hand washing has grown recently. Customers need to know how crucial it is to moisturize their hands after washing them. As they are worried about the adverse effects of frequently using soap on their hands, consumers are now more interested in hand creams that help to moisturize their hands and keep them soft and supple. The need for hand care products has increased due to the dryness that comes from frequent hand washing. The market for hand cream has therefore grown in terms of value sales as a result of this.

Growing Demand for Skincare Products Made with Safe and Sustainable Ingredients Creates Tremendous Opportunities

The demand for transparent manufacturing practices, ingredient labeling by manufacturers, and consumer preferences for hand care products made from natural ingredients have increased the market demand for hand cream made from natural ingredients. Companies like Himalaya are creating various hand cream variants with natural ingredients as consumers continue to adopt sophisticated skincare regimens. As a result, this will present a sizable opportunity for the hand cream market to expand in value sales throughout the forecast period.

Regional Analysis

Asia-Pacific is the highest revenue contributor and is anticipated to grow at a CAGR of 5.6% during the forecast period. In addition to the rest of Asia-Pacific, the analysis of the Asia-Pacific hand cream market includes China, Japan, India, ASEAN, Australia and New Zealand. The need for hand cream in Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. The hand cream market in the Asia-Pacific is expected to grow significantly over the forecast period due to the enormous demand for skin care products and the abundance of hand cream manufacturers in this region. Due to increased consumer knowledge of the advantages of moisturizing hands after washing and sanitizing them during a coronavirus disease outbreak, the demand for hand cream has also increased. The Asian skincare market also gains from the popularity of luxury skincare products, particularly those in the anti-aging category. This is then anticipated to significantly impact the market for anti-aging hand cream during the anticipated period.

North America is anticipated to grow at a CAGR of 7% during the forecast period. The North American hand cream market is collectively studied by Mexico, Canada, and the United States. Due to increased hand washing frequency and growing consumer awareness of the benefits of hand cream, the market in the region is expanding. Customers are becoming more interested in hand cream to keep their hands hydrated due to the coronavirus disease outbreak. This is because frequent hand washing and sanitizing cause the skin on our hands to become dry and rough. This fact significantly affects the growth of the hand cream market in this region in terms of value sales. Additionally, the increased use of smartphones and the internet benefits the e-commerce sector, boosting online sales of local hand cream. Additionally, because consumers in this region are becoming more conscious of their wellness and appearance, manufacturers have released new, inventive, organic, and diverse hand cream variants onto the market. Throughout the forecast, this is anticipated to support market growth in this area.

Key Highlights

• The global hand cream market was valued at USD 484.1 million in 2022. It is expected to reach USD 838.9 million by 2031, growing at a CAGR of 6.3% during the forecast period (2023–2031). 
• Based on product type, the global hand cream market is bifurcated into repair hand cream, anti-aging hand cream, whitening hand cream, and overnight hand cream. The repair hand cream segment is the highest contributor to the market and is expected to grow at a CAGR of 5% during the forecast period.
• Based on demographics, the global hand cream market is bifurcated into male and female. The female segment is the highest contributor to the market and is expected to grow at a CAGR of 5.9% during the forecast period.
• The global hand cream market is bifurcated based on age group into generation x, baby boomers, millennials, and generation z. The generation x segment is the highest contributor to the market and is expected to grow at a CAGR of 5.1% during the forecast period.
• Based on the distribution channel, the global hand cream market is bifurcated into supermarkets/hypermarkets, specialty stores, beauty salons, pharma and drug store, and online store. The supermarket/hypermarket segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.6% during the forecast period.

Competitive Players

Competitive Players

The global hand cream market's major key players are Beiersdorf Ag, Coty Inc., Henkel Corporation, Johnson and Johnson Services, Inc. (J&J), Marks and Spencer Plc., Sanofi Consumer Health Inc., Shanghai Jahwa United Co., Ltd, Shiseido Co., Ltd, The Procter and Gamble Company, and Unilever Plc.

Recent Developments

Market News

• In March 2022, the skin care company Beiersdorf and World-Wide Fund for Nature (WWF Germany) expanded their collaboration and formed a strategic alliance. In addition to focusing on the crucial issue of climate protection, the partnership, which will initially last for three years, also focuses on the fields of regenerative water environments and fully circular resources, helping to promote a circular economy.
• In September 2022, Coty, one of the biggest beauty companies in the world with a recognizable portfolio of brands, expanded its strategic alliance with Cruelty-Free International, the leading international group fighting to end animal testing.

Segmentation

Global Hand Cream Market: Segmentation

By Product Type

• Repair hand cream
• Anti-aging hand cream
• Whitening hand cream
• Overnight hand cream
• Others

By Demographics

• Male
• Female

By Age group

• Millennials
• Generation X
• Baby Boomers
• Generation Z

By Distribution channel

• Supermarket/Hypermarket
• Specialty store
• Beauty Salon
• Pharma and Drug store
• Online store

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA