Market Insights Health OTC Pharmaceuticals

Hand Sanitizer - Nigeria

Nigeria

In Nigeria, the revenue generated in the Hand Sanitizer market market in 2024 amounts to US$13.09m.
It is projected that the market will experience an annual growth rate of 12.20% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States generates the highest revenue in this market, with US$643.50m in 2024.
In terms of per person revenues, in Nigeria, each individual generates US$0.06 in 2024.
The demand for hand sanitizers in Nigeria has skyrocketed due to increased awareness of hygiene practices and the ongoing COVID-19 pandemic.

Key regions: Australia, Germany, United States, China, Japan

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Analyst Opinion

The Hand Sanitizer market in Nigeria has experienced significant growth in recent years, driven by increasing consumer awareness of the importance of hand hygiene and the need for effective sanitization.

Customer preferences: Customers in Nigeria have shown a strong preference for hand sanitizers that are convenient to use and offer long-lasting protection. They value products that are easy to carry and can be used on-the-go, especially in crowded public spaces. Additionally, customers are increasingly seeking hand sanitizers that are gentle on the skin and do not cause dryness or irritation.

Trends in the market: One of the key trends in the Hand Sanitizer market in Nigeria is the rising demand for natural and organic products. Consumers are becoming more conscious of the ingredients used in hand sanitizers and are opting for products that are free from harsh chemicals and artificial fragrances. This trend is driven by a growing awareness of the potential health risks associated with certain chemical ingredients.Another trend in the market is the increasing availability of hand sanitizers in various formats and sizes. Manufacturers are introducing innovative packaging designs and travel-friendly sizes to cater to the diverse needs of consumers. This trend is fueled by the rising demand for portable hand sanitizers that can be easily carried in pockets, purses, or backpacks.

Local special circumstances: Nigeria has a large population and is experiencing rapid urbanization, leading to increased demand for hand sanitizers. Urban areas, in particular, have a higher concentration of people and are more prone to the spread of infectious diseases. As a result, there is a greater need for hand sanitizers to maintain proper hand hygiene and prevent the transmission of germs.

Underlying macroeconomic factors: The Hand Sanitizer market in Nigeria is influenced by various macroeconomic factors. One of the key drivers is the increasing disposable income of the population. As people have more money to spend, they are willing to invest in personal hygiene products such as hand sanitizers. Additionally, the growing middle class in Nigeria is becoming more health-conscious and is willing to spend on products that promote well-being.Another macroeconomic factor is the impact of the COVID-19 pandemic. The outbreak of the virus has heightened awareness of the importance of hand hygiene and has led to a surge in demand for hand sanitizers. This has created opportunities for both local and international manufacturers to expand their presence in the Nigerian market.In conclusion, the Hand Sanitizer market in Nigeria is witnessing significant growth due to increasing consumer awareness, changing preferences, and favorable macroeconomic factors. The demand for convenient and skin-friendly hand sanitizers, along with the rising popularity of natural and organic products, are driving the market forward. The large population and urbanization in Nigeria also contribute to the growing demand for hand sanitizers.

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.