Market Insights Health OTC Pharmaceuticals

Hand Sanitizer - South Korea

South Korea

In 2024, the revenue in the Hand Sanitizer market market in South Korea amounts to US$70.23m.
It is projected to experience an annual growth rate of 5.06% (CAGR 2024-2029).
When compared to other countries, the in the United States generates the highest revenue in this market, reaching US$643.50m in 2024.
Furthermore, in terms of per capita revenue, each individual in South Korea generates US$1.36 in 2024.
The demand for hand sanitizers in South Korea has surged due to increased awareness of personal hygiene amidst the COVID-19 pandemic.

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

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Analyst Opinion

The Hand Sanitizer market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In South Korea, there has been a growing awareness and concern about personal hygiene, especially in the wake of the COVID-19 pandemic. As a result, consumers are increasingly prioritizing the use of hand sanitizers as a preventive measure against the spread of germs and viruses. The convenience and portability of hand sanitizers have also contributed to their popularity among consumers, who are often on the go and require a quick and effective solution for hand hygiene.

Trends in the market: One of the key trends in the Hand Sanitizer market in South Korea is the rising demand for natural and organic products. Consumers are becoming more conscious about the ingredients used in hand sanitizers and are seeking products that are free from harsh chemicals and artificial fragrances. This trend aligns with the overall shift towards clean and green beauty products in the country.Another trend in the market is the increasing availability of hand sanitizers in various formats and packaging options. Manufacturers are introducing innovative packaging designs, such as pocket-sized bottles, spray bottles, and even hand sanitizer wipes, to cater to the diverse needs and preferences of consumers. This trend reflects the growing demand for convenience and ease of use.

Local special circumstances: South Korea has a unique cultural context that has influenced the Hand Sanitizer market. The country has a strong emphasis on cleanliness and hygiene, which is deeply ingrained in its society. This cultural aspect has contributed to the high demand for hand sanitizers, as consumers strive to maintain personal hygiene and prevent the spread of diseases.Additionally, South Korea has a high population density, especially in urban areas. This has led to a greater need for hand sanitizers, as people come into contact with more surfaces and individuals on a daily basis. The convenience and effectiveness of hand sanitizers make them a practical solution for maintaining hygiene in crowded environments.

Underlying macroeconomic factors: The Hand Sanitizer market in South Korea has also been influenced by macroeconomic factors. The country has a strong healthcare system and a proactive approach towards public health. This has led to increased government initiatives and campaigns promoting hand hygiene, which in turn has created a favorable environment for the growth of the hand sanitizer market.Furthermore, South Korea is known for its advanced technology and innovation in various industries, including personal care. This has facilitated the development of high-quality hand sanitizers that meet the evolving needs and preferences of consumers. The presence of established local manufacturers and international brands in the market has also contributed to its growth and competitiveness.In conclusion, the Hand Sanitizer market in South Korea is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for natural and organic products, innovative packaging options, and the cultural emphasis on hygiene are driving the market forward. Additionally, government initiatives and the country's advanced technology have created a favorable environment for the growth of the hand sanitizer market in South Korea.

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.