Hand Sanitizer (Pharmacies) - Nigeria

Nigeria

Highlights

Revenue in the Hand Sanitizer market is projected to reach US$24.15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.21%, resulting in a market volume of US$34.20m by 2029.
In global comparison, most revenue will be generated China (US$385.20m in 2024).
In relation to total population figures, per person revenues of US$0.11 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Hand Sanitizer (Pharmacies) market in Nigeria has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Nigeria, customers have become increasingly conscious about personal hygiene and health, leading to a growing demand for hand sanitizers. This shift in consumer behavior can be attributed to various factors, including increased awareness about the importance of hand hygiene in preventing the spread of diseases, such as COVID-19. Additionally, the convenience and ease of use offered by hand sanitizers have made them a preferred choice for many customers.

Trends in the market: One of the key trends in the Hand Sanitizer (Pharmacies) market in Nigeria is the rising demand for natural and organic hand sanitizers. Customers are becoming more conscious about the ingredients used in hand sanitizers and are opting for products that are free from harmful chemicals. This trend is in line with the global shift towards natural and organic personal care products. Another trend in the market is the increasing availability of hand sanitizers in different formats and packaging sizes. Manufacturers are introducing travel-sized hand sanitizers, which are convenient for on-the-go use. Additionally, there is a growing demand for hand sanitizers with moisturizing properties to prevent dryness and irritation of the skin.

Local special circumstances: Nigeria has a large population, which presents a significant market opportunity for hand sanitizer manufacturers. The country has also witnessed a rise in urbanization, leading to increased awareness about hygiene and health among urban consumers. Additionally, the government and healthcare authorities in Nigeria have been actively promoting hand hygiene practices, further driving the demand for hand sanitizers.

Underlying macroeconomic factors: The Hand Sanitizer (Pharmacies) market in Nigeria is influenced by several macroeconomic factors. The country's economic growth and rising disposable incomes have contributed to increased consumer spending on personal care products, including hand sanitizers. Additionally, the growing middle class in Nigeria has led to a shift in consumer preferences towards premium and higher-quality products. Furthermore, the COVID-19 pandemic has had a significant impact on the Hand Sanitizer (Pharmacies) market in Nigeria. The outbreak of the virus has heightened awareness about the importance of hand hygiene, leading to a surge in demand for hand sanitizers. This trend is expected to continue even after the pandemic as customers have become more conscious about maintaining good hand hygiene practices. In conclusion, the Hand Sanitizer (Pharmacies) market in Nigeria has witnessed significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The rising demand for natural and organic hand sanitizers, the availability of different formats and packaging sizes, and the government's promotion of hand hygiene practices have all contributed to the market's development. The COVID-19 pandemic has further accelerated the growth of the market, with increased awareness about hand hygiene among consumers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.