The face mask market is projected to grow from USD 21.5 billion in 2021 to USD 2.7 billion by 2026, at a CAGR of -33.7% from 2021 to 2026. The market is projected to witness tremendous growth from 2019 to 2021, followed by a sharp decrease in the years till 2026. Factors contributing to the exponential growth and then decrease during the forecast period in the spread of the COVID-19 globally, and the possible decrease in the spread of the novel coronavirus after the years 2021. Other factors such as the rise in consumer awareness pertaining to the importance of face masks, and the surge in social media marketing to encourage a positive attitude towards wearing masks, are driving the demand for face masks globally.
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The pandemic is estimated to have a huge positive impact pandemic has positive impact on the global face mask market. This is mainly because of the increasing demand for face masks, as they prevent or slow down the transmission of life-threatening COVID-19 infections. Also, face masks have been employed as a public and personal health control measure against the spread of SARS-CoV-2. Their use is intended as personal protection against infection and as source control to limit transmission of the virus in a community or healthcare setting. The various impacts of COVID-19 are as follows:
According to the World Health Organization, mask production needs to be increased by 40% to meet global demand. As the pandemic has spread to over 213 countries, governments across the world are restricting exports of masks to fulfill domestic demand through increased production. This has resulted in shortages in countries that depend on imports. Thus, to meet the rising demand for masks, many companies worldwide are making efforts to increase the production of face masks.
As of early May 2020, 88% of the world’s population lived in countries that recommended or mandated the use of masks in public; more than 75 countries had mandated the use of masks.
Asia Pacific is projected to be the fastest-growing market for face mask during the forecast period. The enhanced demand for face mask in the growing economies in China and India, the growth and enhancement in healthcare infrastructure in South-East Asian countries, the rising geriatric population in countries like Japan, increasing investments in the healthcare industry, expansion of private-sector hospitals to rural areas, and rapid economic growth are driving the demand for face masks in the Asia Pacific region.
The 3M Company (US), Honeywell International Inc. (US), Kimberly-Clark (US), Cardinal Health, Inc. (US), Owens & Minor, Inc. (US), Alpha Pro Tech, Ltd. (Canada), Ambu A/S (Denmark), Cantel Medical Corp. (US), Shanghai Dasheng Health Products Manufacture Co., Ltd (China), Medline Industries, Inc. (US), Mölnlycke Health Care AB (Sweden), Prestige Ameritech (US), Makrite (Taiwan), CNTUS-SUNGJIN (South Korea), and Irema Ireland (Ireland), are the key players in face mask market.
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