Homegrown FMCG firm Jyothy Labs Limited on Tuesday announced its foray into the hand sanitizer space under its personal care brand Margo.
According to the company, Margo hand sanitizers would be infused with the traditional neem extracts.
Recently, the company had extended the brand Margo into the hand wash segment, Jyothy Labs said in a statement.
"This is also a unique opportunity for us to serve the society at large by offering a product at an affordable price. We have introduced Margo Hand Sanitizer in a short time span to ensure we contribute more meaningfully in fighting COVID-19," Jyothy Labs Managing Director Jyothy MR said.
Jyothy Labs owns the brand Margo following the acquisition of controlling stake in Henkel India.
According to a recent report from marketing research company Nielsen, there has been a surge in sales of hand sanitizers due to COVID-19 and in the month of March, 152 new players have entered into this segment.
Now the new entrants and smaller brands are now dominating the hand sanitizer market.
In the month of March, around 61 per cent of the market was captured by newly launched and small hand sanitizers, while the top three players had only 38 per cent market share, according to Nielsen.
While in the month of January and February, the top three FMCG brands enjoyed 85 per cent market share of the hand santizers, which was considered to a very niche product and limited only to key metro markets before the COVID-19 crisis.
FMCG companies as Dabur, Emami, Patanjali, Marico etc has launched their hand santizers in April to claim a share in the zooming market.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)