SinglePoint Enters JV Agreement to Further Expand and Accelerate Opportunities Due to Increased New Client (Retail and B2B) Demand in Hand Sanitizer Market with Simplex + Virus Killer
Worldwide Hand Sanitizer Market to cross USD 3.6 Bn by 2026
Phoenix, Arizona--(Newsfile Corp. - April 28, 2020) - SinglePoint Inc. (OTCQB: SING) ramping up effort to meet in bound demand for hand sanitizer and other sanitizing products. The company recently entered into an LOI that quickly progressed to a JV Agreement with Box-Bioscience. The agreement will provide both parties with the capability to enhance supply and expand sales opportunities of hand sanitizer. The product is current sold in a variety of sizes ranging from 2oz to truckloads for bulk supply. With the successful rollout of Klen, SinglePoint has been approached by larger retailers to supply bulk products. This shift has set the stage for a Joint Venture between the two companies to supply hand sanitizer manufactured to the current FDA guidelines. Box has already completed orders with multiple accounts, including segments of Fortune 500 companies around the nation with new sales and inquiries happening daily.
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"We are excited to work with SinglePoint to expand and grow our collective business. We have seen multiple Purchase Orders and we expect an increase over the coming months as many retailers and businesses change protocols around sanitizing. This is a true B2B play with nearly all businesses needing hand sanitizer for customers and employee's protection", states Ryan Cowell, Founder Box Bioscience.
Worldwide Hand Sanitation Market is Growing
According to a recent report released by Global Market Insights, Inc on April 27, 2020 the Worldwide Hand Sanitizer Market to cross USD 3.6 Bn by 2026.
- Growing public awareness about the role of hand sanitizer in personal hygiene will act as a major impact rendering factor for the industry growth.
- Rising initiatives to promote the use of hand sanitizer will further propel the demand over the forecast years.
- Increasing government initiatives and favorable regulatory scenarios will flourish the hand sanitizer industry.
- North America hand hygiene market revenue will expand significantly over the forthcoming years
A New Normal Operating procedure for Retail, Manufacturing, and Business has emerged
Hand sanitizer is currently one of the most out of stock products. Beyond retailers looking for additional inventory there has been a major shift in business purchases including hand sanitizer for employee use, disinfectant use for cleaning tools, carts and other shared items. From production routines and work schedules to health screenings and visitor policies even manufacturers have been forced to rethink how they operate-and these changes, including frequent hand sanitization will most likely remain even after the current demand recedes. Manufacturers face challenges not found in other work environments. For instance, production employees can't make engines or shampoo from home, and production schedules typically dictate that workers take breaks at set times. Employers are coming up with different ways to observe recommended social-distancing and germ-control guidelines and hand sanitizers are part of that solution for the foreseeable future.
A recent story featured on ABC's Good Morning America on April 22, 2020 titled "Grocery stores see food supplies stabilizing, but don't expect hand sanitizer anytime soon." highlighted the following
- While grocers and experts claim the food supply is stabilizing, the demand for sanitizer products continues to overwhelm the market.
- Rationing for items like hand sanitizer will likely continue.
- All of the grocery stores ABC News spoke with named sanitizers as the products with demand that continues to outstrip supply. Wegmans, along with several other retailers, have implemented purchase limits.
- "We are seeing better conditions in many categories; however, toilet paper, hand sanitizer and paper products have been slower to rebound," said Maria Brous, spokesperson for Publix, a supermarket chain headquartered in Florida. "For this very reason, customers will still see limits in place across our stores."
The two companies, through the JV, will collaborate to manufacture and distribute sanitizing products. The initial priority has been focused on increasing production and sales of bulk hand sanitizer to meet the current demand. An increasing demand has come from non-traditional retail and well as manufacturing and other service businesses concerned with providing solutions to meet the new safety protocols, these businesses have been or are currently being undeserved to the increased demand. The JV has plans to quickly introduce additional products leveraging the Simplex + Virus Killer brand to potentially include wipes, spray, and nasal spray.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational brand.
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For more information visit: www.SinglePoint.com
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