Due to COVID-19, many more people are becoming more aware and more diligent about their health and hygiene, which leads experts to believe that this high level of demand will not drop off for quite some time.
This increase in demand is truly no small thing. Experts predict that by the end of 2021, demand will have increased upwards of 25%! This translates into up to an additional 50 billion gloves. High demand and low supply also means higher prices for disposable gloves.
The massive problem comes from the restraints on glove material supply. Glove material can only be manufactured in certain areas of the world, including Malaysia, Thailand, Vietnam and China. Additionally, the manufacturing process of gloves is rather specialized and sophisticated, so it is difficult to scale the process.
There is a shortage of the simple raw materials, like latex rubber and it will take time to scale the production of synthetic rubber material. Due to the pandemic, there are also significant labor shortages in Southeast Asia. Employees in this industry require specialized training on a variety of processes, and it takes time to master those skills.
So what does all this mean for you, the consumer? Many experts believe that prices will peak during quarter 1 of 2021, but are unsure whether the prices will drop rapidly after that or decline slowly over a couple of years.
Our suggestion, is to purchase as much disposable glove inventory as you can! Prices are not likely to get any lower the rest of this year, and demand will remain high for quite some time.