According to Fortune Business Insights, the global oral care market size was worth USD 30.91 billion in 2019 and will exhibit a CAGR of 3.1% during the forecast period, 2023-2027. The increasing awareness regarding the importance of dental hygiene will lead to wider product adoption. The global oral care market size is projected to reach USD 38.89 billion by the end of 2027.
Oral care products are widely used to maintain hygiene as well as conduct a few procedures that are used to maintain oral hygiene. The changing consumer habits toward oral care have created a huge demand for these products across the world. The presence of several large-scale companies in the dental sector will emerge in favor of market growth.
Fortune Business Insights™ lists out all the oral care market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- Colgate Palmolive Co. (New York, U.S.)
- Unilever (London, U.K.)
- Procter & Gamble Co. (Ohio, U.S.)
- Henkel AG & Co. KG aA (Düsseldorf, Germany)
- Johnson & Johnson (New Jersey, U.S.)
- GlaxoSmithKline Plc. (Brentford, U.K.)
- Lion Corporation (Tokyo, Japan)
- Church & Dwight Co. Inc. (Ewing Township, U.S.)
- Reckitt Benckiser Group Plc. (Slough, U.K.)
- Patanjali Ayurved Limited (Haridwar, India)
Decreasing Labor Availability to Affect Manufacturing Units in Oral Care Sector
The recent coronavirus outbreak has created a sense of panic across the world. The measures taken to curb the spread of the disease have had an adverse effect on several businesses across the world. Strict measures such as lockdowns and social distancing practices have urged people to stay indoors. As a result, there has been a massive shortage of labor and a manual workforce. The Covid-19 pandemic has thus, affected several manufacturing units in the oral care market in the past few years. Having said that, e-commerce services have provided a platform for growth for a few sectors in the oral care industry.
An increasing Number of Company Mergers and Acquisitions will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the market. Accounting for the massive potential held by these products, several large-scale companies are looking to acquire SMEs in the bid to establish a stronghold in the market. In June 2019, Unilever announced that it has completed the acquisition of Fluocaril and Parogencyl oral care businesses in France and Spain respectively. This acquisition is consequential to the company’s plans of strengthening its global footprint. An increasing number of such company acquisitions will have a massive impact on the growth of the overall market in the coming years.
Asia Pacific to Emerge Dominant; Increasing Geriatric Population Will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising geriatric population in countries such as India, China, and Japan will create several growth opportunities for the companies operating in the market.
Moreover, the preference for herbal oral care products will create several growth opportunities for the companies operating in this region. As of 2019, the market in Asia Pacific was worth USD 10.83 billion and this value is projected to rise at a considerable pace in the coming years.
Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes the growth rate, market size, and valuation of the market during the forecast period.
Key Industry Developments:
January 2020: Colgate Palmolive Co. announced that it has completed the acquisition of Hello Products LLC. The company is engaged in the premium oral care business and through its acquisition, the company will look to strengthen Colgate’s footprint in the market