In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
On the back of increasing urbanization, the market for personal care products have been expanding which is expected to propel the market for oral care products over the forecast period i.e. 2019-2027. Increasing personal disposable income and growing geriatric population are some of the major factors estimated to boost the market shares robustly in upcoming years. The WHO reported a rapid rise in geriatric population from 7.64% in 2010 to 8.7% in 2017.
Oral care products market is anticipated to record a significant CAGR of 6.1% between the years 2019 and 2027. Many multi-national companies are concentrating towards new product advances owing to innovative functions for such products that are being discovered on regular basis. Further, the increasing demand for new generation personal care products in the market is expected to drive the market growth rapidly. Advancements in personal care products sector and growing research explorations from the past few years leading to wide range of functions of oral care products such as cleansing, freshening, pain relief, accessorizing and others is projected to augment the growth of market during the forecast period.
On the basis of regional platform, the global oral care products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is anticipated to display a vibrant growth showcasing the highest driving rate on the back of growing geriatric population, rising disposable income along with rise in dental tourism especially in countries like India, Singapore, Thailand and others. Further, North America is estimated to hold the highest shares on account of prevalence of highly health centric aware population across the region with presence of major market leaders allowing easy penetration in the market.
Europe is expected to display a vivid growth on the back of increased usage of technologically advanced oral care products across the region during the forecast period.
On account of increasing awareness regarding oral hygiene across the developing regions around the globe, the oral care products market is anticipated to expand over the forecast period. Rising urbanization along with increasing disposable income of the present population is estimated to display a vibrant growth of the market across the globe. The global GDP percent growth has been observed to increase from 2.51% from the year 2012 to 3.15% in the year 2017. The increasing urbanization is leading to higher awareness rate regarding personal hygiene which is expected to propel the growth of the market around the developing economies of the world.
On the back of rising social media endorsements and growing importance of oral beauty, the demand for teeth whitening products has considerably increased which is anticipated to expand further during the forecast period, impacting the oral care products market positively around the globe. The increasing demand for improving personal care esthetics and rising availability of new attractive products offered through constant R&D of the major market players is estimated to drive the market significantly. Changing lifestyles accompanied with the adoption of modernized care products is estimated to accentuate the market growth vividly during the forecast period.
Increasing dental infections and caries due to high consumption rate of unhealthy food, smoking and increasing incidences of dental periodontal diseases collectively are attributing to the growth of market across the globe. Further, the increase in the inclination towards cosmetic dentistry and the latest technologically improved product offering range along with growing consciousness among the current population about their physical appearance are the key factors that are driving the dental care products market.
However, lack of standard reimbursements and frequent product recalls along with limited adoption rate of technologically advanced products across the under-developed regions around the globe are estimated to serve as the key factors in restraining the growth of the oral care products market over the forecast period.
Our-in depth analysis of the global oral care products market includes the following segments:
Global oral care products market is further classified on the basis of region as follows: