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.
Request InsightsPurchasing power in the couPurchasing 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. Request Insights
IN THE NEWSOn April 17, 2020, P&G announced that it registered a 5% increase in sales as the global COVID-19 pandemic boosted consumer demand for products in healthcare, fabricare and homecare categories.
A personal hygiene product can be defined as any product that is intended to be used by people for self-cleaning and maintaining hygiene. The products such as sanitary pads, hand sanitizers, soaps, wet wipes, hair removal products and others belong to the category of personal hygiene products. They are an important part of every individual’s life nowadays since personal hygiene is being promoted even in the underdeveloped nations. The rising awareness among people about these products and their benefits is anticipated to substantially drive the market growth in the coming years.
The increase in consumerism on account of higher disposable incomes and the importance of self-cleanliness during the COVID-19 global pandemic are some of the factors that are estimated to result in the market growth by a significant CAGR over the forecast period of 2020-2028. The focus of governments and UN agencies to promote awareness about sanitation, menstrual hygiene are further predicted to contribute to the market growth.
The personal hygiene products market is segmented by product, by application, by end user, by distribution channel and by region. Based on the distribution channel, the market is further bifurcated into online and offline channels. Among these segments, the offline segment accounted for the largest revenue generating segment in 2019 owing to the availability of various buying options pertaining to retail stores and brands as per consumer preferences.
Organization of Economic Co-operation and Development (OECD) reports that the household disposable incomes across the world are increasing on account of rising consumerism and is expected to positively impact the personal hygiene products market.CLICK TO DOWNLOAD SAMPLE REPORT
World Health Organization (WHO) reports that in 2017, over 432,000 deaths were believed to be caused by poor sanitation in low and middle income countries. Further, it states that improved sanitation can reduce the spread of tropical diseases like trachoma, diarrhoea which cause deaths every year. Improved sanitation also promote dignity and safety among women and girls and can help in improving school attendance. Menstrual hygiene is a topic which is surrounded by myths, stigma and is considered a taboo, however, it is important to understand and promote women welfare and empowerment. Programs such as Swachh Bharat Mission and distribution of disposable sanitary pads for women and girls were reported to improve the attendance rate in schools across India. The increasing awareness towards sanitation and menstrual hygiene is expected to drive the personal hygiene products market in the next few years.
WHO as of May 10th 2020, reported 39, 17,366 confirmed cases and over 2, 74, 361 deaths globally due to the ongoing global pandemic. The role of hand sanitizers and other cleansing products in the battle against COVID-19 is proved vital by health care professionals across the world. As a result, the stockpiling of these products have skyrocketed the demand. Industry experts predict that products such as hand sanitizers, soaps and other cleansing products will have a significant demand globally over the next few months.
The product innovations and personalized packaging is an important factor for achieving a higher market growth. The packaging options such as recyclable sachets and tubes and a lower price are estimated to positively impact the personal hygiene products market.
The COVID’19 pandemic caused a disruption in the production and supply chain and thereby affected the sales of the personal hygiene products. Once the lockdown measures are lifted, the distribution channels will be re-established, however, lack of innovation in delivery systems, if not enhanced, is predicted to affect the sales of the personal hygiene products.
Our in-depth analysis of the personal hygiene products market includes the following segments:
On the basis of regional analysis, the personal hygiene products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which are responsible for manufacturing and marketing the personal hygiene products. Higher disposable incomes, brand awareness and effective distribution channels are further predicted to result in the largest market share. The market in Asia Pacific region is estimated to grow at the highest rate during the forecast period as a result of rising female population in countries like India and China, as well as increasing awareness towards sanitation and increase in government spending on sanitation.
The personal hygiene products market is further classified on the basis of region as follows:
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