Rising Education Levels Among Population To Propel The Market Growth
Educational institutions are making certain improvements in the education provided to students regarding menstruation. The growing knowledge among them about the importance of personal hygiene is a significant factor contributing towards the sanitary pads market growth. In developing countries such as India, the use of sanitary napkins is increasing due to growing awareness about feminine hygiene among the population. Initiatives by governments and non-governmental organizations for the promotion of use of sanitary napkins by women is an additional factor which is projected to result in the market growth during the forecast period.
Low Cost Of Sanitary Pads To Support The Growth Of Market
In order to increase the customer base, several sanitary pads manufacturers are developing cheaper and good quality products. The cost-effectiveness of sanitary pads over other female hygiene products is anticipated to boost the growth of this market in the upcoming years. Moreover, the diverse range of sanitary pads available in the market is suitable for various requirements of women and thus is estimated to increase the market growth further.
According to a recent research by WASH Poverty Diagnostic, which is an initiative by the World Bank, around 25% of women lack menstrual hygiene management in Nigeria. Moreover, in Bangladesh, only 6% schools provide education on menstrual hygiene management, which results in low knowledge about menstruation among girls and boys. The menstrual issues were reported to adversely affect the school performance of one-third girls in the country. The growing initiatives taken by government and non-profit organizations to improve these conditions in the developing countries is estimated to result in the substantial growth of sanitary pads market.
The sanitary pads market is anticipated to record a CAGR of around 6% over the forecast period i.e. 2019-2027. The market is segmented by product, by raw material, by distribution channel and by region, out of which, the product segment is further segmented into disposable, reusable and biodegradable. On the basis of product, the biodegradable segment is anticipated to hold the largest share in the sanitary pads market on account of growing environmental concerns over usage of plastic which raises the demand for biodegradable products and results in increase in the production of biodegradable sanitary pads. Non-biodegradable sanitary napkins contain chemicals that are toxic for the body while biodegradable pads are made up of natural materials such as banana fiber and organic cotton which is not harmful or irritable. This is an additional factor which is estimated to support the growth of this segment in the market during the forecast period.
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Increasing Adoption Of Alternate Products To Limit The Sanitary Pads Market Growth
Availability of other menstrual products that can be used as an alternative to sanitary napkins and that provide better absorption properties is anticipated to be a major restraint for the market growth. In developed countries, the use of tampons and menstrual cups is significantly rising which is estimated to become another growth restricting factor for the sanitary pads market.
Our in-depth analysis of the sanitary pads market includes the following segments:
By Raw Material
By Distribution Channel
On the basis of regional analysis, the sanitary pads market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia Pacific region is currently the largest market for sanitary pads and is anticipated to further grow during the forecast period. This can be attributed to the increasing measures taken by organizations for the promotion of female hygiene and increasing disposable income of people in the region. The growth of market in Europe is estimated to follow the lead on account of growing presence of manufacturers and key players in the region.
The sanitary pads market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.