According to a report published by Fortune Business Insights, the oral care market was worth USD 30.91 billion in 2019 and will exhibit a CAGR of 3.1% during the forecast period, 2020-2027. The global oral care market size is projected to reach USD 38.89 billion by the end of 2027. Increasing awareness regarding the importance of dental hygiene will lead to a wider product adoption.
The oral care market is a rapidly growing industry that provides products and services for the maintenance and improvement of oral health. The market has experienced significant growth in recent years due to the increasing prevalence of dental conditions, rising awareness of the importance of oral hygiene, and growing demand for cosmetic dental procedures.
Information Source:
https://www.fortunebusinessinsights.com/oral-care-market-103533
List of the Companies Profiled in the Global Oral Care 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 outbreak of the coronavirus has caused widespread alarm globally, resulting in measures to control the spread of the disease that have had negative impacts on many businesses. Strict measures such as lockdowns and social distancing have led to labor and workforce shortages, impacting manufacturing units in the oral care market. However, some sectors of the oral care industry have experienced growth due to the availability of e-commerce services, providing a platform for expansion amidst the pandemic.
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 to the massive potential held by these products, several large-scale companies are looking to acquire SMEs with the bid to establish a stronghold in the market. In June 2019, Unilever announced that it had completed the acquisition of Fluocaril and Parogencyl oral care businesses in France and Spain respectively. This acquisition is consequential to the company’s plans to strengthen 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 towards 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 Coverage:
- 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 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 premium oral care business and through its acquisition, the company will look to strengthen Colgate’s footprint in the market
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