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.
All the dental care industry firms that are now working to lessen the effects of the Covid-19 epidemic on the market are listed below by Fortune Business Insights™:
- 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)
Manufacturing Units in the Oral Care Industry Will Be Affected by the Reduction in Labour Supply
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.
Market Growth Will Be Significantly Affected by an Increase in Company Mergers and Acquisition
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 a 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.
Report Aim & Scope:
- The research provides a market overview based on geographic breadth, market segmentation, and financial results of leading competitors.
- The expected market size by the end of the forecast period is shown in the study. The paper also looks at the market size in the past and the present.
- The Year on Year growth (%) and compound annual growth rate (CAGR) for the specified projected period are provided based on several indicators.
- The industry's current trends and the market's potential future growth in North America, Asia Pacific, Europe, Latin America, and Europe are presented in the study.
- The research report includes the various factors accelerating the market's expansion.
- The forecasted market's growth rate, size, and worth are all examined in the research.
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