Aug 29, 2018
Global Oral Hygiene Market to Reach US$60 Bn Valuation as Ever-changing Consumer Demands Push Innovation
by Team Fact.MR
The global oral hygiene market is foreseen to see expansion while riding on increasing innovation as manufacturers are compelled to introduce new products due to rising pressure from ever-changing consumer behavior and dynamic trends. Manufacturers operating globally could receive strong growth opportunities to cash in on as India and China witness the rise of their middle-income population group. Several health programs and campaigns conducted in different parts of the world are increasing health awareness among people. This could be another factor pushing the growth of the global oral hygiene market in the long run.
As predicted by Fact.MR, the global oral hygiene market could attain a valuation of US$60.0 bn by 2022 at a 5.0% CAGR between 2017 and 2022. The global oral hygiene market gained a valuation of just below US$48.0 bn in 2017.
Multi-product Offerings Catapult Market to Next Level of Sales Growth
Companies manufacturing oral hygiene products are expected to bank on lucrative market prospects birthed because of the improving sales rate in developing countries. Increased sales of oral care products could have a positive effect on the growth of the global oral hygiene market. Consumers are anticipated to raise high demand for multi-product offerings offered by companies operating in the global oral hygiene market. This could be a powerful channel funneling a decent amount of revenue into the global oral hygiene market. In addition, rising awareness about oral hygiene offerings among consumers and high demand for value-added products are predicted to pump massive revenues into the global oral hygiene market.
Improved Internet Connectivity in APEJ Propels Growth of Online Sales
As per distribution channel, the global oral hygiene market is bifurcated into online sales, departmental stores, hypermarkets/supermarkets, and other retail formats. Online sales could well be the future of the global oral hygiene market, taking into consideration the growing use of smartphones and the internet. However, currently, ecommerce is not being able to unlock its full potential of impacting the global oral hygiene market, although its revolution is clearly noticeable in other markets. This distribution channel only secures a 13.0% of the total market share. APEJ is expected to testify robust development of internet connectivity across its developing markets, which could augur well for the global oral hygiene market. This could be evidenced by the region’s 7.0% impressive CAGR.
With that said, companies cannot afford to turn a blind eye to the lead taken by hypermarkets/supermarkets in the global oral hygiene market with respect to revenue. Presently, close to half of the global oral hygiene market is marked by this distribution channel. Besides posting a higher CAGR, hypermarkets/supermarkets are envisaged to maintain their leading position in the global oral hygiene market. Vendors are foretold to focus on supermarkets in APEJ after large chains in North America and Europe. Supermarkets in APEJ could stretch their market size to a US$6.0 bn by the end of 2022.
Dental Floss Marches Ahead of Mouthwash/Dental Rise with Higher CAGR
On the basis of product type, the global oral hygiene market is divided into dental accessories, dental floss, mouthwash/dental rinse, toothbrush, and toothpaste. Holding over 10.0% revenue shares of the global oral hygiene market, dental floss and mouthwash/dental rinse are projected to generate strong profits for manufacturers. Although their market size could be very similar by the final forecast year, dental floss is forecast to exhibit higher CAGR, which could drive manufacturers to change their business tactics accordingly. In the long term, APEJ is anticipated to emerge as a sensational regional market for oral hygiene as it registers a CAGR similar to that of Europe, which is a larger contributor to the dental floss market.
Accounting for a three-fourth of the global oral hygiene market, toothpaste and toothbrush have surprised research analysts with their dominating growth. By the end of 2022, the toothpaste market for oral hygiene is prognosticated to be worth a US$6.6 bn. Growing at a 4.8% CAGR, Europe could be a key region of the toothpaste market. As for the toothbrush market, it could offer profit-making opportunities in the near future, considering its US$10.0 bn revenue earned in 2017.
LG Electronics Inc., GlaxoSmithKline plc, and Koninklijke Philips N.V. are some of the top players operating in the global oral hygiene market.