As the economy continues its slow improvement since the days of the Great Recession, the oral healthcare market continues to grow too, according to a pair of research companies. Research and Markets says the global oral care and oral hygiene market will reach $53.97 billion by 2022, increasing from 2017’s $43.31 billion total at a compound annual growth rate (CAGR) of 4.5%. Grand View Research (GVR) is more conservative, expecting an increase from 2016’s $27.02 billion total to $40.92 billion by 2025.
Both companies attribute the growth to increased awareness of oral hygiene, rising rates of dental caries and other periodontal diseases, and advances in oral care technology. In terms of products, Research and Markets reports that toothpaste accounted for the largest share of the market in 2016, while consumer stores accounted for the largest share of distribution channels. Meanwhile, GVR agrees that toothpaste dominated the market while noting the role of powered toothbrushes in that success, while denture care products and dental accessories also drove market growth.
Research and Markets says that Europe currently holds the largest geographic share of the market, though the company expects the Asia-Pacific region to witness the highest CAGR through 2022 due to its large population, increases in dental caries, growing awareness of dental hygiene, and rising disposable incomes. GVR says Asia-Pacific held the largest market share in 2016, though it agrees that the region will see the highest growth too, for many of the same reasons. Also, GVR notes that Europe’s growth will come from increased tooth decay and its aging population.
Additionally, Research and Markets says that the emergence of local companies in developing markets such as India, China, and Brazil is increasing the pressure on global players. The local and regional firms offer oral care products at lower and discounted prices compared to the international corporations, putting price pressure on them. These competitors, then, are adversely affecting the profit margins of the worldwide players, especially in the emerging markets.