Global toothpaste market size to grow at USD25.71bn by 2030, at a CAGR of 4.7%
By Felicia Nwosu
A market research platform, Fortune Business Insights data report, has shown that in 2022, the global toothpaste market size was at USD 18.11 billion, with a projection that hit USD 18.70 billion in 2023, while envisaging to arrive at USD 25.71 billion by 2030, exhibiting a CAGR of 4.7% during the period under review respectively.
According to the projection, the expected growth will be prompted by the rising demand for high-quality oral health products as people are becoming increasingly aware of the importance of maintaining good dental health.
In the previous years, it recorded that impending factors such COVID-19 impact, led to the global closure of manufacturing of the products, which forced market players to limit their production or close manufacturing plants. This in turn, as indicated by the research study, lowered the product’s supply rate in the market and hindered the global market growth.
Fortune Business Insights observed that despite the devastating impact of the pandemic, that governments across the world increased their investments in this sector to accelerate its recovery. It cited that, for instance, in 2021, the UK’s NHS invested nearly USD 68.74 million to help the country’s dental care products industry reach its pre-pandemic level.
It presumes that the increasing prevalence of oral cancer, periodontal diseases, and other mouth-related conditions will fuel the product’s demand. This it stated is in response to the World Health Organization’s (WHO’s) global oral health status report in 2022, which stated that nearly 3.5 billion people (3 out of 4) suffer from oral diseases globally.
Other inducing factors that will push the surge for the demand of the product included the recent tilt towards anti-cavity Pastes to Surge Product Demand with today’s consumers increasing their preference for herbal, medicated, and cruelty-free pastes to enhance their oral hygiene and contribute to animal welfare.
Also, the market surveyor found out that high coffee consumption in the Europe is likely to have a positive influence on the product’s usage, noting that ingredients, such as sugar, quinic acid, dicaffeoylquinic acid, and others present in coffee have a high potential to cause oral health problems. Through this, the market insights platform said this will favor the market growth as brands are focusing on manufacturing teeth care solutions that prevent cavities and tartar, thereby boosting their sales.
In its futuristic manner, it forecast that there will be increased investments in marketing and advertising campaigns to further propel the market growth, noting that especially the progressive investments made in marketing and advertising activities by leading brands, such as Colgate, Oral-B and others in the market will likely drive the product demand globally.
The research firm supported its finding with a validation on how Colgate & Palmolive Co.’s investments in advertisements increased from USD 489 million in 2021 to USD 504 million in 2022. While adding also, in May 2023, Dabur Ltd., an India-based global consumer goods company, launched an ad film featuring the Dabur Herbal Charcoal Toothpaste campaign on social media sites.
This, it mentioned, is with a combination of peppermint, chamomile, and extracts of cinnamon, ensuring fresh, strong, and healthy teeth and gums, as well as the increasing popularity of smoker dental pastes among the smoking population to help them quit their smoking habit.
Some of the constraints factors hampering the market growth include high cost of chemicals used in production which are pushing manufacturers to sell products at higher prices, negatively impacting the product demand.
Its data analysis also showed that Asia Pacific held a major global market share in 2022 and it was valued at USD 6.60 billion in 2022 and driven mainly by the rising adoption of online platforms. Meanwhile, the statistical report indicated that Chinese, Indian, and Southeast Asian consumers are dominant consumers of the region’s product consumption.
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