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The global toothpaste market size is projected to reach USD 21.99 billion by 2027 on account of the massive investments in advertising and marketing campaigns by the companies, finds Fortune Business Insights™ in its report, titled “Toothpaste Market Size, Share & COVID-19 Impact Analysis, By Type (Teeth Whitening, Herbal, Sensitive Teeth, and Others), End-User (Adults and Children), and Distribution Channel (Supermarket/Hypermarket, Convenient Stores, Pharmaceutical & Drug Stores, and Online), and Regional Forecast, 2020-2027”. As per the report, the global market value stood at USD 17.75 billion in 2019 and the market is expected to display a CAGR of 3.4% from 2020 to 2027.
The COVID-19 pandemic outbreak has stymied the toothpaste market growth as lockdown measures and social distancing rules have forced manufacturers to work with limited capacity, hampering production. Furthermore, strict trade regulations by countries have also severely disrupted the import, export, and movement of consumer goods worldwide, which has affected this market.
Braskem and Colgate-Palmolive Collaborate to Drive Circular Economy in Packaging
In November 2019, Braskem, the largest petrochemical company in the Americas based in Brazil, entered into a partnership with Colgate-Palmolive to advance the circular economy in the packaging industry. The partnership is part of Braskem’s Design Challenge, involving college students to develop packaging solutions on the ‘Design for Environment’ theme. For this edition of the challenge, the students were required to engineer sustainable toothpaste packaging for Colgate-Palmolive, one of the world’s largest consumer good companies. The victorious groups devised a toothpaste refill tube and packaging made from Braskem’s Green Polyethylene, which the company has developed as a bio-based plastic that absorbs 3.09 kg of carbon dioxide from the air with each kilogram produced.
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Increasing Geriatric Population Worldwide to Support Market Growth
The demographics of the world are rapidly transforming, with the number of older persons set to outpace the number of youngsters in the not-so-distant future. According to the World Health Organization (WHO), the number of people over 60 years of age will comprise 22% of the global population, nearly doubling between 2015 and 2050. Furthermore, the UN’s World Population Prospects 2019 estimates that people aged 80 years and above will triple from 143 million in 2019 to 426 million by 2050. Dental problems in the form of tooth decay, gum disease, and oral cancer are common in elderly populations as a result of weakened immune systems and deteriorating muscle strength. These people require effective toothpastes and other dental products to maintain not just their oral health but also their overall well-being as teeth and saliva play a critical role in digestion and metabolism.
Portfolio Diversification to be the Mainstay Strategy for Key Players
With consumers demanding novel toothpaste products, key players are hard-pressed to constantly expand and diversify their offerings to keep the consumers engaged with their brands. In pursuit of this goal, companies are increasingly entering into collaborations and acquisitions to strengthen their market position. This strategy is also allowing them to cater to the growing demand for consumer goods in emerging markets such as India and Vietnam.
List of Key Players Covered in the Market Report:
Further Report Findings:
Table of Segmentation
|Value (USD Billion)|
By Distribution Channel