The global market for personal care products is valued at approximately SEK 340bn and is growing at a rate of some 5% annually.
The factors pointing to continued strong growth for personal care products include demand that is driven by global population growth – due mainly to a lower infant mortality rate, increased longevity and an aging population – greater market penetration, higher disposable incomes, more awareness of the importance of hygiene and innovation. The growth potential is greatest in emerging markets where market penetration is significantly lower than in mature markets and where urbanization, improved infrastructure and the retail trade are evolving rapidly. One example of the lower market penetration in emerging markets is that diaper consumption per capita in Asia is only about 10% of that in Western Europe.
In mature markets, baby diapers and feminine care products have attained high market penetration, while market penetration for incontinence products – for which the aging population is driving demand, among other factors – remains relatively low.
In emerging markets, the use of all product categories is expanding as the disposable income level grows and awareness of hygiene’s importance gains a more central role in conjunction with this development.