The global deodorant market size was valued at USD 24.36 billion in 2022 and is projected to grow from USD 25.16 billion in 2023 to USD 37.44 billion by 2030, exhibiting a CAGR of 5.57% during the forecast period.
Fortune Business Insights™ cites this information in its research report, titled “Deodorant Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Unilever PLC (U.K.)
- Procter & Gamble (U.S.)
- Beiersdorf AG (Germany)
- Henkel AG & Co KGaA (Germany)
- L’Oreal S.A. (France)
- Sky Organics (U.S.)
- Speick Natural Cosmetics (Germany)
- Truly’s Natural Products (U.S.)
- Erbaviva (U.S.)
- Spirit Nest (U.S.)
- EO Products (U.S.)
- Elsa’s Skincare (U.S.)
Segments:
Spray Segment Held a Leading Position Impelled by Surging Demand from Consumers
Based on product type, the market is fragmented into stick, roll-on, spray, and others. Of these, the spray segment dominated the market and is anticipated to register substantial expansion over the forecast period. The rise is on account of the surging demand from consumers for an array of products.
Plastic Segment to Depict Substantial Growth Propelled by Lower Cost
On the basis of packaging material, the market for deodorants is trifurcated into plastic, metal, and others. The plastic segment is slated to record considerable growth throughout the projected period. The surge is driven by the durability and lower cost of plastic containers.
Men Segment to Register Appreciable Surge Owing to Rising Sports Participation
By end-user, the market is bifurcated into men and women. The men segment is anticipated to register appreciable expansion over the study period. The growth is impelled by the increasing participation of men in sports activities such as cricket, football, basketball, and others.
Based on geography, the market for deodorants has been studied across Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the key trends impelling industry expansion across various regions. It further delves into the vital aspects augmenting the global market share over the projected period. These insights have been furnished after extensive research from credible sources.
Drivers and Restraints:
Market Value to Rise Driven by Growing Consciousness Associated with Personal Grooming
The deodorant market growth is being impelled by the soaring consciousness with regards to personal grooming. Additional factor favoring industry expansion is an increase in the promotional campaigns of fragrance and cosmetic products through social media, print media, radio, and television.
However, the industry expansion may be hampered by the possibility of skin allergies.
Regional Insights:
Europe to Lead Propelled by Presence of Cosmetic Giants
Europe is set to dominate the deodorant market share, exhibiting an appreciable CAGR over the forecast period. The rise is propelled by the presence of a large number of cosmetic giants in the region. Some of these include Unilever, Avon, Beiersdorf, L’Oreal, and others.
The North America market is anticipated to register significant CAGR throughout the study period. The growth is driven by the increasing awareness associated with the maintenance of personal hygiene and health.
Competitive Landscape:
Major Companies Ink Partnership Deals to Strengthen Industry Foothold
Leading industry participants are centered on adopting an array of strategic steps for strengthening the positions of their businesses. These comprise acquisitions, merger agreements, and the rollout of new solutions. Some of the other initiatives include an escalation in R&D activities.
Key Industry Development:
- June 2022 – Good Avenue collaborated with Nuud and its innovative odor control solutions. The rollout helped in enhancing the depth of personal care products.
Reference Link:
https://www.fortunebusinessinsights.com/deodorant-market-102687