The global deodorant market Size a dynamic and ever-evolving sector, was valued at USD 24.36 billion in 2022. It is projected to grow from USD 25.16 billion in 2023 to an impressive USD 37.44 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.57% over the forecast period. This robust growth trajectory is largely attributed to the increasing demand for deodorant products among individuals engaged in health-conscious activities such as cycling, yoga, and jogging.
Fortune Business Insights™ has provided an extensive research report titled “Deodorant Market, 2023-2030,” which delves into the various aspects driving the market’s expansion and offers a comprehensive analysis of the trends influencing the industry.
Key Players in the Deodorant Market
The deodorant market is characterized by the presence of several key players, including:
- 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.)
These companies play a pivotal role in shaping the market landscape through innovative product offerings and strategic initiatives.
Market Drivers and Restraints
Drivers
Growing Consciousness Associated with Personal Grooming
The global deodorant market Size is significantly driven by an increasing consciousness regarding personal grooming and hygiene. The rising awareness among consumers about the importance of maintaining personal hygiene has led to a surge in the demand for deodorants. Additionally, the proliferation of promotional campaigns for fragrance and cosmetic products across social media, print media, radio, and television has further fueled market growth.
Rise in Health and Fitness Activities
The burgeoning trend of health and fitness activities, such as cycling, jogging, and yoga, has augmented the demand for deodorants. Individuals participating in these activities seek products that can help them stay fresh and odor-free throughout the day, thereby boosting the market for deodorants.
Restraints
Skin Allergies
Despite the robust growth prospects, the deodorant market faces challenges in the form of potential skin allergies caused by certain deodorant products. The presence of allergens in some deodorants can lead to adverse skin reactions, thereby hindering market expansion.
Market Segmentation
The deodorant market can be segmented based on product type, packaging material, end-user, and geography.
By Product Type
- Spray
- Stick
- Roll-on
- Others
The spray segment held the leading position in the market, driven by the high demand from consumers for a variety of spray deodorant products. This segment is anticipated to continue its dominance over the forecast period.
By Packaging Material
- Plastic
- Metal
- Others
The plastic segment is expected to depict substantial growth due to its durability and lower cost compared to other packaging materials.
By End-User
- Men
- Women
The men’s segment is projected to register significant growth, fueled by the rising participation of men in sports activities such as cricket, football, and basketball, which increases the need for deodorant products to manage sweat and body odor.
Regional Insights
Europe
Europe is poised to lead the deodorant market, driven by the presence of major cosmetic giants such as Unilever, Avon, Beiersdorf, and L’Oreal. The region’s well-established personal care industry and high consumer spending on grooming products are key factors contributing to its dominant market share.
North America
The North America market is anticipated to register a significant CAGR during the forecast period. This growth is primarily attributed to the increasing awareness about personal hygiene and health among consumers in the region.
Competitive Landscape
The competitive landscape of the deodorant market is marked by strategic initiatives undertaken by major companies to strengthen their market foothold. These initiatives include acquisitions, mergers, and the introduction of new products. Companies are also focusing on enhancing their research and development activities to innovate and offer new solutions.
Key Industry Development
In June 2022, Good Avenue collaborated with Nuud to introduce innovative odor control solutions, thereby enhancing the range of personal care products available in the market. This collaboration exemplifies the strategic efforts by companies to expand their product portfolios and cater to the evolving consumer demands.
Future Outlook
The future of the global deodorant market looks promising, with continuous advancements and innovations expected to drive growth. The increasing focus on sustainable and natural products is likely to create new opportunities for market players. Additionally, the rising penetration of e-commerce platforms is set to enhance the accessibility and availability of deodorant products, further propelling market expansion.
Conclusion
The global deodorant market is on a robust growth trajectory, fueled by the rising awareness about personal hygiene and the growing trend of health and fitness activities. Despite challenges such as the potential for skin allergies, the market is expected to witness substantial growth, driven by innovations and strategic initiatives by key players. With Europe leading the charge, followed closely by North America, the deodorant market is set to expand significantly, offering lucrative opportunities for industry participants.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/deodorant-market-102687
