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The Deodorant Market size of the market is forecast to increase by USD 13.19 billion, at a CAGR of 6.78% between 2022 and 2027.
The market growth is primarily driven by improving living standards and growing trends in personal hygiene and youthful fragrances. The rise of the middle-income group and increasing consumer spending have also contributed to the growth of the deodorant market. Moreover, millennials have significantly increased their use of perfumes and are willing to pay a premium price for their preferred brand without compromising on quality. This generation is also tech-savvy and tends to purchase grooming products online based on brand loyalty. As a result, the global market is expected to grow in the forecast period, supported by these factors.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Major Trend
The market is seeing an emerging trend of innovative promotional activities. One of the main challenges in the market is the high price of deodorants, which often makes customers hesitant to make a purchase. To overcome this challenge, sellers are using various promotional activities to entice customers to buy their products. One of the popular pricing strategies used by sellers is product bundling. This involves selling two or more similar products together at a significantly lower price than buying them separately. In the case of deodorants, a common bundle includes a deodorant and a perfume belonging to the same brand. Another popular bundling strategy is to combine men's and women's deodorants, which makes for a perfect gift for couples.
By offering such product bundles, sellers can provide attractive deals to customers, ultimately driving sales and positively impacting the market during the forecast period.
Significant Challenge
The market growth is hindered by the presence of counterfeit products, posing a significant challenge. The demand for deodorants has led to the rise of fake personal care items, which are visually similar to genuine products, making it difficult for customers to distinguish between them. Counterfeit products are made using low-quality ingredients and can potentially harm consumers' health. The proliferation of e-commerce platforms has further facilitated the sale of counterfeit goods, particularly in developing countries. The affordability of fake products contributes to their increased demand. This surge in counterfeit products adversely impacts the sales and pricing strategies of legitimate sellers in the market. Established global suppliers are attempting to enter emerging markets that are plagued by counterfeit products. However, the low pricing of fake items presents a formidable challenge for branded deodorant sellers. These factors act as obstacles to market growth in the forecast period.
Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The deodorant market is categorized into various product segments, including deodorant sprays, roll-on deodorants, sticks and solid deodorants, and other products. Sprays are products that are used to eliminate body odours and provide a fresh fragrance. These sprays contain antibacterial properties that inhibit the growth of bacteria and prevent the breakdown of sweat, thereby keeping body odor at bay. The deodorant spray segment has witnessed significant growth in 2022 and is currently the largest segment in the market. This can be attributed to the high demand for features such as instant dry, which helps avoid stains on clothes. Furthermore, spray deodorants are less sticky and wet in comparison to other product variants. As a result, the deodorant spray segment is expected to continue gaining popularity, thereby driving the market growth.
The market share growth by the men segment will be significant during the forecast period. In 2022, the largest share of the global market has been held by men end-users, driven by the surging demand for grooming products such as deodorants among male working professionals aided by the increasing urge to smell better among the millennial population.
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The men's segment was valued at USD 20.63 billion in 2017 and continued to grow until 2021. Since the number of men ends users are rising in numbers many companies are investing funds in R&D to come up with exotic and sophisticated deodorants for men considering their preferences. Furthermore, customization and personalization of products helped the market to attain growth through the men segment. Manufacturers are targeting customers in the affordable luxury segment to increase their revenue share. Such factors are expected to trigger the demand for deodorants among men, which, in turn, will foster the growth of the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period.
In 2022, the market in North America is dominated by the US and Canada due to factors such as increased spending on grooming items by the Millennial, Generation X, and Baby Boomer population to stay fashionable, growth in the working population coupled with the increased disposable income of the population and growing use of online platforms for shopping. In addition, most people in this region are inclined toward a healthy and hygienic lifestyle, leveraging the demand for organic deodorants in North America.
Furthermore, innovations in microtechnology aided by the surging brand consciousness among millennials are driving the demand for deodorants in this region. Such advancements in technology, aided by the increased demand for deodorants among the population, have pushed market vendors to launch aggressive advertising campaigns to raise awareness about the new offerings to remain competitive in the market. As a result, the region is seeing a surge in celebrity endorsements and social media campaigns for personal grooming products, such as deodorants. Such factors are expected to propel the growth of the market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides market trends and analysis and growth opportunities from 2017 to 2027.
The market is evolving to meet the preferences of modern consumers, with a focus on natural ingredients and sustainable formulations. Brands are introducing lighter scents that appeal to young people and consumers in emerging countries. As lifestyles change, there's a growing demand for product availability that aligns with consumer inclination towards cheap and effective products. Innovations like refillable antiperspirants and weightless dry spray collections cater to those seeking hygiene and freshness for up to 24 hours.
The market also offers aluminum-free options for females and athletes concerned about irritation and bad odor. Sustainable and natural deodorants are gaining popularity, appealing to those looking for sustainable and natural options. With new product launches, collaborations, and a focus on novel fragrances, the deodorants market is adapting to the changing needs of young consumers who are selective in their purchasing choices, available in various channels like supermarkets, retailers, and department stores.
Deodorants Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2023-2027 |
USD 13.19 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
5.53 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, India, China, Germany, and Brazil |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Chic Cosmetic Industries 1989 Ltd., Colgate Palmolive Co., Firmenich SA, Giorgio Armani S.p.A., Henkel AG and Co. KGaA, Hermes International SA, ITC Ltd., LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, MacAndrews and Forbes Inc., maxingvest AG, McNROE Consumer Products Pvt. Ltd., Pharmaceutical Specialties Inc., PVH Corp., Raymond Ltd., S.C. Johnson and Son Inc., The Estee Lauder Co. Inc., The Procter and Gamble Co., Unilever PLC, and Vanesa Care Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market growth analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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