Antiperspirants and Deodorants Market Growing and Industry Outlook
Global Antiperspirants and Deodorants Market is growing worldwide due to rising awareness about personal hygiene and increasing purchasing power of the consumers. A variety of antiperspirants and deodorants have been introduced by companies with different characteristics and forms to cater to the consumer demand for various body-odor related products. The global antiperspirants and deodorants market is expected to garner a revenue of USD 70 Billion by 2024 and projected to record a CAGR of 3.5% during the forecast period of 2019 to2024. The companies, involved in the global antiperspirants and deodorants market, are expected to witness several lucrative opportunities in the coming years owing to rapid urbanization and growing awareness of consumers about personal care. This is expected to drive the demand for antiperspirants and deodorants among the consumers across the world.
By distribution channel, the global antiperspirants and deodorants market has been bifurcated into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of antiperspirants and deodorants in supermarkets and hypermarkets. Moreover, there is a higher preference toward store-based channels, among consumers, as it provides a one-stop shopping experience. However, the non-store-based segment is projected to register the higher CAGR due to the increasing use of e-commerce in personal-care retail.
In December 2018, Unilever Plc launched deodorant wipes across six of its brands— Dove, Degree Women, Dove Men+Care, Degree Men, Axe, and Love Beauty and Planet. The company is looking to create new antiperspirants and deodorants to expand its product portfolio.
Some of the key players in the global antiperspirants and deodorants market are The Procter & Gamble Company (US), Henkel AG & Co. KGaA (Germany), Coty Inc. (US), Unilever Plc (UK), L`Oreal S.A. (France), Beiersdorf AG (Germany), L’Occitane International S.A. (Luxembourg), Avon Products, Inc. (UK), Colgate-Palmolive Company (US), Kao Corporation (Japan), Godrej & Boyce Manufacturing Company Limited (India), Nike, Inc. (US), CavinKare Pvt. Ltd. (India), Church & Dwight Co., Inc. (US), and Benetton Group S.r.l. (Italy).
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The global antiperspirants and deodorants market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to dominate owing to consumers becoming more aware about personal care and hygiene, leading to high expenditure on personal care products. Additionally, due to hot climatic conditions in countries such as India, Malaysia, and Australia, consumers prefer antiperspirant products to keep themselves sweat-free.