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Rockville, MD, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Deodorants are increasingly gaining more space in personal grooming and hygiene of populations. Their popularity is notably fueled by the long-term action on the body odor, overall freshness, and hygiene. The advent of deodorants with formulations and with versatile functions is a key factor aiding in the rapid and steady evolution of the deodorants market. With scents and fragrances occupying a central part of grooming routines among both men and women, the demand for deodorants has been receiving sustained boost in various parts of the world. The rising living standards of people in various parts of the world and the growing affordability of premium products are factors catalyzing the growth of the global deodorants market. In recent years, efforts have been made to mainstream the uptake of natural deodorants that are also equally functional, especially among consumers in various developing and developed regions. The demand for deodorants that have vast appeal among young adults is expected to confer considerable lucrative prospects to market players, especially in emerging markets.
Fact.MR expects to market to chart attractive evolution trajectories over the next few years, driven by aforementioned trends. The global deodorants market is projected to rise at a promising CAGR of 7.1% during the forecast period of 2017–2022. Expanding at this pace, the market will reach a revenue worth of US$30,000 Mn by the end of 2022.
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Spray Deodorants gain traction among Consumers as Deodorant Brands Launch New Categories
The deodorants market is witnessing constant innovations in product formulations and design. One of the product categories that has witnessed considerable traction among consumers is spray deodorants. The segment dominates the landscape and is expected to retain its lead in the global deodorants market in the next few years as well. It is also rising at the most attractive CAGR over the forecast period of 2017–2022. This category is trailed by the roll-on deodorants segment.
Meanwhile, stick deodorants over the past few years have been steadily losing sheen among consumers in numerous key markets. Over the assessment period, the segment is expected to lose as much as 61 BPS in their share in the overall deodorants market.
Sales on Hypermarkets likely to contribute Substantial Revenues
Hypermarkets are expected to form the leading distribution channel throughout the forecast period. The sales of deodorants in these retail stores are likely to add sizeable share of the revenue in the overall market. However, it is online distribution channel that is projected to rise at the leading CAGR over 2017–2022. The rapid strides made by the e-commerce industry and internet economy in various parts of the world supported the substantially rising uptake of this online distribution channel.
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Europe the Leading Market, However, Asia Pacific rising at Potentially Lucrative Pace
Europe is expected to be the region with the major revenue share in the overall global deodorants market. This is mainly driven by the robust demand for deodorants in the personal care market across all demographics. However, market players are turning their attention to emerging regions. Against this background, Asia Pacific is emerging as the second most attractive market over the forecast period. However, the burgeoning demand for deodorants in several countries of the Middle East and Africa (MEA) will lead the region to garner the most favorable CAGR during 2017–2022.
The deodorants market is expected to witness rising intensity of competition among personal care product companies. They are also engaged in adopting new packaging designs for deodorants as a part of brand positioning strategies. Some of the prominent players operating in the deodorant market are Avon Products, Inc., CavinKare Pvt. Ltd., Beiersdorf Aktiengesellschaft, Colgate-Palmolive Company, and Lion Corporation.
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