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Deodorants Market Size, Share, Growth & Trends 2024-2033 | Competitive Analysis & Forecast
Deodorants Market Size
According to The Business Research Company's, The deodorants market size has grown strongly in recent years. It will grow from $25.75 billion in 2023 to $27.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.4% The growth in the historic period can be attributed to changing social norms, effective advertising and marketing campaigns, rising disposable income levels, fashion and lifestyle trends emphasizing fitness, urbanization, and population growth, and increased awareness of health and wellness.
The deodorants market size is expected to see strong growth in the next few years. It will grow to $35.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing demand for natural and sustainable formulations, rising awareness about personal hygiene and wellness, innovations in packaging and application formats, emphasis on gender-neutral and inclusive product offerings, and the growing influence of e-commerce platforms on consumer purchasing behavior. Major trends in the forecast period include adoption of deodorants with antibacterial and antiperspirant properties, technological advancements in formulation, innovative packaging designs and convenient application formats, and increasing emphasis on gender-neutral and inclusive product offerings, broader range of scents and formulations tailored to diverse preferences and lifestyles.
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Market Drivers and Trends:
The increasing demand for personal grooming products is expected to propel the growth of the deodorants market going forward. Personal grooming products refer to items designed for enhancing personal appearance, hygiene, and overall well-being. The growing demand for personal grooming products is increasing as consumers seek to maintain hygiene, enhance their appearance, and prioritize self-care in their daily routines. Deodorant is a key component of personal grooming products, used to manage body odor by inhibiting the growth of odor-causing bacteria and providing a pleasant fragrance. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based principal fact-finding agency for the Federal Government, in 2022, there was a 12.3% rise in personal care products and services spending, following a substantial increase of 19.3% observed in 2021. Therefore, increasing demand for personal grooming products is driving the growth of the deodorants market.
Major companies operating in the deodorants market are focusing on skin-friendly and breathable deodorant formulas, such as antiperspirant technology, to offer enhanced sweat protection while maintaining skin comfort and health. Antiperspirant technology refers to the scientific formulations and mechanisms used in antiperspirant products to temporarily reduce or block the production of sweat. For instance, in March 2022, Degree, a US-based deodorant company, launched its latest innovation, the Degree Advanced Antiperspirant, featuring revolutionary 72-hour microtechnology for continuous sweat and odor protection. Additionally, Degree has introduced the Degree Advanced Antiperspirant for Women and Men, both incorporating breakthrough microtechnology for 72-hour sweat and odor protection. This new range is clinically proven to create a more robust barrier against sweat compared to traditional antiperspirants, eliminating the need for reapplication. Developed by Unilever, Degree's parent company, this technology boasts 16 new patents.
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Major Key Players of the Market:
L'Oreal SA, Christian Dior SE, The Procter & Gamble Company, Unilever PLC, Adidas AG, Henkel AG & Co KGaA, Colgate-Palmolive Company, The Estée Lauder Companies Inc., Kao Corporation, Coty Inc., Burberry Limited, Calvin Klein Inc., Avon Products Inc., Giorgio Armani SpA, Lion Corporation, Revlon Inc., Godrej Consumer Products Limited, Beiersdorf AG, Benetton Group Srl, Cavinkare Private Limited, EO Products Inc., Each & Every, Erbaviva LLC, Spirit Nest LLC
Deodorants Market 2024 Key Insights:
• The deodorants market size is expected to see strong growth in the next few years. It will grow to $35.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Increasing Demand For Personal Grooming Products Is Driving The Deodorant Market
• Product Innovations For Long-Lasting Sweat And Odor Protection
• Europe was the largest region in the deodorants market in 2023
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