A comprehensive report on worldwide deodorant markets forecasts growth based on factors including novel product formats, technologically advanced products and rising demand for gender-specific products.
The world market for deodorants registered growth during the years 2008 and 2009, albeit at a slower rate than in previous years. With the recovery from the financial crisis in 2010, the market is projected to post healthy growth in the coming years driven by manufacturers increased focus on delivering technologically advanced products in various novel product formats. In addition, rising demand for gender-specific products is expected to enhance market prospects. Further, growing population, increasing awareness and rise in disposable incomes among consumers in developing regions including Asia-Pacific and Latin America would contribute to enhanced deodorant sales.
Deodorants is a matured market in developed regions such as the US and Europe. In these markets, delivery of innovative products and an improved product mix play a vital role for manufacturers to increase their revenues.
Producers are more or less compelled to offer innovative products that deliver quick, effective protection against odour and wetness. Deodorant producers have sought to generate sales growth by relying on product introductions on a continuous basis as well as product line extensions.
Technologically advanced formulations and applications empower manufacturers to provide more innovative products that in turn attract deodorant customers.
Europe represents the largest regional market for deodorants worldwide, as stated by the new market research report on Deodorants. Europe along with the US collectively accounts for a major share of the global deodorants sales. Demand for deodorants in Europe as well as the US reported a moderate drop during 2009 because of economic slowdown that forced consumers to cut down spending on certain avoidable products such as deodorants. Asia-Pacific is poised to demonstrate the fastest growing market for deodorants with sales projected to grow at a compounded annual rate of 4.6% over the analysis period. Spray Deodorants category that includes aerosol sprays, non-aerosol sprays and squeeze-bottle sprays constitutes the largest as well as fastest growing product segment of deodorants in the world.
The personal care category is witnessing a strong growth trend as a result of the increasing focus of men towards grooming, hygiene and appearance.
Male oriented products are growing briskly, surpassing the hitherto women dominated cosmetics and personal care market. With regard to fragrances, men choose deodorants over the luxurious perfumes preferred by females. This has provided a definite impetus to the overall sales of deodorants.