Deodorant Market to Reach USD 30.76 Billion by 2026 | Deodorant Industry Striking CAGR of 4.0%
Key companies covered in Deodorant Market are Unilever PLC, The Procter & Gamble Company, Beiersdorf AG, Henkel AG & Co KGaA, L’Oreal SA, Sky Organics, Speick Natural Cosmetics, Truly’s Natural Products, Erbaviva, Spirit Nest, EO Products, and more players profiled.
According to Fortune Business Insights, the global deodorant market size is predicted to reach USD 30.76 billion by 2026, exhibiting a CAGR of 4.0% during the forecast period. The growing inclination towards hygienic lifestyle among consumers will spur demand for deodorants, which in turn, will boost the deodorant market growth during the forecast period. Moreover, the rising emphasis on personal health and sanitation will enable healthy growth of the market during the forecast period states Fortune Business Insights in a report, titled “Deodorant Market, 2019-2026” the market size stood at USD 22.54 billion in 2018.
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Fortune Business Insights™ lists out all the deodorant market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Unilever PLC
- The Procter & Gamble Company
- Beiersdorf AG
- Henkel AG & Co KGaA
- L’Oreal SA
- Sky Organics
- Speick Natural Cosmetics
- Truly’s Natural Products
- Spirit Nest
- EO Products
Acquisition of Schmidt’s Naturals by Unilever to Foster Growth
Unilever, a British-Dutch transnational consumer goods company co-headquartered in London announced the acquisition of Schmidt’s Naturals an American personal care company based in Portland, Oregon. The deal between the two companies can be a vital factor in promoting growth of the deodorant market owing to the company’ aim to expand its product portfolio and customer base leveraging the prominence of the acquired company. Furthermore, Jaime Schmidt, founder of Schmidt’s Naturals, said in a statement, “Thanks to our community, what started humbly in my kitchen and local farmers’ markets has grown into homes worldwide. I am proud to say that as a result of our partnership with Unilever, we are better positioned than ever in our mission to make natural products accessible to all. Moreover, Unilever’s substantive actions towards creating a more sustainable and equitable future for diverse peoples across the planet further fuels the enthusiasm behind our alliance.” Additionally, the increasing demand for long-lasting and powerful fragrant deodorants will spur opportunities for the market in the forthcoming years. For instance, Nivea launched its pearl & beauty antiperspirant deodorant stick, which offers 48 hours of real protection from body odors. The mild fragrance of the deodorant emits sweet scent and leaves the skin dry and smooth.
Presence of Biggest Cosmetics Brands to Propel Market in Europe
The market in Europe generated a revenue of USD 6.92 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the strong presence of renowned brands such as L’Oréal, Beiersdorf, Avon, Unilever, and others in the region. Moreover, the growing inclination of people towards hygiene and personal care will augment healthy growth of the market in the foreseeable future. North America is likely to grow rapidly during the forecast period owing to the rising awareness regarding hygiene and sanitation. The surge in employment rate in the region will subsequently boost the market in North America. The rising consumption of more cosmetic products will augur well for the market. The growing popularity for fitness and sports will create lucrative business opportunities in the forthcoming years for the market in North America.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Key Industry Developments:
- February 2019 – Unilever announced the launch of mini spray deo for 4 brands and deodorant wipes for 5 of its brands. The brands include Dove, AXE, Dove Men+Care, and Degree Men and Women. The products are intended to be used for the deodorization of underarms, neck, and chest.
- May 2019 – Procter and Gamble proclaimed its acquisition of Native Deodorant, which is a San Francisco based company in 100 USD million.It is a direct-to-consumer natural deodorant brand. This acquisition is expected to expand Procter & Gamble’s product portfolio.
Frequently Asked Questions (FAQs):
- How much is the deodorant market worth?
Answer: Fortune Business Insights says that the global market size was USD 22.54 billion in 2018 and is projected to reach USD 30.76 billion by 2026.
- What was the value of the global deodorant market in 2018?
Answer: In 2018, the market value stood at USD 22.54 billion.
- At what CAGR is the deodorant market projected to grow in the forecast period (2019-2026)?
Answer: Growing at a CAGR of 4.0%, the market will exhibit steady growth in the forecast period (2019-2026).
- What is the leading market segment for the deodorants?
Answer: The spray product segment is expected to be the leading segment in this market during the forecast period.
- What is the key factor driving the deodorant market?
Answer: Rising awareness of personal grooming is driving the demand for this market.
- Who is the leading market player for the deodorant?
Answer: Unilever is the leading player in the global market.
- Which region held the highest market share in the deodorant market?
Europe dominated the market in 2018.
- Which factors are expected to drive the adoption of deodorant products?
Answer: Rising demand for natural and organic ingredient containing products which are more safe compared to synthetic chemical products is anticipated to propel the adoption of the products.
Browse Summary of this Research Report:
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