Demand for deodorants and antiperspirants is being driven by maturing markets and the sector is anticipated to exceed a valuation of US$25.7bn by the end of 2021, says a new report.
According to market intelligence firm Fact.MR, the deodorants and antiperspirants market is predicted to expand at a steady CAGR of around 5% over the next ten years to 2031.
This uptick is said to coincide with growing purchasing power in developing markets, with customers switching up from fragrances, which merely smell pleasant, to odour-busting deodorants and antiperspirants, the latter of which also help prevent sweat.
A Fact.MR analyst said: “While maturing markets represent strong competition, deodorant and antiperspirant manufacturers should start exploring rural and semi-urban markets with small-format and low-priced products.”
Other key takeaways from the Fact.MR Deodorants and Antiperspirants Market study show that, in 2020, North America and Europe generated around a 69% share of global revenue, with brands from Unilever, Procter & Gamble, Colgate Palmolive and Henkel accounting for 51% of global revenue in the sector.