Global deodorant market size to grow $35.9bn by 2028
By Felicia Nwosu
IMARC Group, a leading market research company, while analysing the latest market trends and future growth opportunities for the global deodorants market growth size, has foreseen that the market size will soar from US$ 27.4 billion in 2022, to US$ 35.9 billion by 2028. The report also revealed that the market will exhibit a growth rate (CAGR) of 4.6% from 2023-2028.
Following the results drawn from the data coverage, IMARC Group foresaw that the high and increasing demand for personal grooming products, along with the rise in female workforce participation were triggered by the demand for novel and innovative fragrances by the working class group.
The consumer-centric body also blamed the outcome of the shift on generational trends as another strong force driving the surge, and which has also helped in creating a positive outlook for the market.
Looking further, it discovered other catalysts that are helping to create an upward demand curve, where factors such as innovations and the development of natural and aluminum-free deodorants are acting as other growth-inducing factors. These variants are manufactured using organic ingredients such as activated charcoal, baking soda, coconut oil and essential oils.
In the same vein, the research outfit noted that several innovative brands are employing unique ingredients such as floral extracts, together with aesthetically appealing green packaging to attract a wider consumer base.
Aside from this, it revealed that the employment of a plethora of channels to boost awareness and product visibility and the proliferation of e-commerce retail channels are also contributing to the market growth. It stated that expenditure capacities of the consumers, along with rapid urbanization across the globe, are anticipated to drive the market further.
IMARC Group observed that the competitive landscape of the industry has also been examined along with the profiles of the key players being Adidas AG, Avon Products Inc. (Natura & Co.), Beiersdorf AG (maxingvest ag), Cavinkare Private Limited, Church & Dwight Co. Inc., Colgate-Palmolive Company, Estée Lauder Companies, Godrej Consumer Products Limited, Henkel AG & Co. KGaA, Lion Corporation, L’Oréal, The Procter & Gamble Company and Unilever Plc.
In comparing the global data presentation with Nigeria’s deodorants market locally, another global research body, Euromonitor provided another strategic analysis of the deodorants and antiperspirants market at the national level. It described some market participants, growth and demand drivers, challenges and all other factors influencing the development of the market.
The research firm while acknowledging the recorded growth so far admitted that the shedding off in the performance of deodorants in 2022 could be attributed to some of the various economic woes that befell the globe during Covid-19 pandemic and also the depreciative and incessant fluctuation being experience in the foreign currency exchange. It pointed out that the impact of strong inflation in the economy reduced consumer spending power, whilst a reduction in employment also reduced the consumer base, as many people look to use deodorants while at work.
The international research firm, as a result of the pandemic, maintained that retail volume growth suffered also. It also validated the fact that there was a huge surge in e-commerce especially during the lockdown, which equally stimulated the growth.
Euromonitor reported that Nigeria’s Deodorants market is expected to grow well over the forecast period as the economy improves. Although the category saw reasonably good growth over the review period, it has yet to penetrate strongly among Nigerian consumers.
It added that growing urban population and rising employment levels will boost demand. Also, that employment will drive positive deodorant growth over the forecast period, while noting that Nigeria’s key driver for deodorant growth is the young, urban population in work. Assuredly, it stated that the growth of modern retail channels (hypermarkets and supermarkets) will help to boost the visibility and awareness of deodorants across the coming years.
Euromonitor in its futuristic capacity predicted that retailers prominently stock a wide range of deodorant brands and with strong growth in this channel expected, as Nigerian retail modernises to meet the need for convenience among urban consumers. It also identified the steep rise in unit prices as one of the factors driving growth for the sector. It then forecast that the market is set to change positively by 2027. With an undaunted optimism, it projected that there will be a positive economic improvement that will drive growth over the forecast period
Meanwhile, another research platform, Ecommerce DB, a partner of Statista, also forecast that the Nigerian Deodorants eCommerce market is predicted to reach US$4.1 million by 2023 and accounts for 7.6% of the Body Care eCommerce market in the country while it is expected to increase over the next years.
The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be 10.2%, resulting in a projected market volume of US$6.1 million by 2027.
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