The global market for deodorants is projected to reach $13.8bn by 2017 thanks to the introduction of new and technologically advanced products for mature markets in the US and Europe.
Rising levels of income in developing markets such as Asia-Pacific, Latin America, Middle East and African nations are also expected to fuel growth opportunities for deodorants in the near future, as is growing awareness about chemical-free, and natural /organic products.
The findings were presented in Global Industry Analysts latest report on the deodorants market.
In the US and Europe the market is already developed, meaning that further expansion depends on new innovations and products.
“In an effort to beat intense competitive pressures, manufacturers are placing increasing emphasis on product innovation and differentiation, including its packaging,” says the report.
Income and hygiene affecting emerging markets
In the developing markets of Asia, Latin America and Middle East, GIA states that rising levels of disposable income, better living and hygiene standards are propelling rapid growth in the worldwide deodorants market.
“Key drivers in the market are the consumers' urge for presentable personal image and/or the desire for personal protection. This has created a greater degree of awareness about personal hygiene habits among consumers,” the report continues.
Due to their positioning as a necessary product for routine personal hygiene, deodorants have achieved high levels of penetration across several regions, particularly in developed countries.
With gender segmentation of the antiperspirant and deodorant market more profound than ever before, brands that address the needs of specific genders are gaining all the more importance, according to the market analyst.
There has also been an increase in demand for safe, natural and organic deodorant products, which has meant that consumers are beginning to avoid that incorporate harmful aluminum compounds, in favour of products with natural ingredients.
Recent scientific studies have associated usage of paraben and aluminum-containing products to cancer, which whilst not completely damning, has affected consumer perception of products containing these ingredients.
As a result manufacturers are formulating deodorant products that address the consumer need for naturally occurring ingredients.
GIA claims that many companies are offering a range of natural deodorants that do not contain artificial bactericides. Manufacturers are now offering products that contain vitamin E, aloe and camomile and many other natural ingredients.