In 2009, the market for deodorants in both the US and Europe fell slightly, under the weight of reduced consumer spend, but throughout this period the deodorant category has continued to show healthy growth in emerging markets, a trend that is set to continue.
Asia-Pacific is expected to lead this growth in the coming years, representing a compound annual rate of 4.6 percent until the year 2015, according to a new report from Global Industry Analysts.
Likewise the Latin American market is also expected to represent significant opportunities for growth, primarily in the Brazil market, which is both the largest and fastest growing economy.
Aerosols expected to be fastest growing product category
Meanwhile, on a category basis, aerosol sprays, non aerosol sprays and squeeze-bottle sprays are expected to constitute the largest as well as the fastest growth products in the deodorant market worldwide.
Technological innovations are also expected to drive market growth, with increasingly technical formulations, combined with packaging delivery systems contributing to a fast evolving product landscape.
Technological innovations are expected to be particularly apparent in the more mature markets of Europe and North America. These markets are both highly mature, giving way to growth opportunities for products that stand out from the competition.
Male deodorant category offers potential
Likewise, there is also expected to be a continuing rise in the number of gender-specific products, particularly in the male deodorant category, where brands such as Axe have successfully carved out market share on the back of powerful marketing campaigns.
The other trend that will continue to grow is naturals, with an increasing number of products coming on the market formulated with natural ingredients such as botanical and herb extracts.
Although the compound annual growth of the global deodorant market is expected to be under 3 percent, this should value the market at approximately $12.6bn by 2015, Global Industry Analysts estimate.