The truth is the global market only has a few players holding a major share of the market., with Unilever, Procter & Gamble, and Beiersdorf AG, amongst others all battling it out.
Unilever is the leading market participant and offers world-renowned brands, such as Dove, Lynx/ AXE, and Impulse.
Deodorant companies are offering additional features as part of their efforts to differentiate their products from those offered by their rivals.
In order to enhance their presence in an extremely competitive marketplace, manufacturers need to develop new products with innovative technologies, such as deodorants with anti-white marks technology and skin-friendly deodorants.
It is not only the formulations that have been the focus of innovation either; Unilever went to town on its packaging from the waste reduction angle, halving the size of its aerosols, but maintaining the same amount of content.
Value additions, such as deodorants with moisturizing features and deodorants with hair growth retardant abilities have also been targeted, and not only push up the sales volume but also ensure enhanced revenues due to their increased prices.
According to a new report by Global Industry Analysts, the global Deodorants market is forecast to reach about $15.78 billion by 2018, driven primarily by these innovations, advancing male grooming, increasing demand for organic as well as natural spray products, and growing importance of grooming among teenagers and young adults.
The industry analysts say that spray deodorants constitute the largest deodorants segment, followed by stick and solid deodorants, then roll-ons.
Europe represents the largest market for Deodorants; but it is in Latin America and Asia-Pacific that the potential opportunities lie, according to GIA, as national consumer spending continues to increase year-on-year.