The global deodorant market size is predicted to reach USD 30.76 billion by 2026, exhibiting a CAGR of 4.0% during the forecast period. The growing inclination towards hygienic lifestyle among consumers will spur demand for deodorants, which in turn, will boost the deodorant market growth during the forecast period.
Moreover, the rising emphasis on personal health and sanitation will enable healthy growth of the market during the forecast period states Fortune Business Insights™ in a report, titled “Deodorant Market Size, Share Industry Analysis, By Product Type (Spray, Roll-On, Stick, and Others), By Packaging Material (Metal, Plastic, and Others), By End-User (Men and Women), and Regional Forecast, 2019-2026” the market size stood at USD 22.54 billion in 2018.
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Acquisition of Schmidt’s Naturals by Unilever to Foster Growth
Unilever, a British-Dutch transnational consumer goods company co-headquartered in London announced the acquisition of Schmidt’s Naturals an American personal care company based in Portland, Oregon. The deal between the two companies can be a vital factor in promoting the growth of the deodorant market owing to the company’s aim to expand its product portfolio and customer base leveraging the prominence of the acquired company.
Furthermore, Jaime Schmidt, founder of Schmidt’s Naturals, said in a statement, “Thanks to our community, what started humbly in my kitchen and local farmers’ markets has grown into homes worldwide. I am proud to say that as a result of our partnership with Unilever, we are better positioned than ever in our mission to make natural products accessible to all.
Moreover, Unilever’s substantive actions towards creating a more sustainable and equitable future for diverse peoples across the planet further fuels the enthusiasm behind our alliance.” Additionally, the increasing demand for long-lasting and powerful fragrant deodorants will spur opportunities for the market in the forthcoming years. For instance, Nivea launched its pearl beauty antiperspirant deodorant stick, which offers 48 hours of real protection from body odors. The mild fragrance of the deodorant emits sweet scent and leaves the skin dry and smooth.
Presence of Biggest Cosmetics Brands to Propel Market in Europe
The market in Europe generated a revenue of USD 6.92 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the strong presence of renowned brands such as L'Oréal, Beiersdorf, Avon, Unilever, and others in the region. Moreover, the growing inclination of people towards hygiene and personal care will augment the healthy growth of the market in the foreseeable future.
North America is likely to grow rapidly during the forecast period owing to the rising awareness regarding hygiene and sanitation. The surge in the employment rate in the region will subsequently boost the market in North America. The rising consumption of more cosmetic products will augur well for the market. The growing popularity of fitness and sports will create lucrative business opportunities in the forthcoming years for the market in North America.
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