Deodorant and Antiperspirant Ingredients Market to Record an Impressive Growth Rate of US$ 2,390 Mn by 2021
Persistence Market Research (PMR) announces the release of its latest report titled, “Global Market Study on Deodorant and Antiperspirant Ingredients: Natural Ingredients Usage Set to Increase in Deodorant and Antiperspirant Manufacturing Throughout the Forecast Period”. According to the report, the global deodorant and antiperspirant ingredients market was valued at US$ 1,520 Mn in 2014 and is anticipated to reach US$ 2,390 Mn by 2021, registering a compound annual growth rate (CAGR) of 6.7% through the forecast period.
Global deodorant and antiperspirant ingredients market is largely driven by growing demand of deodorant and antiperspirant products by younger consumers. New and innovative ingredients, lower cost of deodorant products compared to other substitutes, enhanced performance of deodorant and antiperspirant products due to a usage of high-quality ingredients, new technologies, and attractive packaging are some major factors causing a shift in preference among younger consumers to purchase deodorants and antiperspirants.
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Aerosol deodorants and antiperspirants contribute highest in terms of demand and share the global deodorant and antiperspirants market as compared to other product types. In terms of ingredients, alcohol accounted for the largest market share in the global deodorant and antiperspirant ingredients market as compared to other ingredients, which is anticipated to expand at a significant CAGR of 6.5% over the forecast period.
However, growing concerns among consumers regarding possible health issues some ingredients used in deodorant and antiperspirant products could cause, and growing environmental concerns could pose a challenge for the growth of the global deodorant and antiperspirant ingredients market.
The global deodorant and antiperspirant ingredients market is segmented into deodorant type, antiperspirant type, deodorant and antiperspirant ingredients, and by geography.
By deodorant product type, the market is segmented into aerosol deodorants, roll on deodorants, creams & wipes deodorants, sticks & solids deodorants, and others. Among these segments, the aerosol deodorant segment is expected to account for 75.3% revenue share of the overall market by 2021.
Furthermore, it is expected to dominate the global deodorant market throughout the forecast period, exhibiting a CAGR of 4.8%.
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By antiperspirant product type, the market is segmented into aerosol antiperspirant, roll on antiperspirant, sticks & solids antiperspirant, and others. Aerosol antiperspirant is the largest segment in terms of market value and is expected to register highest CAGR of 4.4% between 2015 and 2021 owing to its easy to use characteristic.
Furthermore, roll on is the second largest product segment and is anticipated to account for 15.6% share of overall market share by 2021.
On the basis of ingredients, the global deodorant and antiperspirant ingredients market is segmented into alcohol, aluminum, antimicrobials, base/ carrier substances, conditioner & moisturizer, fragrances, parabens & propellants, and others.
Among the aforementioned segments, alcohol ingredient segment is expected to dominate the global market with over 35% market share in terms of volume throughout the forecast period. Increasing demand for deodorant and antiperspirant products with long-lasting fragrance and effective antibacterial properties is a factor expected to further propel demand for ingredients.
On the basis of region, Europe dominated the global deodorant and antiperspirant market in 2014, followed by North America and Asia-Pacific. Europe is expected to remain the dominant market with over 30% market revenue share throughout the forecast period.
Key industrial participants considered in the global deodorant and antiperspirant ingredients market include Unilever Company, Procter & Gamble, L’Oreal Company, Avon Product Inc., Shiseido, CavinKare Pvt. Ltd., Henkel AG & Company KGaA, Beiersdorf AG, and Godrej Consumer Products Ltd.
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