According to a revised report by Persistence Market Research, the global deodorant and antiperspirant ingredients market is currently valued at US$ 23 Bn, and is anticipated to reach US$ 39.7 Bn by 2031, registering a compound annual growth rate (CAGR) of 5.5%. Demand for deodorant and antiperspirant ingredients 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 ingredients 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 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 nearly 7/10 revenue share of the overall market by 2021.
Furthermore, it is expected to dominate the global deodorant market throughout the forecast period, exhibiting a positive CAGR. By antiperspirant product type, the market is segmented into aerosol antiperspirant, roll on antiperspirant, sticks & solids antiperspirant, and others. 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.
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Among the aforementioned segments, alcohol ingredient segment is expected to dominate the global market with over 3/10 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 is anticipated to dominate the global deodorant and antiperspirant market in 2031, followed by North America and Asia-Pacific. Europe is expected to remain the dominant market with over 3/10 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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