Global Deodorants and Fragrances market as valued at US$99.181 billion in 2019. The fragrances and deodorants are used to relieve body odor produced due to sweating.The global deodorants and fragrances market is growing due to the increasing need and importance for grooming and personal hygiene among both men and women. The market is poised to grow due to increasing disposable income and changing lifestyles. The growing demand for deodorants is due to increasing concern over one’s health and fitness. A large number of people are opting for gyms and fitness clubs for increasing their physical fitness and this, in turn, is increasing the adoption of body odor controller products like deodorants. Increasing health and hygiene consciousness among people has lead to a rise in people getting engaged in physical activities and going to gyms and fitness clubs for improving physical health. This, in turn, is leading to an increase in the demand for deodorants for controlling body odor due to sweating.
The growing living standard among middle-income group people is further raising the demand for fragrances and deodorants. The urbanization in developing countries like India, China, and Brazil is further boosting the demand for deodorants and fragrances worldwide. People are opting for deodorants and fragrances in every season to smell pleasant while maintaining personal hygiene, thus positively impacting the global market growth of deodorants and fragrances. The growing influence of digital and social media is also contributing significantly to the mushrooming demand for deodorants and fragrances worldwide. Companies are increasingly investing in digital media platforms for marketing and advertising their products. This has led to an increase in the sales of fragrances and deodorants by advertising on social media platforms like Instagram, Facebook, YouTube, and Pinterest, thus bolstering the overall market growth.
The global deodorants and fragrances market is segmented by composition, gender, and geography. Market segmentation based on the composition is done as Parfum, Eau de Parfum (EDP), Eau de Toilette (EDT), and Eau de Cologne (EDC). By gender, the global deodorants and fragrances market is segmented as men and women.
Parfum contains the highest concentration of perfume extract
The perfume comes in different types depending on the concentration of the perfume extract present in it. Parfum has the highest perfume extract and is the most expensive of all the perfumes. The parfum has a significant market share in the deodorants and fragrances market. It is due to increasing disposable income and the increasing demand for exotic products majorly by young consumers. The growing product portfolio of parfum in retail stores is driving the market. The other perfumes likeEau de Parfum (EDP), Eau de Toilette (EDT), and Eau de Cologne (EDC) do have a significant amount of market share. Eau de Toilette has 4% to 15% concentration of essential oils in its formulation and is majorly sold in spray bottles. Eau de Cologne has the lowest concentration of 2% to 5% and is mostly used as an aftershave or simply splash-on fragrance. The deodorant market is growing due to its long-lasting ability to control body odor.
Women Consumer base is increasing the premium fragrance market
The market for premium fragrance is being highly driven due to increasing demand from women consumers. The growing disposable income and an increase in the number of working women have given liberty to women to buy their desired products. The increasing demand for organic products majorly by women is also increasing the demand in the market. This is happening due to increasing awareness among consumers about the health effects of perfume. The demand for deodorant is high by men due to an increase in sweating that causes body odor. The increasing demand for personal care due to the awareness about maintaining health and hygiene is further increasing the market for deodorants and fragrances in the forecast period. The deodorants and fragrances market is rising in developing countries at a robust speed. The demand is highest from these countries due to the increasing disposable income and demand for premium perfumes. The changing lifestyle and urbanization in developing countries to grow the market.
By geography, North America has a significant share in the market
Regionally, the global deodorants and fragrances market is classified into North America, South America, Europe, Middle East, and Africa, and Asia Pacific. North America is expected to have a significant market share in the deodorants and fragrances market due to the presence of major personal care companies and a large amount of consumption in the region. The people are increasingly purchasing new products launched by international companies and the increasing need for personal care products for grooming in day to day life is increasing the demand for deodorants and fragrances. The growing demand for premium perfumes in the region will further expand the deodorants and fragrances market. The Asia Pacific region is expected to be the fastest-growing regional market for deodorants and fragrances. The market is tended to increase in developing countries like India and China due to urbanization in the country. This has increased the people’s disposable income, the changing lifestyle, growing demand for quality products by young consumers, and an increase in the demand for premium fragrances in the region to further increase the demand for deodorants and fragrances market. Furthermore, growing demand among millennial high-end lifestyle is also supporting the market growth of deodorants and fragrances in APAC countries.
Market Players and Competitive Intelligence
Prominent key market players in the global deodorants and fragrances market include L'Oréal S.A., Estée Lauder Companies Inc., Avon Products, Inc., Coty Inc.,Revlon Consumer Products Corporation, Shiseido Company Limited, Unilever N.V.,Giorgio Armani S.p.A., LVMH Group, and CHANEL International B.V. among others.These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global deodorants and fragrances market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.