India Deodorant Market is expected to grow at a CAGR of more than 15% by 2021: Bonafide Research
Aug, 01

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India Deodorant Market is expected to grow at a CAGR of more than 15% by 2021: Bonafide Research


Sales of deodorants are increasing due to availability of various domestic and international brands, innovation, marketing strategies of companies and rising disposable income in the country. India has witnessed exponential growth in the last two decades post liberalization, which in turn led to a sharp increase in the income of middle class & lower middle class segment. This ultimately increased their discretionary spending. Deodorants in these days are used by almost every person and have become a part of daily life as it keeps the person fresh and odour free throughout the day in hot and humid climate. According to recently published report of Bonafide Research "India Fragrance Market Outlook, 2021", deodorant market is expected to grow at a CAGR of more than 15% in the years to come. The deodorant consumption is growing primarily due to low prices. New launch of various variants are attracting people to wear deodorants for various occasions like evening outing, travelling and parties. Hot summers, rising aspirations and healthy margins are continuously attracting new players into this segment. More than 950 varieties of deodorants from 500 brands are available across markets in India, among them 103 recent launches. The consumers use deodorants across the year and almost half of the aggregate sales of deodorants occur between March and September as people indulge more to counter sweat causing body odour and remain fresh. Coastal cities account for maximum sales of deodorants pan India. Leading brands like HUL’s Axe, ITC's Engage, Fogg, Park Avenue, Old Spice and Nike are competing for the consumer pie with small town, low end brands like Dynamite, Aira Sensual, MenClub and LadyDiana. Vini Cosmetics’ Fogg is currently leading the market followed by ITC’s Engage. The fact that deos have now become a broader lifestyle product in India is helping boost the overall growth rate of the segment. At the same time, attractive opportunities in the booming category of women’s deos and in rural parts of India are attracting both FMCG giants and regional players towards this segment. Rural India still accounts for less than 20% of deodorant sales in India and majority of the total market is accounted by men's deodorants. Major companies operating in the fragrance market of India are Hindustan Unilever Limited, Vini Cosmetics Private Limited, ITC Limited, Nivea India Private Limited, McNroe Consumer Products Pvt. Ltd., Marico Limited, J.K. Helene Curtis India Limited, Cavinkare Private Limited, Burberry India Private Limited, Coty India Beauty and Fragrance Products Pvt. Ltd., Avon Beauty Products India Pvt. Ltd. and TTK Healthcare Limited.