The aerosol market was valued at $53,871.6 million in 2017 and is predicted to reach $75,208.9 million by 2023, at a CAGR of 5.8% during the forecast period (2018–2023). Personal care held the largest value share in the market during the historical period (2013–2017).
The insecticides category by application is expected to witness the fastest growth, in terms of value, in the aerosol market. This can be due to its operational advantages such as less waste production as they are metered and ability to deliver specified amount of chemicals to application surfaces.
Growing consumer preference for organic cosmetic products trending in the market
Historically, synthesized aerosols were widely used in cosmetics, such as hair sprays, body sprays, and deodorants. These aerosols contain chemicals which can damage the human skin by causing rashes, acne, and blemishes, which has led to an increasing demand for organic products. For instance, in September 2017, the Shahnaz Husain Group launched an Ayurvedic dry shampoo, containing plant ingredients in the form of aerosol sprays, in the domestic and international markets.
Growing personal care industry driving the market growth
In the personal care industry, various products, such as hair sprays, dry shampoos, deodorants, perfumes, polishes, and shine sprays, are aerosolized. The growth in the personal care industry is mainly attributed to the rising consumer disposable income and growing adoption of cosmetic products. This is expected to fuel the sales of personal care products in the coming years, thereby contributing in the aerosol market growth.
Segmentation Analysis of Aerosol Market
Personal care was the largest application area in the aerosol market, contributing over 35.0% sales revenue in 2017, and it is expected to maintain its position during the forecast period. The largest share of the application is attributable to the considerable growth in the demand for products such as deodorants, hair sprays, and dry shampoos around the globe.
Geographical Analysis of Aerosol Market
North America also held a significant share in the global aerosol market, on account of its high-volume and mature industries, manufacturing aerosol-based products, coupled with the presence of large number of aerosol manufacturers in the region. Additionally, high investments in research and development (R&D), for the manufacturing of environmentally sustainable aerosols, further supports the growth of the regional market.
Competitive Landscape of Aerosol Market
The aerosol market is consolidated in nature, and Colep Portugal S.A., S.C. Johnson & Son Inc., Unilever PLC, and The Procter & Gamble Company are some of the major players engaged in the development and commercialization of aerosols.
In November 2017, The Procter & Gamble Company acquired Native Deodorant (a natural deodorant brand) for around $100 million. This acquisition is expected to widen the company’s product portfolio and consumer base. Similarly, in December 2016, Unilever PLC launched the anti-marks anti-perspirant technology that prevents white marks on dark clothes and the formation of yellow stains on white clothes. With this launch, the company expanded its deodorant and anti-perspirant product line.
Some other key players in the aerosol market are Reckitt Benckiser Group Plc, Akzo Nobel N.V., Thymes LLC, Coster Tecnologie Speciali S.p.A, Honeywell International Inc., and Henkel AG & Co. KGaA.