Shoe Deodorizers Market to Witness Heightened Profitability, with Accelerated Spending in Sports and Fitness Footwear
Published : 31 Jan 2020 Industry: Consumer Goods
The global shoe deodorizer market is gathering steam and is projected to grow at a CAGR of around 5.5 % by the end of the forecast period. The industry has been going through a positive phase of growth in recent years, which is forecasted to continue unabated in the near future. The growth can be attributed to the proliferation of health and fitness centers, with increased spending being witnessed on sports shoes by sports and fitness enthusiasts.
Several million people around the world suffer from foot odor issues, and the development of new shoe deodorizer products in the form of sprays, insoles, and powders are expected to contribute to the demand for shoe deodorizers.
Key Takeaways of Shoe Deodorizers Market Study
- Spray formulations of shoe deodorizers hold the largest market share of around 46 % at present, and is anticipated to sustain its lead during the forecast period, owing to ease of use, varied fragrances, and convenient packaging formats. Despite a larger market share being covered by spray products, insoles and powder deodorizer products are anticipated to grow at a faster CAGR during this time.
- The online channel of distribution is set to register an increase in CAGR of over 6% during the forecast period. This growth can be attributed to consumer preference for e-commerce, and the easy availability of a myriad range of products prior to purchase. On the other hand, offline distribution channels will hold a larger market share of around 80 %, which will continue in the foreseeable future.
- The South Asia, Oceania, Middle East and Africa regions will account for the regions with fastest growth for shoe deodorizers with CAGRs close to 7 per cent. Such growth will rise from factors such as a growing population of the working class, the heightened utilization of formal clothing, and the rise of ecommerce in such countries.
- Rising incidences of human ailments such as olfactory reference syndrome, diabetes, and hyperthyroidism among people around the world is expected to support the growth of the market. Contributions also come from higher consumer spending, and availability or advantages of using shoe deodorizers, which are anticipated to boost demand substantially.
“Many prominent companies are setting the future path of growth for the global shoe deodorizer industry with continuous product development and innovation activities to gain attention from a widening hygiene and health conscious population. Rapid technological advances in deodorizers have been reshaping the competition landscape, amplifying performance and supporting the emergence of new innovations.” says the Fact.MR analyst.
Low Capital Aids New Entrants in Shoe Deodorizer Market
Currently, top companies such as Church & Dwight Co. Inc, S.C. Johnson & Son, Inc. (U.S.), Puma SE, Sanofi SA, Adidas AG, and Skechers Inc., account for approximately half of the market share for shoe deodorizers. However, easy entry and lower costs of exit in the market are providing positive impetus to new players in the near future. Consequently, long term collaborations and acquisitions are being viewed as key market strategies by businesses in the industry.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for shoe deodorizers, with historical data on demand (2014-2018) and expected projections for the period 2019-2029. The report reveals extensive insights into the demand for shoe deodorizers based on product type (sprays, insoles, powders, and others), distribution channel (online and offline), and key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East and Africa).
About the Retail and Consumer Goods Division at Fact.MR
As consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. However, retail and consumer goods analysts at Fact.MR have been tracking these broader sub-industries to keep themselves abreast of the recent developments in the market. With unmatched analytical diligence, the team at Fact.MR helps organizations design effective product differentiation strategies and helps add exclusive product(s) to their existing portfolio. For more insights on retail industry, visit here.