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Consumer products
India
Bazaar bytes #5: Taking a deep dive into the deodorants category. Deodorants
has become critical for consumer companies over the last one year—HUL (market
leader), Jyothy (through Henkel) and Marico (through Paras’ brands). We take a deepdive into it—size, growth rates, key players, market share and finally its changing
contours. We see increasing activity levels in this nascent category with potential for
category growth acceleration. A large and growing presence of grey market is a
concern that the incumbents will have to cope with. Most of the market fragmentation
(top-3 players account for ~30% of the market now versus 50% in 2005) is likely
behind us, in our view—a positive for incumbents.
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