New York, US, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Fragrance Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Fragrance Market Information by Type, Application, Cosmetics & Toiletry, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 18.97 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.30% during the review timeframe.
Market Scope:
Perfumes and other fragrances are now standard items in most people's daily routines since they help them maintain better hygiene.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 18.97 Billion |
| CAGR | 5.30% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Application, Cosmetics & Toiletry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Bolstering Growth Of Perfumery Products |
| Increasing Affinity Towards Skin Lightning & Colour Cosmetic Products |
Competitive Dynamics
To be competitive in today's market, cosmetics and perfume sellers are increasingly including visuals like photos and videos to their product pages. You can also personalize your perfume or scent purchase at some online cosmetics stores. Also, major market participants are adjusting their advertising approaches in response to the growing sway of social media and celebrity endorsement.
Smaller companies that specialize in making a wide range of cosmetics and personal care items make up the rest of the market. In order to acquire an edge in the market, businesses compete on a variety of fronts, such as product variety, pricing, quality of ingredients, and promotional efforts. Market leaders are investing heavily in online marketing and branding to expand their consumer base through online distribution channels. As a result, the leading firms in the market are pouring resources into marketing and advertising in an effort to lure customers onto their digital platforms. The prominent players of the market are:
- International Flavors & Fragrances Inc. (U.S.)
- Sensient Technologies Corporation (U.S.)
- Givaudan S.A. (Switzerland)
- Symrise AG (Germany)
- Firmenich International S.A. (Switzerland)
- MANE FILS SA (France)
- Takasago International Corporation (Japan)
Market USP:
Market Drivers
The expansion of the market for perfumes and other odorants is largely determined by the ebb and flow of fashion. Therefore, major competitors in the industry are putting a lot of energy into developing scents that are both interesting and novel in order to attract customers from a wide variety of demographics around the world.
Sales of perfumes and fragrances in developed countries are expected to rise due to rising demand for lighter-scented goods, especially among millennials, and the widespread availability of low-priced body splashes, body mists, and cologne body sprays.
The perfume business, like many others, is increasingly concerned with environmental responsibility and green technology. Nonetheless, this is a topic that has been discussed in the perfume industry for quite some time. Growth in the industry can be attributed to both innovation and marketing. Perfumers and fragrance houses would greatly benefit from cutting down on wasteful ingredients and carbon emissions with the help of cutting-edge technologies. Big names shell out money to affect consumers' buying decisions through these channels.
The advertising strategies of major corporations are also being impacted by the rising influence of social media and celebrity endorsements. With the rise of e-commerce, cosmetics and perfume sellers are realizing the importance of visuals in promoting their products. Furthermore, a number of internet retailers of cosmetics offer customization options for fragrances.
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Market Restraints
Globally, the premium perfume market is worth billions of dollars, so companies invest substantially in research and development to provide consumers with new and exciting fragrances. This adds expenses for the leading companies, slowing the development of the industry. Companies also face difficulties releasing novel products in emerging countries due to consumers' unpredictability in their purchases of hygiene products. People using these items in excess, leading to adverse effects including headaches, skin irritation, and other health problems, is another factor slowing the market's expansion.
COVID-19 Analysis
Fragrance sales dropped during the COVID-19 pandemic, according to a study of the virus's effects on the industry. As a result of the global lockdown and social distancing norms, the market values and supply chain have dropped. This, however, did not persist for very long as competitors in the scent sector adopted different strategies. Taking various precautions, these market leaders pushed the industry forward at a rapid clip.
Market Segmentation:
By Type:
The synthetic fragrance industry is predicted to grow at a faster rate than the rest of the market (5.30 %) throughout the assessment period.
Consumer Group
Among all consumer demographics, the women's market is expected to expand at the fastest rate during the study period.
By Application
The fine fragrance application category is anticipated to have the largest share of the fragrance market throughout the forecast period. Also, the market for cosmetics and toiletries (excluding haircare) is anticipated to expand at a faster clip (CAGR of 5.30%) over the study period.
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Regional Analysis
Analyzing by region, the review period has seen the North American Fragrance Market establish its dominance over the international market. Soaps and detergents, incense, cosmetics, body care, spray perfumes, and home care products are all in high demand, thus it makes sense that this regional market would expand at a CAGR of 5.30% throughout the study period. Asia-Pacific is the world's fastest-growing market for fragrances and perfumes thanks in large part to the efforts of countries in the region, particularly China, Japan, South Korea, Indonesia, Malaysia, and Singapore. As a result of its portability and versatility, pocket perfumes have recently seen a surge in demand. There is a growing demand for high-end perfumes and scents in China, making it one of the most dynamic beauty industries in the world. This has led to an increase in the number of international companies setting up shop there. Demand for fragrances and perfumes in the region is being fueled by a number of factors, including the expansion of the country's e-commerce market and the rise of organized retail as well as a young urban population in India's cities with rising disposable income, loftier aspirations, and more adaptable lifestyles.
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