New York , Feb. 26, 2024 (GLOBE NEWSWIRE) -- The global fragrance & perfume market size is poised to grow at a CAGR of over 5% from 2024 to 2036. The market is anticipated to garner a revenue of USD 70 billion by the end of 2036, up from a revenue of USD 50 billion in the year 2023. The rising use of perfumes is proliferating the market growth across the world. The growing preference of consumers to go out with a fresh mood and aroma helps to achieve it which is evaluated to escalate the demand for perfumes. Over 25% of perfume buyers consider refreshing or revitalizing scents as they help in attaining concentration on their work. People are considerate of the products they buy which is hooting up the sales of premium and quality goods.
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Additionally, the initiation of consultancy services in the sales and distribution sector of the fragrances and perfumes industry is predicted to fuel the market size. The consultancy services help any start-up industry to understand the market strategies and policies to improve the demand in the market. As per the 2023 data, there are more than 670,000 consultancy services across the world covering various topics and providing support on operations and strategies. Further, the consultancy provides a deep analysis of capital investment, raw materials, testing, development of websites, and evaluation of customer service.
Fragrance & Perfume Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Online segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Introduction of Various Scents Based on Customer Choice is Strengthening the Growth of the Fragrance & Perfume Industry
Customers prefer various scents based on their interests and needs. The availability of different odors in the market is augmenting the market trends in the forecast period. Also, the introduction of floral scents for women, intense odors for men, and the separation of perfumes into categories based on gender is propagating the market size. As per the reports, over 30% of women choose to wear floral perfumes and men like to wear spice, leather, and marine scents. The consumers from Asia and Australia prefer floral, fresh, and fruity fragrances.
Fragrance & Perfume Industry: Regional Overview
Rising Population and Consumer Spending Capacity is Shooting Up the Market Growth in Asia Pacific Region
Asia Pacific region market of fragrance & perfume market is projected to register a significant market share of 36% by the end of 2036. The population of the region is rising day by day and the increase in the consumer spending capacity to buy personal care products is assessed to aggregate the market growth. Besides, the beauty industry of Asia is vast with a high preference for personal care is increasing the size of the market in the coming years as per the estimations. For instance, the use of scents in hair care and skin care products is surging the market growth as per the estimations. About 28% of Indians and 30% of Indonesians choose hair care products with herbal scents as of 2021 data.
Presence of Famous Perfume Manufacturers and Development Opportunities is Mounting the Market Expansion in the European Region
The Europe region is envisaged to account for the market share of 24% during the forecast era owing to the presence of many famous perfume companies. The rate of manufacturers of perfume and fragrances in Europe is high compared to other industries. The region offers many growth opportunities for the introduction and development of new fragrances and perfumes rising scope for the market in the coming years. Moreover, the government support to improve the economy of the region is intensifying the market size. The Europeans are the largest exporters and importers of perfumes representing 20% of exports and USD 1.6 billion worth of imports.
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Fragrance & Perfume Market Segmentation by Distribution Channel
- Online
- Offline
The online segment belonging to the market is outlined to secure a market share of 60% during the forecast period. The market segment growth is attributed to the rise in e-commerce platforms across the globe. Digitalization technology adoption by the worldwide population with the spread of the internet and online sales is fostering the size of the market segment. Since 2020, the conversation about fragrances on social media increased by over 10% across the world.
Fragrance & Perfume Market Segmentation by Consumer Group
- Women
- Men
- Unisex
The women segment in the market is anticipated to acquire a market share of nearly 50% by the end of 2036. The percentage of women using perfumes in their daily lives to feel elegant and experience pleasant odor is the driving force for the market segment growth. Not only this, but even the growing beauty industry with the multiplying events and the hike in fashion spending including personal care and luxury products is fueling the market segment growth. In Britain, over 8 million women apply perfume daily as per the 2022 statistical data.
Fragrance & Perfume Market Segmentation by Product Type
- Parfum or De Parfum
- Eau De Parfum
- Eau De Toilette
- Eau De Cologne
A few of the well-known market leaders in the global fragrance & perfume market that are profiled by Research Nester are The Avon Company, CHANEL, Coty Inc., LVMH Moet Hennessy-Louis Vuitton, The Estee Lauder Companies, Revlon, L’Oreal Groupe, Givaudan, Hermes, and KERING.
Recent Development in the Market
- L’Oreal Groupe along with neurotech leader Emotiv revealed a device to help consumers customize their fragrances. The association brings together the neurotech device of Emotive and the ideal smells and algorithms of L’Oreal giving freedom to customer preference. Also, the combination allows the consumers to experience this customization opportunity in stores that give the exact scent they wish to make.
- Chanel introduced the Gabrielle Chanel Essence Twist & Spray and Gabrielle Chanel Eau de Parfum. The Eau de is made available on online platforms while the Essence Twist and Spray is sold in home markets and selected retail stores in travel outlets across the world. The Gabrielle fragrance includes strong floral tones ranging from Orange Blossom, Jasmine, and Ylang-Ylang to intense heart tones such as Tuberose and base notes of Vanilla and Sandalwood.
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