Pune, India, May 06, 2019 (GLOBE NEWSWIRE) -- Fragrance Market is poised to touch USD 17500.03 Mn by 2023 at an impressive 5.30% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Fragrances are an amalgamation of various synthetic and natural ingredients which are used in producing unique scents and aromas. The fragrance market is poised for a resurgence thanks to the entry of new players and shifting focus on product differentiation.
Market Overview
The fragrance market is predicted to expand at 5.30% CAGR from 2017 to 2023 (forecast period), as per the research report by Market Research Future (MRFR). The focus on personal care by men and women is the primary driver of the market. Changing lifestyles of consumers, increase in purchasing power, and urbanization are other growth drivers of the market.
The affinity towards expensive perfumes is expected to trigger market demand exponentially over the forecast period. In addition, changing strategies of manufacturers in enticing customer purchase decisions is likely to play a major role in the market. The emergence of online stores and commencement of self-owned outlets in driving customer experience is bound to propel market growth. Furthermore, focus on creating fragrance for specific demographics such as working women, elderly, and young populace can bring out new opportunities of growth for the fragrance market.
All these factors peg the fragrance market valuation at USD 17,500.3 million by 2023.
Key Players and Industry Buzz
International Flavors & Fragrances, Inc., Firmenich International SA, Symrise AG, Sensient Technologies Corporation, V. MANE FILS SA, Takasago International Corporation, Givaudan SA, and others are prominent names in the fragrance market. The saturated nature of the market in the Americas and Europe has compelled manufacturers to shift their gaze towards other regions.
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Product Development - Rivona Naturals, an Indian-origin company, has launched a new soap made purely from organic and natural ingredients. It plans to gain a significant share in the Indian market by catering to consumer sentiment for natural aromas.
Customer Experience - Perfume manufacturers are increasingly focused on improving the retail experience by creating areas for consumers to try new scents. This is evident by the move by Sephora, a major brand, in creating an area called Insta Scent for consumers to mix and match new aromas and create their own aromas.
Heritage Perfumes - Perfumery producers are relying on their brand and history for launching new scents and fragrances for their customers. In addition, the preference of customers using it as a gift for special occasions can drive the sales of products exponentially. For instance, Givaudan has introduced such perfumes in its lineup in attractive packaging for enticing customers.
Segmentation
The Fragrance Market is segmented on the basis of type and application.
Major applications include household & air care, soap, detergent, tobacco, hair care, essential oils & aromatherapy, cosmetics & toiletry (without hair care), fine fragrance (perfumes), and others. Among applications, the cosmetics & toiletry (without hair care) segment is deemed to display 5.20% CAGR over the assessment period. On the flip side, the essential oils & aromatherapy segment is predicted to display a remarkable growth rate thanks to hectic schedules and stressed work environments.
By type, the Fragrance Market is segmented into natural and synthetic. The synthetic segment is likely to exhibit 4.80% CAGR over the assessment period due to its increased usage in incense, spray perfumes, soaps & detergents, cosmetics, and body care & home care products. The emergence of flanker perfumes which can capitalize on the brand of original perfumes can revive the fortunes of this segment. These perfumes can monetize on the launch of new products launched by companies annually. But the natural segment is touted to gain a larger market share in the coming years thanks to consumer shift towards natural odors.
Browse the market data and information spread across 151 pages with 103 data tables and 32 figures of the report “Fragrance Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at:
https://www.marketresearchfuture.com/reports/fragrance-market-4689
Regional Focus
Regions taken into consideration for the purpose of the fragrance market report includes Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
The North American region is projected to be extremely lucrative for the market and will be a source of constant revenue till the end of the forecast period. It can touch a valuation of USD 5,803.1 million by 2023. Celebrity fragrances are one of the major trends which have contributed to market revenue. Societal shifts have created a demand for genderless scents.
The Europe fragrance market is likely to be lucrative owing to catering to olfactory senses of customers over many decades. This is evident by the presence of historic brands residing in the region which have commanded a high demand in spite of the entry of new companies. Manufacturers are redesigning their formulations to launch premium offerings in order to maintain their share in the market.
On the other hand, the APAC region can depict a 6.20% CAGR over the assessment period. This can be credited to reputed brands opening stores in malls and commercial establishments. Manufacturers are seeking the help of bloggers and social media channels for attracting the attention of consumers.
Browse Related Reports:
Fragrance Ingredients Market Information by Type (Natural, Synthetic), Source (Flower, Fruits, Vegetables, Plant Extracts), Functional Group, Application (Fine Fragrances, Personal Care and Household Care Products) and Region - Forecast till 2023
https://www.marketresearchfuture.com/reports/fragrance-ingredients-market-1516
Natural Fragrances Market Information By Source (Flower Based, Fruit Based, Spice, Wood, Musk), Application (Fine Fragrances, Cosmetic & Personal Care, Toiletries & Detergents and others), Distribution Channel (Store Based and Non-Store Based) - Forecast till 2023
https://www.marketresearchfuture.com/reports/natural-fragrances-market-4463
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