New York, US, June 22, 2023 (GLOBE NEWSWIRE) -- According To Market Research Future “fragrance market will likely grow pervasively in the Forecast Till 2030 with By Type, By Consumer, By Application And By Region” ,The growing trend of personal grooming would drive market growth. According to Market Research Future (MRFR), the global fragrance market is poised to escalate from USD 13.1 billion in 2022 to USD 18.80 billion by 2030, growing at a 5.30% CAGR during the forecast period (2023-2030).
Fragrance Market Overview:
Market growth mainly attributes to the growing consumption of fragrances across end-use industries. Besides, broad uses of various essences in the burgeoning food & beverage industry accelerate market growth. Moreover, the rising demand for scented soap & detergent, home care, and cosmetics & personal care products accelerate market sales. The growing demand for aromas and scented products is one of the key fragrance trends.
The growing demand for luxury and exotic fragrances and increasing consumer spending on premium personal care products due to rising per-capita income are key drivers of expanding market growth. The growing economy plays a causal role in market development, increasing sales of fragrances. Also, the penetration of aromatherapy is expected to push the market's growth.
Additionally, spreading awareness about the benefits of essential oils that demonstrate favorable outcomes in aromatherapy drives the market. On the other hand, high production/extraction cost that increases the overall costs of fragrance is a major factor hampering the market growth, which is likely to continue in years to come.
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Also, stringent rules against animal cruelty challenge the market players, banning animal tested (animal safe) certification. Nevertheless, increasing consumer expenditures on personal care & beauty products would support the market's growth throughout the review period.
Ongoing efforts of regulatory agencies, such as the US FDA's initiative to allow fragrance companies to make hand sanitizer to help against coronavirus crises, would provide a huge impetus to the market growth. Regulatory Science of industry players that provided guidance and a dynamic, real-time demonstration on registration and listing of hand sanitizers would boost the fragrance market revenues.
Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 18.80 Billion |
| CAGR | 5.30% (2023–2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends |
| Segments Covered | Type, Consumer Group, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for natural ingredients-based perfume |
Key Companies in the Fragrance Market
- International Flavors & Fragrances Inc. (US)
- Givaudan SA (Switzerland)
- Firmenich International SA (Switzerland)
- Takasago International Corporation (Japan)
- Symrise AG (Germany)
- V. MANE FILS SA (France)
- Sensient Technologies Corporation (US)
- Among others
Competitive Analysis
The highly competitive fragrance market appears fragmented due to the presence of many well-established perfume brands. Industry players build a direct-to-consumer business and a training ground to sell fragrances via e-commerce. Although in its nascent stage, direct-to-consumer modules are helping industry players to generate modest revenues.
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Fragrance manufacturing companies focus on new product development and geographical expansion. Fragrance marketing companies focus on promotion initiatives such as trade exhibitions and increased collaboration to ensure greater commercialization of their products.
For instance, on June 12, 2023, Park Avenue Soaps launched its maiden TVC, emphasizing the brand's core benefit of evoking the sensation of freshness and the feeling of just showering. According to the brand, Park Avenue Soaps consist of fragrance ingredients that enable consumers to feel refreshed and self-assured throughout the day.
This marks the first occasion when the brand raises awareness of fundamental freshness and fragrance proposition among consumers through its communication. With this new campaign, the company aims to become the preferred bathing brand for men.
In another instance, on June 9, 2023, Fragrance Emporium, a leading designer brand for exclusive niche perfumes & aromas, opened its digital doors at its official website, bringing the world of exclusive scented products to consumers' doorstep. The move enables the firm to provide an exceptional online shopping experience to fragrance lovers worldwide, with a luxurious collection of men's and women's fragrances.
Market Segmentation:
The fragrance market report is segmented into types, applications, consumer groups, and regions. The type segment is sub-segmented into natural and synthetic fragrances. The application segment is sub-segmented into fine fragrance (perfumes), cosmetics & toiletry (without hair care), hair care, essential oils & aromatherapy, household & air care, soap, detergent, tobacco, and others. The consumer group segment is sub-segmented into women, men, and unisex. By regions, the fragrance market is segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
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Regional Analysis:
North America dominates the global fragrance market. The strong consumer base and growing investments in the fragrance industry boost the market size. Besides, rising usages of personal care and home care & cleaning products drive the regional market's growth. With its growing cosmetics & personal care industry, the US accounts for a substantial share of the regional market.
Europe stands second in the global fragrance market. The rising usage of perfumes & deodorants, cosmetics, soaps & detergents, incense, and body care & home care products in the region drives the market. Also, the spurting growth in various end-use applications boosts market growth. France, Italy, Germany, and the UK, among other European countries, account for major regional market shares. The fragrance market in Europe is projected to create a substantial revenue pocket over the assessment period.
The Asia-Pacific region accounts for a sizable share of the global fragrance market. Factors such as the expansion in numerous end-use industries, including food, cosmetics & personal care, and soap & detergent, define the growing consumption of fragrances.
Moreover, factors like the growing purchasing power, availability of cost-competitive labor force & raw materials, and encouraging regulatory framework foster the growth of the APAC Fragrance market. The demand for fragrances is augmenting in various APAC countries, such as India, China, Japan, and Vietnam, contributing to the regional market growth. The APAC fragrance market is expected to witness a moderate growth rate.
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