New York, US: Market Research Future (MRFR) analyses that the Global fragrance market is expected to witness significant CAGR of 5.30% during the forecast period (2022-2030)
Fragrances and perfumes have helped shape people's grooming practices and have evolved into essential items in contemporary life. The growth of the fragrances and perfumes market is mostly influenced by erratic and frequently changing fashion trends. Major market players focus on creating intriguing, distinctive, and novel scents to appeal to a wide range of consumer groups globally.
Fragrance market trends are projected to increase in developed countries due to the rising popularity of lighter-scented items, particularly among millennials, and the accessibility of cheap body splashes, body mists, and cologne body sprays.
Like many other sectors, the fragrance industry has changed its attention to sustainability and green innovation. Due to R&D and marketing, the market is expanding. The ability of perfumers and fragrance companies to create more sustainable blends with smaller carbon footprints and component lists will largely depend on innovative technology. Important players invest in these variables to impact consumer purchasing decisions. Important industry leaders are also being impacted by the growing influence of social media and celebrity endorsements in their promotional strategies. Cosmetics and perfume retailers are increasingly incorporating photographs and videos onto their websites as online sales develop to boost fragrance sales.
Market Segmentation
The fragrance market data is divided into segments based on kinds, consumer groups, and applications in the fragrance market forecast research.
The market has been divided into two types: Synthetic and Natural.
Out of everything, it is anticipated that the synthetic fragrance sector will create the most fragrance market share at a CAGR of 5.30% over the study period.
Based on the consumer group segment, the market has been divided into three categories: women, men, and unisex.
By demonstrating their interest in various fragrance varieties, all of these consumer segments are fueling the growth of the market.
The market has been divided into several categories based on application, including perfumes, fine fragrances, cosmetics & toiletries (without hair care), essential oils & aromatherapy, hair care, soap, and household & air care.
It is anticipated that the fine fragrance application sector will have the largest fragrance market insights throughout the forecast period. Additionally, the market for cosmetics & toiletries (excluding haircare) is anticipated to develop faster during the research period at a CAGR of 5.30%.
Regional Analysis
The market analysis claims that several regions, including North America, Europe, Asia-Pacific, Latin America, and the rest of the globe, support the global market.
The North American regional market is leading the market overall during the forecast period. As a result of the increased consumption of soaps & detergents, incense, cosmetics, body care, spray perfumes, and home care products in the region, this regional market is expected to rise at a CAGR of 5.30% throughout the research timeframe. Due to the presence of industry titans in the US, this region is also responsible for expanding the market.
The price of a bottle of a luxury fragrance from Maison Psyche by Remy Cointreau, the company that produces the legendary Louis XIII cognac, may reach USD 5,437. The French spirits company intends to take advantage of the wealthy's thirst for rarity by using its knowledge of marketing to affluent consumers and blending and aging spirits.
Key Players
The companies that are contributing to the market and are keeping up with the fragrance market trends 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)
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Report details
| Companies Covered | 15 |
| Pages | 151 |
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