ID: MRFR/CR/3268-CR | February 2021 | Region: Global | 151 pages
Fragrance Market value is estimated to grow with a CAGR of 5.30% by 2023. A complex combination added to products to impart a characteristic scent, fragrances are used as the primary component in spray perfumes, soaps & detergents, cosmetics, incense and body care products. Fragrances have been used in numerous sectors, but most of its revenue is generated within the fine fragrances sector.
Since March, the pandemic's perfumers have been badly affected and have been battling with the pandemic and its after-shocks. As the sector relies on foreign clienteles for 70% of its perfume sales, it faced a massive turnover in 2020. Lockdowns and travel bans ensured that international clients who have high purchasing power were utterly lacking in the year. The closing of duty-free shops also has limited chances in the retail channel, which is instrumental for the fragrance market share's high-volume sales. While the fine perfumery sphere has been hit hard, fragrance manufacturers have strategically diversified towards supplying hygiene & household products and food flavorings. Like all other industries, the perfume industry has also robustly adopted COVID-19, with some manufacturers producing hand sanitizer in the course of this global pandemic.
Bolstering Growth Of Perfumery
The increased association of perfumes with luxury is estimated to create traction for the fragrance market size in the forecast period's duration.
Increasing Affinity Towards Skin Colour Cosmetic Products
The surge in demand for skin products that are uniquely scented contributes to its overall appeal and its producers' asking price. Thus, promoting the overall fragrance market globally.
Increasing Prevalence Of Male Centric Cosmetic Products
The rising use of distinctive scents in male cosmetic products is estimated to emerge as a new niche for expanding the fragrance ingredients market in the upcoming period.
Rising Consumer Preference Towards Aromatherapy
The amplifying use of aromatherapy in a diverse range of settings is estimated to be a promising opportunity for plaers in the frangrance market to capitalize on through the forecast period.
Changing Consumer Preference
The consumer preference in terms of scents changes very rapidly and is highly subjective to individual consumer tastes. This factor can thus limit the growth potential that can be achieved by the overall market.
High Dependence On Product Promotions
The need to rely upon promotions for getting a positive word of mouth started for new launches is very high. As a result, it can hamper innovation in the market.
The synthetic fragrance segment is anticipated to report a supreme market share at a 4.80% CAGR throughout the forecast period
The cosmetics & toiletry (without haircare) segment is projected to observe the uppermost development at a 5.20% CAGR throughout the forecast period.
Cosmetic Demand To Propel North America's Growth
The North American region is governing the market in the forecast period. The market is anticipated to develop at a CAGR of 4.80% in the review period. This is credited to the elevated usage of incense, cosmetics, soaps & detergents, spray perfumes, body care, and home care products. The U.S. is a major driving factor for the fragrances market in this region.
The leading players in the global fragrance market are
Jan 2021 Conagen has revealed its revolutionary development in the commercial production of natural and sustainable macrocyclic musk lactones from natural substrates using its patented technology. This modernization further increases its already extensive gamma-lactone collection.
Jan 2021 Inspired by a creation by Peter Florjancic, a Slovenian innovator, a team of product designers and engineers at Ninu came up with a patent-pending innovation that enables users to tailor their perfume to match every mood and occasion. People can now create their own perfume combinations instantaneously with the assistance of artificial intelligence (A.I.). The users can also customize their scents together with A.I. perfume master termed Pierre through diverse perfume fusions with just a few easy taps on their phone.
Dec 2020 Church & Dwight Co. Inc., the Trojan parent company, has designed an authorizing partnership with Victory International USA LLC. The pair have designed three scents pitched at a Gen Z audience, presumably, accepting the sexual wellness movement. The fragrances are accessible for purchase in North America via their website. The launch, which was initially slated for spring 2020 and overdue due to COVID-19, is expected to increase as much as USD 3 million in first-year retail transactions.
Jan 2021 Coty has announced a limited-edition Spring collection of Daisy Marc Jacobs fragrances. The collection comprises three scents that are Daisy Marc Jacobs Eau So Fresh Spring Limited Edition, Daisy Marc Jacobs Spring Limited Edition, and Daisy Love Marc Jacobs Spring Limited Edition. The assortment is now available in America's travel retail. It will be shipped into the European travel retail sector by 1st February.
Dec 2020 Family-owned fragrance and beauty house Puig has unveiled Le Male Le Parfum, the new men's fragrance from Jean Paul Gaultier. The scent represents the latest chapter in Jean Paul Gaultier's nautical-inspired fragrance line. It is now available in worldwide travel retail.
Dec 2020 Dolly Parton has partnered up with Edge Beauty, the multi-brand omnichannel stage for tailored beauty brands, to generate a range of signature fragrances set to be introduced in spring 2021. The long-term licensing agreement is to create, develop, and distribute Parton's signature fragrance in an arrangement brokered by IMG. This follows from the news in May 2019 when Parton engaged in an international licensing contract with IMG to unveil a lifestyle brand retailing a miscellaneous range of counting products, but not restricted to, fashion, accessories, jewelry, and homeware.
Jan 2021 Univar Solutions Inc. will allot Arylessence fragrances for designated product setups in the U.S. and Canada. The fragrance products increase Univar Solutions' portfolio of home care and industrial cleaning (HIC) chemistries from the best specialty components suppliers worldwide. This partnership features Arylessence fragrances tried and approved for usage in numerous industrial, household, and hospitality cleaning products, with benefits extending from dish soaps & detergents to air fresheners and car washes.
Frequently Asked Questions (FAQ) :
North America is expected to dominate the fragrance market.
Rise in disposable income and product innovation are the key factors driving the fragrance market.
Cosmetics and toiletry will dominate the fragrance market.
The synthetic fragrance segment will lead the fragrance market.
Key competitors in the fragrance market include Sensient Technologies Corporation (U.S.), V. MANE FILS SA (France), Takasago International Corporation (Japan), Symrise AG (Germany), Firmenich International SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), and Givaudan SA (Switzerland).