ID: MRFR/CR/3268-CR | February 2021 | Region: Global | 151 pages
The Fragrance Market is projected to rise at a CAGR of 5.30% by the end of the year 2023. Generally, the fragrances are extensively used as the primary component in soaps & detergents, spray perfumes, body care products, cosmetics, and incense products. Fragrances are usually a complex combination that is included in the products to set forth a characteristic scent. These fragrances are widely used in various sectors, but the fine fragrances sector is the major source that generates most of the revenues. It has also been found that synthetic fragrance is growing demands and is projected to hold the dominant position in the global market.
Nowadays, distinctive scents usages are growing in male cosmetic products, which is predicted to be a new emerging niche for enhancing the global Market in the future. Moreover, the association of perfumes with luxury is increasing to create traction for the Global Market Size in the assessment timeframe. In addition, the demand for skincare products is growing day by day, contributing to its producers' asking price and the overall appeal and overall growth of the global market. Apart from that, the growing hypermarkets, supermarkets, clubhouse stores, convenience stores, and department stores are contributing to the growth of the Fragrance Market.
Recently, L’Oréal is a famous company, stated that the consumption of personal care and beauty products, including perfume and fragrance, was heavily impacted due to the closure of sale points like perfumeries, specialty stores, airport stores, department stores, and others in the COVID-19 pandemic. The crisis has been witnessed in the supply and demand as consumers were unable to spend money on the services and products. This was a major challenge for the global Market. In addition, the global market is focusing on various new product launches by looking into the safety measures, which can further propel the Fragrance Market Revenue in the forecast timeframe.
Covid-19 Impact Analysis
During the coronavirus outbreak, the Fragrance Market Share was affected. At this period, the market values and supply chain has got down due to the lockdown and social distancing norms across the world.
However, this did not last for a long because of the new strategies introduced by the fragrance market players. These players adopted various safety measures to propel the market growth on a large scale.
Major Drivers of the Market
The global Fragrance Market is driving its market growth due to several factors, including the bolstering growth of perfumery, growing prevalence of male-centric cosmetic products, and growing affinity towards skin color cosmetic products.
Currently, nearly 80 percent of the global volume of fragrance has maintained the safety and purity standards by the International Fragrance Association (IFRA). This is enhancing the growth of the Fragrance Market in the assessment timeframe.
Opportunities of the global market
The Fragrance Market has lucrative opportunities for the players in the global market due to the amplifying usages of aromatherapy in various parts of the world and the growing preferences of the consumers towards aromatherapy.
The assurance from the International Fragrance Association (IFRA) and FDA regarding the purity and safety standard generates trust among the consumers and leads to the growing demand for the fragrance product. This can bring more opportunities for the global fragrance industry.
In the present scenario, the Fragrance Market might get hampered due to the high cost of the fragrance product.
Another major market restraint can be the new policies and regulations by the governments regarding the safety of fragrance use.
Market Growth Challenges
The Fragrance Market might experience challenges due to the rapid changes in consumers' preferences in terms of scents and highly subjective to tastes of the individual consumer. This factor can affect the potential growth of the overall Global Market Trends.
Another major marketing challenge for the global market can be the high dependence on the product promotions and new launches product, which can hamper the innovation in the Fragrance Market Trends.
Cumulative Growth Analysis
In the current period, the global market is showing potential growth in the forecast period due to the increasing demand for the various types of fragrances among the consumer group.
According to the Fragrance Market Analysis, many regions like North America, Europe, and the Asia Pacific collectively participate in developing the fragrance product to thrive the global market growth.
Market Segment Overview
In the Fragrance Market Forecast report, the global market is segmented on the basis of types, consumer groups, and applications.
In terms of type segment, the Fragrance Market has been classified into Synthetic and Natural.
Out of all, the synthetic fragrance segment is estimated to generate the higher Market Share at a 4.80% CAGR during the review period.
By Consumer Group:
The Fragrance Market has been categorized into Women, Men, and Unisex based on the consumer group segment.
All these consumers groups are propelling the Fragrance Market Growth by showing their interest in various types of fragrances.
On the basis of application segment, the global Fragrance Market has been segregated into Perfumes, Fine Fragrances, Cosmetics & toiletries (Without Hair Care), Essential Oils & Aromatherapy, Hair Care, Soap, Household & Air Care, Tobacco, and Detergent.
Among all, the fine fragrance application segment is projected to hold the higher Fragrance Market Size in the forecast period. In addition, the cosmetics & toiletry (without haircare) segment is expected to acquire higher growth at a 5.20% CAGR in the research period.
According to Fragrance Market Analysis, the global market has its supports from different parts of regions such as North America, Europe, Asia Pacific, Latin America, and the rest of the world.
Out of all, the North American regional Fragrance Market is governing the global market in the review timeframe. This regional market is predicted to grow at a CAGR of 4.80% in the research timeframe due to the elevated usage of soaps & detergents, incense, cosmetics, body care, spray perfumes, and home care products in the region. Also, this region is driving the growth of the Global Market due to the presence of market giants in the U.S.
Competitive Landscape Analysis
In the Fragrance Market, the market players are acting as an important part of the global market. Some of the leading market players of the global Market are:
According to the Fragrance Industry Forecast report, these market players are adopting new strategies and ideas to show their presence in the global market. These market players are employing new product launches by looking into the customers’ demands. Moreover, these market giants are propelling the Fragrance Market Growth by focusing on the research and developments of fragrance products.
As per the Fragrance Market Outlook report, this report is a combination of both qualitative and quantitative research analysis. This report is partly based on the interviews of various vendors, big dealers, executives, and other market players. In addition, various secondary resources have been involved in analyzing the relevant data related to the global Market.
According to the Fragrance Market Outlook report, the global market has more competition across various regions. Hence, the report includes regional analysis and competitive landscape analysis. Moreover, this report includes market segments, market dynamics, market overview, covid-19 analysis, and recent developments to understand the current performance of the global Market.
By Consumer Group:
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).