Fragrance Market: Global Industry Analysis and Forecast (2022-2029) Trends, Statistics

Fragrance Market was valued at US$ 22.45 Bn. in 2021. Global Fragrance Market size is expected to grow at a CAGR of 9.17% through the forecast period.
Fragrance Market Overview:
Fragrance is a mixture of essential oils or aroma compounds, fixatives, and solvents that is used to give the human body, animals, food, objects, and any living area a pleasant scent.

Depending on the intended use, the fragrance business produces several kinds of perfume. It is customary to use body lotion, eau de toilette, and bath oils in the morning, followed by perfume in the afternoon. Compared to other scented goods, perfume may maintain its aroma for a longer period of time.

The report explores the Fragrance Market's segments (Product, Distribution Channel, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Fragrance Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Fragrance Market's contemporary competitive scenario.

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Impact of Covid-19 on Fragrance Market:
In addition to having a detrimental effect on the global industry for scents and perfumes, COVID-19 has also created chances for several private entrepreneurs to enter the market and meet the inflated demand. Additionally, COVID-19 has caused a significant shift in consumer behaviour since, in low-stock environments, consumers in developing nations are less brand loyal and more open to experimenting with new brands. According to L'Oréal, the closure of millions of points of sale (specialty shops, perfumeries, department stores, airport stores, etc.) had a significant impact on consumer demand for beauty and personal care products, including fragrance and perfume. This led to a real supply crisis rather than a demand one, with consumers temporarily unable to buy goods and services.
Fragrance Market Dynamics:
Over the past few years, there have been significant product advancements in the perfume sector. Natural and renewable resources are increasingly being used. The availability of fragrances in convenient spray and rollerball forms, in addition to the traditional packaging techniques, is expected to boost the growth of the worldwide perfumes market throughout the course of the projected period. Deodorants and fragrances have effortlessly evolved into necessary daily personal care items, contributing significantly to personal grooming.

Spending on personal care goods for better health hygiene rises in growing nations like China, India, Indonesia, Thailand, and Indonesia as consumers' disposable income rises. The demand for personal grooming goods is also driven by an increasing percentage of working women and awareness of cosmetic items. The market awareness of scent items has increased thanks to increased investment by FMCG businesses like P&G and Unilever on attractive packaging, advertising, and promotional activities. It is predicted that a key market driver will be the Distribution Channel development of fragrance items like sprays, candles, incense sticks, & gels in the domestic sector. Also, it is predicted that the market would grow as consumers shift their preferences toward aromatherapy.

Increasing Expenditure on Advertisement and Promotion:

The market is expanding due to R&D and advertising. To sway consumers' purchasing decisions, important players are investing on these factors. Additionally, the increasing importance of social media and celebrity endorsement is changing how major market participants approach their advertising campaigns. In order to increase sales of perfumes and fragrances, cosmetics and perfume businesses are increasingly integrating photos and videos to their websites. Some online cosmetics stores also give customers the option of having their scents and fragrances personalised. To draw customers to digital platforms, the major market participants are actively investing in advertising and promotion.

Millennials' rising perfume consumption is anticipated to fuel market expansion:

Growing online retail saturation, product-driven strategies by major global companies, accessibility of perfumes in a variety of price ranges, and rising consumer spending on personal and beauty care products are key factors anticipated to propel the growth of the global perfumes market over the course of the forecast period. However, a number of problems, including the availability of fake goods and the use of dangerous chemicals, are anticipated to restrain market expansion throughout the projection period. Customized fragrances and the use of renewable ingredients in perfume production are two trends that are increasingly popular on the worldwide perfume industry. In order to meet consumer demand for natural perfumes with microbiological bases, international perfume manufacturers are now offering this service.
Fragrance Market Segment Analysis:
Based on Distribution channel, the online channels segment is projected to witness a CAGR of 7.2 percent from 2022 to 2029. The development of the industry is anticipated to be aided by the rising adoption of smartphones and high-speed internet during the forecast period. In addition, the field of online sales is being boosted by the hassle-free purchasing, availability of a broad choice of products, & simple delivery.


Fragrance Market Regional Insights:
North America region dominated the market with xx % share in 2021. Asia Pacific region is expected to witness significant growth at a CAGR of xx% through the forecast period. Major manufacturers are launching new products to gain a competitive edge. According to their preferred smell, consumers are increasingly choosing skincare, haircare, deodorants, toiletries, makeup, perfumes, and oral cosmetics. Given that smell is one of the most essential factors consumers take into account when choosing cosmetics and toiletry items, fragrance compounds play a significant role in these goods' composition.

Asia Pacific is the region with the strongest growth, with a CAGR of xx% between 2022 and 2029. To meet the growing demand for their products, many companies are introducing new ones in developing nations like India and China.

The objective of the report is to present a comprehensive analysis of the Global Fragrance Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Fragrance Market dynamic, structure by analyzing the market segments and projecting the Fragrance Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Fragrance Market make the report investor’s guide.
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Global Fragrance Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 22.45 Bn.


Forecast Period 2022 to 2029 CAGR:
9.17%
Market Size in 2029:
US $ 41.5 Bn.


 Segments Covered:
by Product
• Deodorants
• Perfumes


by Distribution Channel
• Online
• Supermarkets
• Hypermarkets



Fragrance Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Fragrance Market Key Players
• L'Oréal S.A
• Kering S.A.
• CHANEL International B.V.
• Unilever
• LVMH Group
• The Procter & Gamble Company
• Givaudan
• Revlon, Inc.
• Firmenich International SA
• Estee Lauder Companies Inc.
• Giorgio Armani S.p.A.
• Coty Inc.

Frequently Asked Questions:

1] What segments are covered in the Global Fragrance Market report?
Ans. The segments covered in the Fragrance Market report are based on Product and Distribution Channel.

2] Which region is expected to hold the highest share in the Global Fragrance Market?
Ans. North America region is expected to hold the highest share in the Fragrance Market.

3] What is the market size of the Global Fragrance Market by 2029?
Ans. The market size of the Fragrance Market by 2029 is expected to reach US$ 41.5 Bn.

4] What is the forecast period for the Global Fragrance Market?
Ans. The forecast period for the Fragrance Market is 2022-2029.

5] What was the market size of the Global Fragrance Market in 2021?
Ans. The market size of the Fragrance Market in 2021 was valued at US$ 22.45 Bn.