Fragrance Market

Fragrances Market was valued at USD 30.3 billion in 2021 and is forecast to touch USD 46.1 billion in 2029, and the market is expected to grow at a CAGR of 5.4%.

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Market Dynamic

Key Drivers and Emerging Trends

The rising importance of personal hygiene and grooming among both men and women is a major factor that is propelling the growth of the global fragrances market size. There has been a drastic number in the number of gym-goers with the increasing emphasis on health. This factor has led to an increase in the demand for body odor controller products such as deodorants and perfumes. Perfumes and deodorants are now considered an essential day-to-day personal care product around the globe. Moreover, rapid urbanization, along with the improving living standards of the middle-class population group, has encouraged them to move towards personal care products such as perfumes and deodorants. This factor will energize the growth of the fragrance market share in terms of revenue.

With the growing number of working women population, there has been an increase in awareness related to cosmetic products, thus energizing the demand for personal grooming products. In addition to this, the drastic shift towards aromatherapy is one of the fragrance market trends and is surging the market growth over the coming years. There has been an upsurge in the spending on attractive packaging, advertising, and other promotional activities by the leading players in the FMCG industry, which has led to an increase in the market visibility of fragrance products. As per the fragrance industry market analysis, the growing application of fragrance products such as sprays, candles, incense sticks, and gels in homes for different purposes such as to uplift the mood, bring positive vibes, and other aspects is further opening new growth opportunities for the market. The manufacturers are attracting new consumer base by introducing exotic fragrances for household and cosmetics products. Furthermore, the companies are now opting for celebrity endorsement ads for their cosmetics products offering which includes perfumes and deodorants, to influence individuals towards purchasing their products. This factor is likely to have a positive impact on market growth.

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Product – Segment Analysis

Based on the product, the perfume segment is anticipated to grow at a higher CAGR during the forecast period. The strong demand for exotic products, especially among young consumers, is a significant factor driving the segment growth. Additionally, the increasing awareness related to personal hygiene products, followed by the easy availability of a wide variety of products in the different distribution channels, is further surging the growth of the segment. On the other hand, the deodorants segment is predicted to dominate the market during the forecast period. This is mainly due to its numerous exceptional benefits such as easy to use, long-lasting fragrance, and other advantages.

Application – Segment Analysis

Based on the application, the personal care segment is expected to dominate the market during the forecast period. The growing rate of the working-class population, particularly in developing economies such as India and China, is one of the biggest factors that is anticipated to boost the segment growth. Moreover, the significant shift in the trend towards natural personal care products with better quality is further led to an increase in the segment’s growth.

Distribution Channel – Segment Analysis

Based on the distribution channel, the offline retail store segment is predicted to lead the market during the forecast period. The increasing preference for purchasing personal care products from supermarket/hypermarket and other retail stores as they offer physical testing of the product, which helps in choosing the right product, is a key driver that is contributing to the segment growth. Moreover, the easy availability of different brands under one roof is further supporting the segment growth.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global fragrance market over the next six years. The continuous expansion in the product offering by the leading manufacturers is a major factor that is boosting the segment growth. In 2018, CHANEL International B.V. introduced the limited edition of red bottles N°5. In 2019, Jo Malone London, a subsidiary of Estee Lauder Companies launched a new perfume line known as WILDFLOWERS & WEEDS, which is available in five fragrances, including Cade & Cedarwood, Nettle & Wild Achillea, among others. On the other edge, the Asia-pacific region is anticipated to witness a faster CAGR during the forecast period. The leading players are introducing new products, especially in developing countries such as India and China, to meet the surging demand of the consumers.

Top Market Players

Various notable players operating in the market include, L’Oréal S.A., Kering, Chanel, Unilever, LVMH, Procter & Gamble, Givaudan, Revlon, Inc., Firmenich SA, and Estee Lauder Companies Inc., among others. 

Key Developments:

• • In 2017, Procter & Gamble acquired Native deodorants with an aim to reach consumers who are looking to avoid certain ingredients in their personal care products.

Segments covered in the Report:

The global fragrance market has been segmented on the basis of product, application, distribution channel, end-user and regions. Based on product, the market is segmented into natural flavors & fragrances and aroma chemicals. The natural flavors & fragrances segment is further segmented into essential oils, oleoresins, and other flavors & fragrances. Based on application, the market is segmented into flavors and fragrances. Based on distribution channel, the market is segmented into offline retail stores and online retail stores. The offline retail stores segment is further segmented into supermarket/hypermarket, specialty stores, convenience stores, and other offline retail stores. Based on end-user the market is segmented into male, female, and unisex. 

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Key questions answered in this research report:

• • At what pace is global fragrance market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in fragrance market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global fragrance market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various application areas of global fragrance market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 30.3 Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Product, By Application, By Distribution Channel, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	L’Oréal S.A., Kering, Chanel, Unilever, LVMH, Procter & Gamble, Givaudan, Revlon, Inc., Firmenich SA, and Estee Lauder Companies Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Fragrance Market by Product

• • Natural Flavors & Fragrances
    • Essential Oils
    • Oleoresins
    • Other Flavors & Fragrances
  • Aroma Chemicals

Global Fragrance Market by Application

• • Flavors
  • Fragrances

Global Fragrance Market by Distribution Channel

• • Offline Retail Stores
    • Supermarket/Hypermarket
    • Specialty Stores
    • Convenience Stores
    • Other Offline Retail Stores
  • Online Retail Stores

Global Fragrance Market by End-User

• • Male
  • Female
  • Unisex

Global Fragrance Market by Region

• • North America Fragrance Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By Application
    • By Distribution Channel
    • By End-User
    • US Market All-Up
    • Canada Market All-Up

  • Europe Fragrance Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • By Distribution Channel
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Fragrance Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • By Distribution Channel
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Fragrance Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • By Distribution Channel
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Fragrance (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • L’Oréal S.A.
  • Kering
  • Chanel
  • Unilever
  • LVMH
  • Procter & Gamble
  • Givaudan
  • Revlon, Inc.
  • Firmenich SA
  • Estee Lauder Companies Inc.