According to MarkNtel Advisors, the Global Fragrance Market is set to record around 6.1% CAGR during 2022-27. The significantly increased consumer spending on beauty & personal care products and the growing prevalence of aromatherapy practices worldwide are the prime factors anticipated to drive the global fragrance industry through 2027. In addition, the rising sales of pocket perfumes & affordable premium deodorants and the growing number of consumers experimenting with new formats & brands are also stimulating the fragrance industry growth globally.
As perfumes & deodorants have now become a daily need, the leading companies are massively investing in bringing innovations to their product offerings, such as customized fragrances, creative packaging, etc. Moreover, they are actively focusing on enhancing their advertising strategies in order to comprehend & influence consumer choices. Many of them have gone online in line with their digitalization targets to attain an extensive consumer base and expand their reach globally.
Furthermore, the worldwide move toward sustainability has resulted in a large number of consumers adopting natural fragrances. Hence, these aspects are creating new directions for the companies operating in the global fragrances market to witness lucrative growth opportunities and yield massive profits in the coming years.
Household Fragrances to Create Lucrative Prospects for the Market through 2027
The growing consumer inclination toward home or household fragrances is contributing significantly to the Global Fragrances Market. These products are gaining ground across different corners of the world as more & more people are increasingly focusing on increasing positivity in their households and enhancing their mental wellness.
Consequently, it is infusing sales of various essential oils, candles, and mists, among others, in different fragrances to eliminate unpleasant smells from homes. Moreover, the rising prevalence of diffusers globally is instigating manufacturers to introduce a variety of fragrances & expand their existing production capacities, i.e., another notable factor citing numerous growth opportunities for the Global Fragrances Market across households.
Asia-Pacific to Emerge as an Opportunistic Region in the Fragrance Industry Globally
India and China are the major contributors to the rapidly expanding Asia-Pacific Fragrances Market. It ascribes to the flourishing cosmetic & personal care industries, the burgeoning e-commerce penetration, changing lifestyles & improving disposable income of consumers, and the broadening availability of affordable premium scents.
Moreover, the increasing number of foreign brands in China and the booming demand for natural fragrances & pocket perfumes in India are other prominent aspects expected to create a pool of profitable prospects for the Fragrances Market in Asia-Pacific over the coming years.
The major companies in the Global Fragrances Market include Ajmal Perfumes Pvt. Ltd., Attar Al Has, Chanel SA, Church & Dwight Co. Inc., Estee Lauder Co. Inc., Givaudan SA, Firmenich SA, Hindustan Unilever Limited, International Flavors & Fragrances, Natura & Co., Procter & Gamble Health Ltd., Revlon Inc., SC Johnson & Son Inc., Shanghai Ligan Perfume Cosmetics Co. Ltd., Shiseido Co.Ltd., The Avon Co., The Perfume Company, and Others (Burberry Group PLC, Calvin Klein, etc.)
Key Questions Answered in the Research Report: