Market Definition
Fragrances are natural or synthetic ingredients that provide a unique and pleasant odor when added to products like perfumes, deodorants, candles, mists, cosmetics, soaps, detergents, shampoos, shower gels, shaving creams, and body care products, including lotions, creams, etc. They aid in masking the unpleasant smell of other ingredients in products and thus enhance the overall sensory experience of consumers.
Market Insights
The Global Fragrances Market is poised to grow at a CAGR of around 6.1% during the forecast period, i.e., 2022-27. Most of the market expansion would be propelled by the growing focus of consumers, especially the young generation & millennials, on personal hygiene, coupled with the rising proliferation of aromatherapy practices and the increased spending on beauty & personal care products due to the improving living standards worldwide.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 6.1% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: The UK, Germany, France, Spain, Italy, Russia, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| Middle East & Africa: Saudi Arabia, The UAE, South Africa, Turkey, Egypt, Rest of the Middle East & Africa | |
| Key Companies Profiled | Ajmal Perfumes Pvt. Ltd., Attar Al Has, Chanel S A, 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, Others (Burberry Group PLC, Calvin Klein etc.) |
| Unit Denominations | USD Million/Billion |
Besides, the increasing inclination of consumers toward personal grooming, i.e., making them do experiments with varied fragrance concepts & brands, is another crucial aspect amplifying the popularity & sales of different perfumes & deodorants and, in turn, fueling the overall market growth.
Perfumes & deodorants have now evolved from a luxury to a daily need as more & more people are showing greater interest in cosmetics and personal care products. Manufacturers are rigorously conducting R&D and massively investing in advertising to understand & influence consumer purchase patterns. More & more brands have launched their online portals to develop & expand their digital footprints and attract a wider audience.
Moreover, the shift of consumers to fragrances with natural ingredients that do not contain synthetic compounds has instigated companies to adopt organic practices & naturally-derived materials to cater to varied consumer requirements.
In addition, the rapidly expanding e-commerce industry, social media penetration, celebrity endorsements, and retailers offering customized products & innovative packaging are all prominently contributing to the growing market size of fragrances worldwide.
Furthermore, the emerging trend of pocket perfumes and the affordable price points of premium deodorants are also shaping the dynamic of the fragrance industry. Hence, as more companies & concepts evolve and mergers & acquisitions are carried out, the global fragrances market would create lucrative prospects for companies to attain an extensive consumer base & yield significant profits in the coming years.
