The Fragrance And Perfume Market is estimated to be valued at US$ 53.85 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The fragrance and perfume market comprises manufacturers and distributors of various perfumes, colognes, eau de parfums, eau de toilettes and essential oils. Products in this market are usually sold as spray or roll-on perfumes targeting men and women. Key end-users include specialty stores, online retailers, departmental stores and hypermarkets. Perfume manufacturers aim to formulate aromatic compositions that appeal to consumers through appealing scents. Innovation in fragrance notes and lasting fragrances drives the market growth.
Market Dynamics:
Growing spending power and changing lifestyle trends are major drivers of this market. Developed regions like North America and Europe contribute significantly to the global perfume market due to high focus on personal grooming and fashion trends. According to surveys, over 65% of women and 50% of men worldwide regularly use some form of perfume or cologne. Moreover, increasing disposable incomes in developing nations of Asia Pacific and Latin America are enabling higher spends on personal care products. Lower priced options introduced by key players are also augmenting the sales volumes.
However, rising popularity of natural and organic personal care products presents a challenge for synthetic fragrance manufacturers. Strict regulations governing ingredients and formulations will also impact business dynamics. Nevertheless, demand for new exotic fragrances from millennial consumers worldwide will support the overall expansion of this market over the forecast period.
Segment Analysis
The Fragrance And Perfume Market Size is dominantly segmented into mass fragrance and premium fragrance. The mass fragrance segment accounts for around 60% market share owing to increasing demand for affordable daily used fragrances among middle-income groups.
PEST Analysis
Political: The fragrance market is regulated by various international organizations like IFRA to ensure product quality and safety.
Economic: The rising disposable income and improving living standards in developing economies is driving the fragrance market growth substantially.
Social: Changing fashion trends and growing social media influence have made fragrance an important style statement for millennials and generation Z.
Technological: Advancements in fragrance compounding and essential oil extraction technologies have augmented product customization and development of niche products.
Key Takeaways
The global fragrance and perfume market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand for premium and unique fragrances. The market size for 2023 is US$ 53.85 Bn.
Regional analysis: North America accounts for the largest revenue share in the fragrance market owing to strong demand trends in the US and Canada. Asia Pacific is projected to be the fastest growing regional market with China and India emerging as key revenue generators.
Key players operating in the fragrance and perfume market are Symrisee., Firmenich, Loreal, International Flavors & Fragrances, Coty UK, Estee Lauder, LVMH, Givaudan, Kilian, Procter & Gamble, Prestige Beaut. Major players are focusing on product innovation and strategic partnerships to strengthen their market positions.
Read More: https://www.ukwebwire.com/fragrance-and-perfume-market-growth/
