Fragrances market to be worth USD 18.97 billion by 2030 at a CAGR of 5.30%

Future of Market Research

Fragrances Market Trends & Outlook By Type (Natural, Synthetic), By Application (Fine Fragrances (Fragrances), By Cosmetics & Toiletries (Non-Hair Care), Hair Care, Essential Oils & Aromatherapy, Household & Health air, soap, detergent, tobacco and others) Competitive Market Growth, Size, Share and Forecast to 2030

New York, U.S., Nov. 08, 2022 (GLOBE NEWSWIRE) — Fragrances market overview

According to a comprehensive research report by Market Research Future (MRFR), “perfume market Information by type, Application, cosmetics and toiletries and region – forecast to 2030the market is expected to acquire a size of over $18.97 billion by the end of 2030. The report further predicts that the market will flourish at a healthy CAGR of over 5.30% during the period. of examination.

Market scope:

Perfumes and other scents are now standard items in most people’s daily routines as they help them maintain better hygiene.

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Report Scope:

Report attribute

Details

Market size in 2030

$18.97 billion

CAGR

5.30%

Year of reference

2021

Forecast period

2022-2030

Historical data

2020

Forecast units

Value (USD billion)

Report cover

Revenue forecasts, competitive landscape, growth factors and trends

Segments Covered

by type, application, cosmetics and toiletries and region

Geographical areas covered

North America, Europe, Asia-Pacific and Rest of the World (RoW)

Key Market Drivers

Supporting the growth of fragrance products

Increase affinity towards Skin Lightning & Color cosmetics

Competitive dynamics

To compete in today’s market, cosmetics and fragrance sellers are increasingly including visuals like photos and videos on their product pages. You can also customize your perfume or scent purchase at some online cosmetics stores. Additionally, major market players are adapting their advertising approaches in response to the growing influence of social media and celebrity endorsement.

Small companies specializing in the manufacture of a wide range of cosmetics and personal care items make up the rest of the market. In order to gain a market advantage, companies compete on various fronts, such as product variety, price, quality of ingredients, and promotional efforts. Market leaders are investing heavily in online marketing and branding to expand their consumer base through online distribution channels. As a result, leading companies in the market are investing resources in marketing and advertising with the aim of attracting customers to their digital platforms. The main market players are:

  • International Flavors & Fragrances Inc. (USA)

  • Sensient Technologies Corporation (USA)

  • Givaudan SA (Switzerland)

  • Symrise AG (Germany)

  • Firmenich International SA (Switzerland)

  • MANE FILS SA (France)

  • Takasago International Corporation (Japan)

Market USP:

Market factors

The expansion of the perfume and other fragrant market is largely determined by the ebb and flow of fashion. As a result, major competitors in the industry are putting a lot of energy into developing both interesting and new fragrances to appeal to customers from a wide variety of demographic groups around the world.

Sales of perfumes and fragrances in developed countries are expected to increase due to the growing demand for products with lighter scents, especially among millennials, and the widespread availability of body sprays, body mists and body sprays based on cheap cologne.

The perfume industry, like many others, is increasingly concerned with environmental responsibility and green technologies. Nevertheless, it is a topic that has been discussed in the perfume industry for quite some time. The growth of the industry can be attributed to both innovation and marketing. Perfumers and fragrance houses would benefit greatly from reducing ingredient waste and carbon emissions through advanced technologies. The big names are shelling out money to influence consumers’ buying decisions through these channels.

Large corporations’ advertising strategies are also impacted by the growing influence of social media and celebrity endorsements. With the rise of e-commerce, cosmetics and perfume sellers are becoming aware of the importance of visuals in promoting their products. Also, a number of cosmetic retailers on the Internet offer customization options for fragrances.

Browse the in-depth (151 pages) fragrance market research report: https://www.marketresearchfuture.com/reports/fragrance-market-4689

Market constraints

Globally, the premium fragrance market is worth billions of dollars, so companies are investing heavily in research and development to bring consumers new and exciting scents. This adds expense for leading companies, slowing down the development of the industry. Companies also encounter difficulties in marketing new products in emerging countries due to the unpredictability of consumers in their purchases of hygiene products. Another factor slowing down the market expansion is people using these items in excess leading to adverse effects including headaches, skin irritations and other health issues.

COVID-19 Analysis

Perfume sales have plummeted during the COVID-19 pandemic, according to a study of the effects of the virus on the industry. Due to the global lockdown and social distancing norms, market values ​​and the supply chain have plummeted. However, this did not last very long as competitors in the fragrance industry adopted different strategies. Taking various precautions, these market leaders have moved the industry forward at a rapid pace.

Market segmentation :

By type:

The synthetic fragrance industry is expected to grow at a faster rate than the rest of the market (5.30%) throughout the assessment period.

consumer group

Of all the consumer demographics, the women’s market is expected to grow the fastest over the study period.

By request

The fine fragrance application category is expected to hold the largest share of the fragrance market throughout the forecast period. In addition, the cosmetics and toiletries (excluding hair care) market is expected to grow faster (CAGR of 5.30%) during the study period.

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Regional analysis

Analyzing by region, the review period saw the North American fragrance market establish its dominance in the international market. Soaps and detergents, incense, cosmetics, body care, spray perfumes and household cleaning products are all in high demand, so it makes sense that this regional market is growing at a CAGR of 5.30 % throughout the study period. Asia-Pacific is the fastest growing global fragrance and fragrance market, largely due to the efforts of countries in the region, including China, Japan, South Korea, Indonesia, Malaysia and Singapore. Due to its portability and versatility, pocket perfumes have seen a surge in demand recently. There is a growing demand for high-end perfumes and scents in China, making it one of the fastest growing beauty industries in the world. This has led to an increase in the number of international companies setting up shop there. The demand for perfumes and fragrances in the region is fueled by a number of factors including the expansion of the country’s e-commerce market and the rise of organized retail as well as a young urban population in Indian cities. with rising disposable income, higher aspirations, and more adaptable lifestyles.

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About the future of market research:

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Donovan B. Sanford