Global Fragrances Market
The GMI Research forecasts that the Fragrances Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rapid urbanization, raising living standards and ongoing innovation in the product by leading manufacturers.
Introduction of the Fragrances Market
FDA the “fragrance” is a mixture of chemicals that offers each perfume or cologne its own distinct scent. The ingredients of fragrance are derived from petroleum or natural raw materials. They offer a large variety of products to give a pleasant odor and/or mask the inherent smell of some other ingredients, thus enhancing the product experience.
Key Players of the Global Fragrances Market:
- Estee Lauder Companies Inc.
- Givaudan
- Revlon, Inc.
- LVMH
- L’Oréal S.A.
- Chanel
- Procter & Gamble
- Kering
- Firmenich SA
Fragrances Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
One of the most prominent drivers stimulating the growth of the global fragrances market includes the augmenting significance of personal hygiene and grooming across both men and women. Also, the mounting inclination in favour of health and fitness has accelerated the number of gym-goers which has extensively raised the demand for body odor controller products like perfumes and deodorants. These odor-controlling items are regarded as essential day-to-day personal care products across the world. Additionally, the growing urban population accompanied by improving living standards of the middle-class population has encouraged individuals to choose these self-care products. Thus, this factor is supplementing the fragrances market share.
Furthermore, the growing consciousness towards cosmetic items due to the increasing number of working women populations has strengthened the market size. The switch towards aromatherapy also raises to the market growth. Moreover, the soaring expenditure on appealing advertisements, packaging, and other promotional activities by the major market players in the FMCG industry has fuelled the market growth. The intensified implementation of fragrance products, including candles, incense stick sprays, and gels in homes for enormous reasons like lighten the mood, bringing out positivity, etc., will pave the way for market growth. The producers are continuously involved in introducing new exotic fragrances for household and beauty products to broaden their customer base by attracting them towards the market. In addition, as per the fragrances market review, companies are now seeking celebrity support to publicize their products, including perfumes and deodorants, through advertisements to prompt individuals towards purchasing their products which will propel the market growth.
Product Segment Drivers
Based on the product, perfume is forecasted to expand at a higher rate over the coming years. This is mainly because of the robust demand for exotic products, especially among young consumers. Additionally, the rising apprehension related to the personal hygiene products, accompanied by the easy availability of an extensive variety of products in the different distribution channels, is magnifying the market growth. On the other hand, deodorants are projected to hold the largest share in the market during the forecast period. This is because of their exceptional benefits such as easy to use, long-lasting fragrance, and other advantages.
Application Segment Drivers
Based on the application, personal care is expected to lead the market during the forecast period. This is primarily attributed to the increase in the working-class population, especially in emerging economies such as India and China. Moreover, the remarkable shift in the preference towards organic self-aid products with better quality is propelling the market growth.
Distribution Channel Segment Drivers
Based on the distribution channel, offline is contemplated to withstand the market over the forecast period. This is because of the rising inclination towards the purchase of personal care products from supermarket/hypermarket as they provide physical testing of the product to choose the right product. Moreover, the easy accessibility of several brands under one roof is further supporting the market growth.
Regional Segment Drivers
Based on the regional coverage, North America is predicted to witness a lead in the market owing to the ongoing extension in the product offerings by the leading manufacturers. CHANEL International B.V., in 2018, launched the limited edition of red bottles N°5. In 2019, Jo Malone London, a subsidiary of Estee Lauder Companies initiated a new perfume line known as WILDFLOWERS & WEEDS, available in five fragrances, including Cade & Cedarwood and Nettle & Wild Achillea. On the other edge, Asia-pacific is experiencing robust demand. The prominent players are initiating novel products, especially in emerging nations like India and China, to cater the aggravating demand of the consumers.
Fragrances Market Segmentation:
Segmentation by Product
- Natural Flavors & Fragrances
- Essential Oils
- Oleoresins
- Other Flavors & Fragrances
- Aroma Chemicals
Segmentation by Application
- Flavors
- Fragrances
Segmentation by Distribution Channel
- Offline Retail Stores
- Supermarket/Hypermarket
- Specialty Stores
- Convenience Stores
- Other Offline Retail Stores
- Online Retail Stores
Segmentation by End-User
- Male
- Female
- Unisex
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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