Fragrances Market Size, Share Industry Trends to 2029

 

Fragrance Market

Fragrances Market was valued at USD 30.3 billion in 2021 and is projected to reach USD 46.1 billion in 2029, growing at a CAGR of 5.4% during 2022-2029

The factors driving the growth of Fragrance Market includes increasing demand for deodorants and perfumes around the world, rise in women’s participation in the workforce and growing popularity of lighter-scented products and introduction of natural fragrance products. According to the report published by Statista, the Deodorant Market in India is estimated to reach USD 0.41 billion by the end of 2022, expanding at a CAGR of 6.16% over the forecast period (2022-2026), which will accelerate the Fragrances Market size in the approaching years. Moreover, increased availability of fragrance products at online platforms, growing awareness amongst consumers about cosmetic products, rising influence of social media and celebrity endorsement, strategic mergers, and acquisitions between key industry players, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising consumers preference for premium fragrance, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

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However, the growth of Fragrance Market is hindered attributed to rising incidences of headache and skin rashes from the use of fragrance. 

The major players operating in the Fragrance Market includes Givaudan, Revlon, Inc., Firmenich SA, L’Oréal S.A., Kering, Chanel, Estee Lauder Companies Inc., Unilever, LVMH and Procter & Gamble, among others.

Based on Product, the Perfume Segmentation is predicted to grow at a remarkable CAGR during the forecast

As per the Fragrances Market Research, rising attraction amongst millennials for perfume and deodorant products and growing awareness about maintaining personal hygiene, are some of the factors responsible for the segment’s growth.

Based on Distribution Channel, the Offline Retail Stores segment is projected to capture the largest market share over the forecast period

Retail outlets offer wide range of fragrance products, and provides attractive discount options, are propelling the segment’s growth.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Increasing expenditure by companies on advertisement, growing demand for cosmetic products, rise in the launch of innovative products and high per capita incomes, are some of the important factors augmenting the market growth in North America.

Key Development

  • In 2017, Procter & Gamble completed the acquisition of Native deodorants, through which it aims to cater the changing consumers demand.

Market Segmentation

Segmentation by Product

  • Natural Flavors & Fragrances
    • Essential Oils
    • Oleoresins
    • Other Flavors & Fragrances
  • Aroma Chemicals
  • Perfume

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

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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