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.

Request a free sample of this report

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.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more