The global fragrance market is expected to exhibit a steady 5.30% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global fragrance market is mainly driven by the growing demand from consumers for personal deodorants and fragrances, as well as household cleaners and perfumes. The report presents a clear overview of the global fragrance market, providing readers with a comprehensive analysis of the market’s major drivers and restraints, key players, and dominant segments. Predictions about the market’s likely growth trajectory over the forecast period are made on the basis of a detailed review of the market’s historical growth trajectory.
Fragrances are widely used for personal as well as institutional hygiene. The fragrances industry has evolved massively in the last few years, as advanced production processes have enabled the production of natural as well as synthetic fragrances at an unprecedented rate. While in the past, fragrances were a valued commodity, extracted and prepared from natural ingredients only, and often at a painstaking pace, in the modern world, the fragrances market has come on strongly due to the growing awareness about personal cleanliness and hygiene. The increasing use of deodorants and fragrances to mask body odor is likely to be the major driver for the global fragrance market over the forecast period.
The increasing demand for household cleaning products is also likely to drive the demand from the fragrance market, as various types of artificial fragrances are added to home cleaning products to make them smell fresh and pleasant. The rapid urbanization in Asia Pacific and the growing disposable income of consumers in the region have driven the demand for household fragrances, leading to strong growth prospects for the fragrance market.
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Leading players in the global fragrance market include Sensient Technologies Corporation, V. MANE FILS SA, Takasago International Corporation, Symrise AG, Firmenich International SA, International Flavors & Fragrances Inc., and Givaudan SA.
In July 2019, Lancome launched its new female-centric product line of fragrances, titled Idole. Capitalizing on popular trends such as girl power is likely to remain a key strategy for players in the fragrance market in the coming years.
The global fragrance market is segmented on the basis of type, application, and region.
By type, the global fragrance market is segmented into natural and synthetic fragrances. Synthetic fragrances are expected to remain the dominant force in the global fragrance market over the forecast period due to their widespread adoption and easier product development than natural fragrances.
By application, the global fragrance market is segmented into fine fragrance (perfumes), cosmetics & toiletry (without hair care), hair care, essential oils & aromatherapy, household & air care, soap, detergent, tobacco, and others. The fine fragrance segment is expected to account for a sizeable share in the global fragrance market over the forecast period due to the growing demand for personal deodorants and fragrances among urban consumers.
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North America is expected to remain the dominant regional market for fragrances in the coming years due to the growing demand for personal deodorants in the highly developed economies of the U.S. and Canada. Due to the high disposable income and high lifestyle standards in these countries, having body odor has become a significant faux pas, leading to a growing demand for premium fragrances. The presence of many traditional leaders in North America is also likely to be a key driver for the fragrance market in the region over the forecast period.
Asia Pacific expected to exhibit smooth growth over the forecast period due to the growing disposable income of consumers in the region and the growing awareness among urban consumers about various types of fragrance products. The increasing residential construction and urbanization in Asia Pacific is also likely to be a key driver for the fragrance market in the region, as this is likely to drive the demand for household chemicals such as cleaners. The Asia Pacific market is expected to exhibit a strong 6.20% CAGR over the forecast period.
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