Fragrance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Fragrance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : December, 2021 | Consumer Goods

Report Digest


Global Fragrance Market: Overview

The emerging trend of personal grooming has paved way for the advent of luxury and exotic fragrances, which is forecasted to encourage development of the global fragrance market over the period of assessment, from 2019 to 2029. In addition to that, a rise in the disposable income of the people together with the inclination to spend in premium fragrance products is foreseen to work in favor of the global fragrance market over the tenure of analysis, from 2019 to 2029.

In the last few years, fragrances have emerged as a significant business sector in the personal care and cosmetics industry. Growing popularity of personal care widens the scope of use of fragrances.

Product, application, distribution channel, and region are the four key parameters based on which the global fragrance market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.

Global Fragrance Market: Notable Developments

The global fragrance market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:

  • In March 2019, JO Malone London, a subsidiary of Estée Lauder Companies, has launched a set of brand new perfumes in the market. Utilizing the banner ‘Wild Flowers & Weeds, these new perfumes were launched with five different fragrances. These different fragrances are Nettle and Wild Achillea, Willow and Amber, Lupin and Patchouli, Hemlock and Bergamot, and Cade and Cedarwood. These exotic fragrances are expected to draw the attention of the lovers of perfumes and add to the sales of these perfumes.

Some of the key players in the global fragrance market comprise the below-mentioned:

  • Louis Vuitton Moet Hennessy
  • Natura Cosmticos SA
  • Avon Products Inc.
  • Estée Lauder Companies
  • Elizabeth Arden, Inc.
  • L’Oreal Groupe

Global Fragrances Market: Key Trends

The following drivers, restraints, and opportunities characterize global fragrance market over the assessment period, from 2019 to 2027.

Increased Preferences for Luxury Perfumes to Bolster Demand in the Market  

Rapidly evolving preference of consumers toward personal care and grooming products is estimated to support growth of the global fragrance market in the years to come. Fragrances are utilized across several applications, such as cosmetics, toiletries, detergents, soaps, and household products. Such wide use of the product is estimated to fuel growth of the global fragrance market over the forecast period. Augmented demand for fragrant products amongst both women and men is expected to amplify growth opportunities for the global fragrance market in the years to come.

Fragrance manufacturers are striving to attract customers, both existing and prospective, through product development. Product with exotic, new aromas for both household and cosmetic purposes are gaining popularity rapidly, thereby driving the demand for fragrances in the near future.

Global Fragrances Market: Geographical Analysis

Over the period, Europe is foreseen to dominate the global fragrance market due to a rich history of evolution and invention of fragrances across region. Region is the birthplace of several renowned fragrances and fragrance companies, such as Nina Ricci, Chanel, Christian Dior, and Guerlain in the region is likely to support development of the fragrance market in Europe.

Asia Pacific is expected to present immense growth opportunities for the fragrance market in the years to come, thanks to the growing preference toward luxury perfume brands and rising disposable income in the region.

The global fragrance market is segmented as:

Product

  • Deodorants
  • Perfumes

Application

  • Personal Care
  • Household Care

Distribution Channel

  • Offline
  • Online

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?