USA, NY, New York City,
Market Outlook
Fragrance products are used to get rid of unwanted body smell produced due to sweating. Perfume is a blend of chemical compounds, fixatives, and solvents. The fragrance is combined to impart peculiar and distinctive odorous into the preparations. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.
The global perfume and fragrance market is observing remarkable growth owing to factors such as rapid urbanization, rise in disposable income, and changing lifestyle of consumers. More and more consumers spending on personal care beauty products is expected to be one of the significant reasons for the rising growth of perfumery products which in turn intensifies the sales of fragrance products during the forecast period.
Moreover, e-commerce has grown rapidly at the global level and still has a lot of growth potential, especially in the developing regions as there are high return rates in the e-commerce space. The trend of retail therapy effortless, relaxing, and ultimately enjoyable shopping is one of the major drivers boosting the sales of perfume and fragrances through e-commerce. Also, the gifting culture has provided opportunities for market growth of perfumes and fragrances. The main aim of gifts is to preserve harmony within one’s family, friends, colleagues, and society. People are ready to invest in expensive commodities because a higher price brings better quality, and those qualities properly suit their needs.
However, allergies and intolerance caused by extensive use of synthetic fine fragrance, owing to skin and respiratory organs are expected to hurt the global fragrance market Size. Also, stringent regulations on product certification and labeling for consumer safety have pushed the manufacturers to change their production process which involves high investments, putting the perfume and fragrance market on the negative side.
Owing to increasing health consciousness, consumers are found to have a high demand for natural ingredients for fragrance products. Rising health worries among the consumers about the disadvantages of synthetically manufactured fragrances have an encouraging impact on the use of natural ingredients in the fragrance market Size. The rising consumers’ inclination for natural fragrances will be considered one of the major drivers for the fragrance products market. Nevertheless, all the factors are augmenting the fragrance market Size to grow at a CAGR of 9.00% during the forecast period of 2020-2027.
Competitive Analysis:
This report includes a study of strategies used in the market, mergers, and acquisitions, and multiple product launches by fragrance market Size players. It further includes product portfolios and developments of leading players, which includes
Elizabeth Arden, Inc. (U.S.), Loreal (France), Shiseido (Japan), IFF (U.S.), Chanel (France), Estee Lauder (U.S.), Avon (U.S.), Vivenza (Kuwait), Royal Beauty Group Co. (Kuwait), AlQuraishi Fragrances (Kuwait), Reehat Al Door (Bahrain), Asghar Ali Co. W.L.L. (Bahrain), Rasasi Perfume Industry LLC (UAE), Arabian Oud (Saudi Arabia), Swiss Arabian Perfume Grp (UAE), Atyab Al Marshoud (Kuwait), Al Shaya (Kuwait), Ajmal Perfume (UAE), Abdulsamad Al Qurashi (Saudi Arabia),
Major manufacturers are also found to have a high focus on strategic product launches to seek consumers’ attention towards their product range. They are also involved in the acquisition of small players which will further support the company to expand and reach out to consumers across regions. Acquisitions are also done to mark the company’s presence and expand its business line. Additionally, the companies are inclined towards product promotions through social media, magazines, and other mediums to reach out to customers. The promotional strategy aids in retaining the existing customers and regenerating a new customer base.
Segmental Analysis:
Among the type, includes eating de parfum segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 6.33% during the given period due to increased use of perfumes, spray deodorants, incense, and body care products. An increase in consumer awareness of personal hygiene is primarily driving the growth of this segment.
Among the ingredients of fragrance, the synthetic segment is accounting for 76% followed by natural ingredients accounting for 24% of the global fragrance market Size. The segment is projected to register a healthy CAGR of 5.69% during the forecast period 2017-2023. Furthermore, the demand for natural ingredients in perfumes is increasing the growth of the fragrance market Size.
Among the consumer group, the women segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.67% during the given period. However, demand for fragrances is expected to increase for the men’s category owing to the introduction of new perfumes deodorants for men and increasing consumer awareness regarding beauty cosmetics products.
Among the distribution channel, the store-based segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.71% during the given period.
Regional Analysis:
The global fragrance market Size is segmented into North America, Europe, Asia Pacific, and the rest of the world (ROW). Among these, the Europe region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 5.27% during the review period. This is attributed to the high usage of perfumes, cosmetics, incense, and body care products. Among the European countries, France is majorly driving the market of fragrances in this region. However, the Asia Pacific region is expected to grow with a CAGR of 8.0% during the review period. In the Asia Pacific region, India is expected to hold a 17% market share in the year 2017.
Market Segmentation:
The global fragrance market Size is segmented by type, ingredients, consumer group, distribution channel, and region
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