Recently released data from the fragrances market analysis shows that global demand is poised to reach US$ 70 Bn in 2022. The demand for perfumes will accelerate, with top 5 providers holding 35-40% of the revenue in the fragrance market in 2021. Likewise, deodorant sales are expected to capture the largest share in the forecast period, attributed to their economical cost and ease of carrying.
Key Points Covered in Fragrances Industry Survey
- Market Estimates and Forecasts 2016-2031
- Key drivers and restraints shaping market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Fragrances Market and How to Navigate
- Recommendation on a Key Winning Strategy.
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Sales Analysis of Fragrances during 2016-2020 Vs Future Outlook for 2021 to 2031
According to Fact.MR- a market research and competitive intelligence provider-the market for fragrances expanded at a CAGR of 3.5% from 2016 to 2020. Growing emphasis on personal grooming for both genders have surged the global sales of perfumes worldwide.
Future consumption outlook for fragrances as per Fact.MR’s report is expected to outstrip US$ 94.3 Bn with a growth rate of 3% throughout the forecast period 2021-2031.
Based on product, deodorants held the largest share, approximating 60% followed by perfumes at around 32%. Deodorant is the most widely used fragrant product in the country due to its affordability.
North America dominates the market with 33.4% share when it comes to fragrance products. Market players are witnessing new, exciting avenues in the rising demand for natural fragrances.
What are the Factors Stimulating the Fragrances Market Demand?
Growing awareness of personal hygiene, as well as the availability of a wide product portfolio in retail shops are some of the prominent factors driving the demand for fragrances. Deodorants are also gaining popularity due to properties the ease of use and the last long effect of the product.
A myriad number of social media blogs are fuelling the popularity of fragrances across the world geographies. Ground breaking marketing strategy implemented by the renowned brands is likely to influence the purchasing decisions of the customers, thus progressively impacting the growth of the market.
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Will Millennials Dominate the Global Fragrances Customer Base?
Growing emphasis on male grooming especially among youth population, falling in the age group of 18 to 34, have compelled big brands to exhibit range of scents. Potential market participants are expected to exploit the opportunities in the e-commerce space in the near term owing to rising sales of perfumes and deodorants through this channel.
Focusing on middle-income group, prominent manufacturers are launching fragrances which are economical, expanding the market size in the long-term forecast period.
How is Increased Emphasis on Personal Care and Grooming Stimulating Market Growth?
Increasing consumer inclination towards being presentable, sweat-free, and odor-free 24 hours, presented lucrative opportunities for global brands by filling the necessity gap.
Growing trend towards consumer urbanisation, and the augmented importance on personal appearance and grooming, the market is set to gain traction. Celebrity inspired scents have transformed the sales outlook owing to their immense popularity and prodigious promotion of content.
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Why is U.S. acquiring High Traction in the Fragrances Industry?
North America emerged as the largest regional market for perfumes and deodorants in 2020, with a share of nearly 34%. Attributed by rising demand for lighter scented sprays and the growing availability of perfumes and deodorants with on-the-go portability in countries, such as the U.S. and Canada boosted the regional market.
The U.S deodorants market was valued at over US$ 5 Bn in 2020 and is projected to witness a CAGR of 4.3% during the short term forecast period. Well established retail platform is one of the main factors that has led to the growth and usage of deodorants in the country.
Why is the Fragrances Market Flourishing in China?
The Chinese market for fragrances is anticipated to incline substantially, experiencing a CAGR of over 3% across the 2021-2031 assessment period. Increased awareness regarding personal hygiene coupled with penetration of key luxury perfume brands are key growth drivers.
Furthermore, the arrival of international brands in the Chinese market has surged the demand by ease of availability of branded scents. While presence of regional brand is gaining traction with the amplifying trend in personal grooming.
Why are Deodorants Dominating the Market for Fragrances?
The deodorants segment held a governing share of nearly 60% in 2019 and is projected to maintain its supremacy over the forecast timeframe. Owing to the expensive costs of perfumes, deodorants are largely promoted as mass-market products.
Furthermore, deodorant brands in emerging countries like China & India have been focusing on adding new features to their products (deodorants), including anti-bacterial characteristics, to target a broader consumer base.
How are Online Stores boosting Fragrances Demand?
The e-commerce segment is anticipated to witness maximum growth over the forecast period. The evolution of online retail channels such as Amazon, and Parfum dreams has been significantly contributing to the growth of this segment.
Offering of significant discounts by well-known brands fascinated the consumers to adopt online purchase of scents. Moreover, ease of availability of variety of products have boosted the online distribution channel. A CAGR surpassing 4% is projected for this segment.
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Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In May 2021, Coty Inc. announced a strategic partnership with global investment firm KKR which will provide the Company with an initial investment of US$750 Mn through the sale of convertible preferred shares to KKR. Coty will carve out Wella into a standalone company in which KKR will acquire a 60% stake and Coty will retain the remaining 40 percent interest.
- In Dec 2019, The Estée Lauder Companies Inc. announced the completion of its acquisition of Have & Be Co. Ltd., the Seoul-based, global skin care company behind Dr. Jart+ and men’s grooming brand Do the Right Thing.
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Other Fragrances
- Fragrances for Personal Care
- Fragrances for Household Care
- Fragrances for Other Applications
- Offline Fragrance Sales
- Online Fragrance Sales
Fragrances Market- Scope of Report
A recent study by Fact.MR on the Consumer Products market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging associated with the manufacturing of the Fragrances market.
The study also provides the dynamics responsible for influencing the future status of the Fragrances market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the Fragrances market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers a comprehensive analysis of diverse features, including production capacities, demand, product developments, revenue generation, and sales of the Fragrances market across the globe.
A comprehensive estimate of the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the Fragrances market during the forecast period. Price point comparison by region with the global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative fragrances markets?
- Which factors will impact the growth of fragrances?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the fragrances industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for the fragrances market are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global Fragrances market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which has helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the fragrances market during the forecast period.
Country-specific valuation on demand for the Fragrances market has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions ad countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of Fragrances market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in producing lung cancer medicines have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolios and key strategies, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the Fragrances market domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the fragrances market industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the draw conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
As of 2022, sales of fragrances are projected to reach US$ 70 Bn
From 2016 to 2020, sales of Fragrances market expanded at approximately 3.5% CAGR
From 2021 to 2031, demand for Fragrances market is expected to surge at approximately 3% CAGR
Increasing awareness about personal hygiene and growing emphasis on unisex grooming is likely to open new doors for fragrances sales
Changing lifestyle trends among the young population and availability of economical products for lower-income people have surged the demand for fragrances products
The Asian fragrances landscape is projected to register a CAGR of 5% during the forecast period.
Coty Inc., Amway Corporation, The Estée Lauder Companies Inc., Chanel International B.V., Henkel AG & Co. KGaA, Church & Dwight Co. Inc., CavinKare Pvt. Ltd. are some prominent plants based dairy manufacturers included in the report.
Perfumes segment based on products is the fastest growing segment, expanding at nearly 4% CAGR
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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