Fragrances Market By Product Type (Deodorants, Perfumes), By Distribution Channel (Offline Fragrance Sales, Online Fragrance Sales), By Application (Fragrances for Personal Care, Fragrances for Household Care) & Region - Forecast to 2021-2031
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.
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
- 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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