The global perfume market has been observing a growing trend both in the developed and developing economies, owing to the rapid urbanization, rise in disposable income and changing lifestyle of consumers. Increasing consumer 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 escalates the sales of fragrance during the forecast period.

Furthermore, increasing affinity towards skin lightning & color cosmetic products, owing to the increasing obsession towards fair complexion among the youth and women population is driving the fragrance market in Asian and the Middle Eastern regions. Also, increasing prevalence towards male centric cosmetic products coupled with robust growth of men grooming products is considered to be a major factor, which has uplifted the global fragrance market. Demand for long lasting fragrances in masculine cologne and after shave products, including expensive perfumes and deodorants has raised the demand for male cosmetics products. However, allergies and intolerance caused by extensive use of synthetic fine fragrance, owing to skin and respiratory organs is expected to have a negative impact on the global fragrance market. Also, fragrance which are used to enhance olfactory properties in cosmetic industry is a concern, because they cause intolerance to such cosmetic products.

Owing to the rising health awareness, consumers are found to have a high demand for natural ingredients for fragrance products. Rising health concerns among the consumers about the demerits of synthetically manufactured fragrances has a positive impact on the natural fragrance in the fragrance market. The rising consumers’ preference for natural fragrances will be considered as one of the major drivers for fragrance products market.

All the factors are augmenting the global fragrance market to grow at the CAGR of 5.30% during the forecast period of 2017-2023.

Competitive Analysis

This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by fragrance market players. It further includes product portfolios and developments of leading players, which includes

• Givaudan SA (Switzerland)
• International Flavors & Fragrances, Inc. (U.S.)
• Firmenich International SA (Switzerland)
• Symrise AG (Germany)
• Takasago International Corporation (Japan)
• MANE FILS SA (France)
• Sensient Technologies Corporation (U.S.)

Key manufacturers are more focused on geographical expansion, product launches, partnerships and acquisitions to seek consumers’ attention towards their product range. They are also involved expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality. Furthermore, companies are focusing more on products with natural fragrances owing to high demand from consumers for natural ingredients derived products.

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Downstream Analysis

Among the type, synthetic fragrance segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 4.80% during the given period due to increased use of fragrance in cosmetics, soaps & detergents, spray perfumes, incense, body care and home care products. Furthermore, the demand for natural fragrances in these products is increasing the growth of the fragrance market.

Among the application of fragrance, cosmetics & toiletry (without hair care) products is accounting for 23% followed by fine fragrance (perfumes) accounting for 20% of the global fragrance market. Cosmetics & toiletry (without hair care) segment is estimated to retain its dominance throughout the forecast period of 2017-2023. The segment is projected to register a healthy CAGR of 5.20% during the forecast period 2017-2023.