Perfume and Fragrance Market Demand and Segmentation by Forecast 2023
The Asia Pacific perfume & fragrance market is expected to grow at a CAGR of 8%. In the recent years, perfume & fragrance market has witnessed substantial innovation in terms of new products launch with various perfume & fragrances along with the research & development and collaboration. Also, the overall disposable income of the consumers has been increasing over the past few years, which, in turn, is anticipated to lead the demand for consumer goods like perfume & fragrance products during the forecast period.
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Perfume and fragrance is a mixture of chemical compounds characterized by olfactory properties. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients. Fragrance is combined in order to impart distinctive odors into the preparations. Perfume and fragrance products are used to get rid of undesirable body odor, produced due to sweating. Perfume and fragrance products majorly include eau de parfum, eau de toilette, eau de cologne and eau fraiche.
With the rising health consciousness among the consumers for personal hygiene, perfumery market is experiencing great demand which is directly adding fuel to the perfume & fragrance market during the recent years. Consumer goods such as body care, spray perfumes, and body deodorants products have become a necessity for consumers. Hence, it is concluded that with the interconnection of both the markets and rising demand for consumer goods, the demand for perfume & fragrance products will also increase.
Moreover, increasing consumer awareness regarding health & wellness, and their growing interest to adopt natural ingredients in perfume & fragrance consumer goods over the synthetically prepared perfume & fragrance products is also considered to be a key factor in the growth of the global perfume & fragrance market.
The Asia Pacific Perfume & Fragrance Market is segmented into China, India, and Japan, Australia & New Zealand, ASEAN countries and rest of APAC. This is accredited to product innovations, increased adaption of enhanced products and expanding affluence. Changing and improving lifestyle and demographic factors, as well as increasing population in developing nations are driving demand for perfume & fragrance products in Asia Pacific. Among these, India is projected to retain its dominance throughout the forecast period. India is estimated to reach USD 1949.56 million by the end of 2023. The country is projected to grow at a high growth rate of 8.63% during the review period of 2017-2023. However, China is estimated to grow at a CAGR of 8.01% during the forecast period of 2017-2023.
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This report includes a study of strategies used in the market, mergers, and acquisitions in perfume & fragrance, multiple product launch by perfume & fragrance market players. It further includes product portfolios and developments of leading major 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)
Major manufacturers also are found to have high focus on strategic product launch in order 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 the regions. Acquisitions are also done to mark the company’s presence and expand their business line. For instance, International Flavors & Fragrances, Inc. is also identified to be focusing more onto acquisition of small players to expand their business of perfumes and fragrances. Additionally, the companies are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base.
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This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, global perfume and fragrance market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.