The Global Fragrance And Perfume Market Growth Accelerated By Market Penetration In Developing Countries
Fragrance and perfumes play an important role in enhancing one's personality and presence. They are extensively utilized by both men and women to emit pleasant aromas. Perfumes are formulated using a blend of fragrant essential oils or aromatic compounds, fixatives, and solvents to impart long-lasting scents. They are available in various forms like eau de perfume concentrates, eau de toilette, cologne, and roll-ons for personal application.
The global Fragrance And Perfume Market is estimated to be valued at Us$ 62.04 Mn in 2024 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The penetration of fragrance and perfume products in developing economies is one of the key trends driving the market growth. Factors such as rising disposable incomes, growing exposure towards western culture, and increasing demand for premium beauty products from the expanding middle-class population in countries such as China, India, Brazil, and others are positively impacting the market scenario. Leading brands are focusing on emerging markets by launching affordable product lines, tailored as per local preferences to appeal to the local population. For instance, major players such as L'Oréal, Coty, and Estée Lauder have established strong sales networks in developing regions over the past few years. This is anticipated to continue fostering the market development throughout the forecast period.
Segment Analysis
The global Fragrance and Perfume market is dominated by the women's segment. This segment accounts for over 40% share of the overall market. Women's perfume market is growing at a faster rate than men's perfume owing to rising fashion consciousness, increasing disposable income levels, and growing social media influence among women globally.
Key Takeaways
The Global Fragrance And Perfume Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 62.04 Mn by 2024 growing at a CAGR of 7.0% through 2031.
Regional analysis
Europe currently dominates the global Fragrance and Perfume market with over 30% share. Presence of major international brands operating from countries like France and Italy alongside rising disposable income levels are driving the market growth in the region. Asia Pacific is expected to be the fastest growing market during the forecast period owing to increasing living standards in India and China. Rapid urbanization and growing middle class population are augmenting demand for premium fragrances in Asia Pacific.
Key players
Key players operating in the Fragrance and Perfume market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd.. Major players are launching new products with exotic ingredients, indulging in marketing and promotional activities to increase their market share. They are also investing in innovative fragrance delivery systems like roll on perfumes, refilling bottles etc. to make fragrances more accessible and affordable to millennials.
Get more insights on this topic :