Fragrance Market Analysis | Size, Share, Overview, Scope, Revenue, Gross Margin, Segment and Forecast 2023
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.
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.
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Fragrance are used as the major ingredient in spray perfumes, cosmetics, soaps & detergents, incense, body care and home care products. However, fragrance industry holds a major share in the cosmetics and personal care industries as a major ingredients used in the products.
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.
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.
Top Key Players:
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.)
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The global fragrance market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North America region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 4.80% during the review period. This is attributed to the high usage of spray perfumes, cosmetics, soaps & detergents, incense, body care and home care products. Among the North American countries, the U.S. is majorly driving the market of fragrances in this region. However, Asia Pacific region is expected to grow with a CAGR of 6.20% during the review period. In Asia Pacific region, China is expected to hold 24% market share in the year 2017.
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