The global fragrance and perfume market produces and markets fine fragrances and deodorants. Premium perfumes and colognes are made using a variety of essential oils and aromatic compounds to create long-lasting and refined scents that evoke certain feelings and moods. Key players in the market produce perfumes for well-known luxury brands. The fragrance industry also produces scented products for personal hygiene and household cleaning purposes. Changing consumer preferences towards natural and organic perfumes extracted from sustainable sources is driving market demand.

The global Fragrance and Perfume Market is estimated to be valued at US$ 53.85 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing demand for premium and luxury perfumes among high-net-worth individuals is a key driver for the fragrance and perfume market. Due to rising disposable incomes, consumers are willing to pay premium prices for distinguished scents. Moreover, improving living standards coupled with high fashion brand consciousness have increased the demand for celebrity-endorsed fragrances. Furthermore, the introduction of customized and niche perfumes tailored to individual preferences is expanding the potential consumer base for luxury perfume companies. For example, companies now offer custom blend services allowing consumers to create their scent from a menu of high-quality ingredients. While opportunities exist due to growing demand, companies must ensure sustainable sourcing practices and develop natural alternatives to synthetic ingredients to appeal to health-conscious customers.

Segment Analysis
The fragrance and perfume market can be segmented based on category, price, end user and distribution channel. The women's perfume category dominates the fragrance and perfume market holding around 70% market share. Women's perfume segment dominates as women tend to experiment more with different fragrances compared to mens fragrances. The regular priced segment holds major share of around 40% as they provide good quality perfumes at affordable prices attracting mass consumers.

PEST Analysis
Political: Regulations regarding usage of certain chemicals and their emissions can impact the market. Economic: Rising disposable incomes globally is driving demand. Social: Changing preferences towards light, fresh fragrances suitable for all occasions is a key trend. Technological: Advancements in fragrance formulations help create long lasting products attuned to changing consumer demands.

Key Takeaways
The Global Fragrance And Perfume Market Size  is expected to witness high growth over the forecast period. The women's category and regular priced segments are expected to remain dominant.

Regional analysis: Europe dominates the global market with around 35% share led by countries like France and Italy. North America is the second largest market favored by relaxed lifestyle trends. Asia Pacific is expected to witness fastest growth on back of rising incomes in countries like India and China boosting demand for premium fragrances.

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., and Aker BioMarine.
​
For More details on the topic:
https://www.dailyprbulletin.com/fragrance-and-perfume-market-market-size-share-analysis-growth/