DUBLIN--(BUSINESS WIRE)--The "Global Fragrance Market: Analysis By Nature (Natural, and Synthetic); By Type (Premium, and Mass); By Application (Personal Care, Household Care, and Others); By Distribution Channel (Offline, and Online); By Region Size, and Trends with Impact of COVID-19 and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
In 2021, the global fragrance market was valued at US$35.08 billion and is anticipated to grow to US$57.60 billion by 2027. Fragrances are substances that contain strong-smelling organic compounds with distinct, pleasant odors. These are complex mixtures of natural and man-made compounds that are added to a variety of consumer products to give them a distinctive aroma. Fragrance can be any aroma that one enjoys, such as perfume, flowers, or food. These are used in products for a variety of reasons to enhance the user experience.
Fragrances can satisfy emotional demands and communicate notions like cleanliness, freshness, and softness, as well as serve to relieve stress and promote well-being. They provide a distinct sensation of well-being and empowerment, and are frequently seen as uplifting, accompanying customers from the beginning to the end of their day.
Some of the major reasons why consumers are buying fragrances are the growing awareness of skincare & cosmetic products, increasing demand for hygiene products, and inclination towards fitness and health. The fragrance market is expected to grow at a CAGR of 8.73% over the forecast period of 2022-2027.
Impact Analysis of COVID-19 and Way Forward:
In 2020, several industries had shut down production activities in response to the emergence of COVID-19. Various small scale and major companies faced difficulties in conducting their production, operating their business thoroughly, and issues faced with R&D operations owing to the shortage of labor and raw material which hampered market growth. However, as the market condition improved and people's disposable income increased, so did their preference for various types of fragrance items, resulting in the market expansion.
Market Dynamics
Growth Drivers
- Rapid Urbanization
- Accelerating E-Commerce Channels
- Surging Gen Z and Millennial Population
- Growing Awareness of Skincare & Cosmetic Products
- Inclination towards Fitness and Health
- Increasing Demand for Hygiene Products
Challenges
- Increased Availability of Counterfeit Products
- High Usage of Chemicals
Market Trends
- Growing Influence & Impact of Social Media
- Product Innovation by Manufacturers
- Increasing Popularity of Aromatherapy
- Increasing Preference for Scented Candles
- Surging Demand for Eco-Friendly Fragrance Products
- Increasing Preference for Customized Fragrance
- Technological Advancement
Competitive Landscape:
The global fragrance market is fragmented, with the presence of large number of small- and medium-sized suppliers in the market.
The key players of the global fragrance market are:
- Estee Lauder Companies Inc.
- The Procter & Gamble Company
- Henkel AG & Co. KGaA
- Unilever PLC
- Coty Inc.
- L'Oreal S.A.
- Firmenich International SA
- Givaudan S.A.
- Avon Products, Inc.
- LVMH
- Shiseido
- Symrise AG
- Chanel International B.V.
- Giorgio Armani S.p.A.
Some of the strategies among key players in the market for fragrance are product launches, mergers, acquisitions, and collaborations. In 2022, Givaudan S.A. collaborated with TMIC to launch fragrance industry's first AI-powered fragrance co-creation service. The unique co-creation model allows brands to get deeply involved in the fragrance creation process. Through the visual touch screen, customers are able to quickly realise their olfactory vision. Whereas, In 2022, Avon Products, Inc. introduced a unique white Oud accord fragrance. This luminous White Oud accord heart is complemented by the rich fruitiness of black splendour plums, a bouquet of white floral gardenias and finished with warm, creamy vanilla.
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