The global fragrance market size is expected
to reach USD 91.17 billion by 2025, according to a new report by Grand View
Research, Inc. It is projected to register a CAGR of 3.7% over the forecast
period. Rising awareness regarding cleanliness and personal hygiene among
middle-class income groups in the emerging economies including India, China,
Thailand, Vietnam, and Brazil is expected to expand the scope of fragrances
over the forecast period.
Personal care is anticipated to emerge as
prominent application segment owing to increasing demand for the products
including perfume, deodorants, soap, talcum powder, cream, and hair oil.
Moreover, rising demand for car and room fresheners coupled with the popularity
of aromatherapy in households is anticipated to further fuel the growth. In
addition, hospitality has become one of the emerging sectors for fragrances
owing to their rising usage to create a pleasant environment. The sector has
significant demand for different kinds of fragrances including jasmine,
lavender, and eucalyptus which boost up consumers’ mood and create a lively
environment.
North America was the largest market in
2018, generating a revenue exceeding USD 20 billion. Major manufacturers are
adopting strategies such as new product launch and mergers and acquisitions.
For instance, in 2017, Coty Inc. signed an agreement to buy 60% of the stakes
of the Younique, LLC, a company dealing in direct sales exclusively through the
social media and online platforms.
Key market participants are L’Oréal Group;
Unilever; The Procter & Gamble Company; Kering S.A.; CHANEL International
B.V.; LVMH Group; Givaudan; Revlon Inc.; Firmenich International SA; Estee
Lauder Companies Inc.; Coty Inc.; and Giorgio Armani S.p.A. Some of the
manufacturers are focusing on R&D of organic products to expand the product
portfolio. For instance, in June 2018 Elsa’s Organic Skin Foods, a U.K. based
company, launched Ocean Natural Deodorant Crème. The product is a silk to
powder deodorant balm contains natural antibacterial such as Rose Geranium, Tea
Tree, and Patchouli.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/fragrances-market
https://www.grandviewresearch.com/industry-analysis/fragrances-market
Further key findings from the report suggest:
· Personal care application led the global
fragrance market, with a revenue share of over 47.8% in 2018
· Online channels are expected to account for
8.2% of the global share by the end of 2025
· North America led the market in 2018,
accounting for 33.9% of the global share
· New product launches, mergers and
acquisitions, and capacity expansion are expected to remain the key strategies
among the industry participants over the forecast period.
Grand View Research has segmented the
global fragrance market on the basis of product, application, distribution
channel, and region:
Fragrance Product Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Deodorants
·
Perfumes
·
Others
Fragrance Application Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Personal Care
·
Household Care
·
Others
Fragrance Distribution Channel Outlook
(Revenue, USD Billion, 2015 - 2025)
·
Offline
·
Online
Fragrance Regional Outlook (Revenue, USD
Billion; 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
