by The global fragrance and perfume market is primarily driven by increasing demand from personal care and cosmetic industry. Fragrance and perfume are commonly used ingredients in cosmetic products such as shampoos, creams, body washes and lotions to give an aromatic experience to consumers. The burgeoning cosmetic industry is expected to propel the market growth of fragrance and perfume over the forecast period. The global cosmetic industry valued at US$ 381 billion in 2021 and is projected to reach US$ 531 billion by 2027, according to research firm Fior Markets. Growing personal care expenditure coupled with rising focus on grooming among consumer is fueling growth of cosmetic industry worldwide.
The global Fragrance And Perfume Market is estimated to be valued at US$ 62.04 Billion in 2023 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 Dynamics:
The growth of the fragrance and perfume market is majorly driven by growing cosmetic industry. Increasing consumer spending on personal grooming products is augmenting demand for fragrances and perfumes from cosmetic manufacturers. According to Bureau of Economic Analysis, per capita personal care expenditure in the US increased from US$ 819.70 in 2020 to US$ 862.50 in 2021. Further, rising consciousness among population about body hygiene along with changing lifestyle is expected to support market growth over forecast period. However, availability of counterfeit products may hamper the market growth during the analysis period. Moreover, introduction of regional specific and seasonal fragrance variants by key players could create lucrative opportunities for fragrance and perfume market in near future.
Segment Analysis
Write one segment and subsequent for specific market, Fragrance and Perfume Market mention dominating sub segment and why it is dominating). The fragrance and perfume market can be segmented into male fragrances, female fragrances, and unisex fragrances. Within these segments, female fragrances dominate the market with around 60% share. This is because women are more inclined towards trying different fragrances and perfumes available in the market compared to men.
PEST Analysis
Political: There are no significant politically driven factors that impact the fragrance and perfume market.
Economic: Rise in disposable incomes is driving greater spending on luxury items like fragrances and perfumes, especially in developing regions.
Social: Changing fashion trends and social media influence are making fragrances and perfumes an important part of personal grooming and style statements. This is boosting product experimentation.
Technological: Advanced formulation technologies allow for development of long-lasting and customized fragrances. Digital marketing tools help brands better target and engage customers.
Key Takeaways
The Global Fragrance And Perfume Market Demand is expected to witness high growth. The global fragrance and perfume Market is estimated to be valued at US$ 62.04 billion in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
The Asia Pacific region is expected to be the fastest growing market for fragrances and perfumes during the forecast period. Countries like China, India with their rising incomes and changing consumer tastes will drive major demand.
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. These companies are focusing on new product launches and expanding to emerging markets through partnerships and mergers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
