April 24, 2024

Fragrance and Perfume Market Growth Accelerated by Increased Consumption of Personal Care Products

Fragrance and perfume play an important role in enhancing the human experience and elevating moods by stimulating the olfactory system. They are widely used in personal care products such as perfumes, deodorants, detergents and household cleaners to impart an attractive scent.

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 key trends:

The increased consumption of personal care products is one of the key factors accelerating the growth of the fragrance and perfume market. With rapid urbanization and rising disposable incomes, consumers are spending more on personal grooming and beauty products. Perfumes and deodorants are an integral part of daily routines for many consumers. Key players in the market are launching innovative fragrances tailored for different occasions like daily use, parties, casual outings etc to cater to evolving consumer preferences. They are also adopting natural and organic ingredients in formulations to expand into the growing market for sustainable cosmetic products. This trend towards multifunctional and eco-friendly personal care brands is expected to drive further demand over the forecast period.

Segment Analysis
The global fragrance and perfume market is segmented by type, category, and distribution channel. The fine fragrance segment dominates the market, accounting for over 45% share in 2021. Fine fragrances are premium products that are trendier, unique, and have greater concentration of aromatic compounds compared to mass fragrances. Their premiumization and distinctiveness make them highly popular with consumers.

Key Takeaways

The Global Fragrance And Perfume Market Size  is expected to witness high growth during the forecast period. The growing demand for premium fragrances from affluent consumers in developed economies will drive market expansion.

Regional analysis: Europe dominates the global fragrance and perfume market with over 35% share. The region has strong presence of leading fragrance brands and designer houses that cater to luxury consumer base in countries such as France, UK, Germany, and Italy. Moreover, Europe is at the forefront of fragrance trends and innovation, which has aided its market dominance.

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 compete based on product quality, innovation, brand recognition, and distribution network.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it