NEW
YORK, June 18, 2024 /PRNewswire/ -- The
global fragrances market size is estimated to grow by
USD 16.32 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 5.97% during the forecast
period. Growing demand for cosmetic products is
driving market growth, with a trend towards growing
preference for natural ingredients. However, low shelf life of
fragranced products poses a challenge. Key market players
include AirEsscentials Inc., Amway Corp., CavinKare Pvt. Ltd.,
Chanel Ltd., Coty Inc., Firmenich SA, Giorgio Armani S.p.A., Givaudan SA, Groupe
Clarins, Henkel AG and Co. KGaA, Lion Corp., LOreal SA, LVMH
Group., Natura and Co Holding SA, Newell Brands Inc., Reckitt
Benckiser Group Plc, Revlon Inc., The Estee Lauder Companies Inc.,
The Procter and Gamble Co., and Unilever PLC.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Natural and
Synthetic), Application (Household care, Personal care and
cosmetics, and Fine fragrances), and Geography (North America,
Europe, APAC, South America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
AirEsscentials Inc.,
Amway Corp., CavinKare Pvt. Ltd., Chanel Ltd., Coty Inc., Firmenich
SA, Giorgio Armani S.p.A., Givaudan SA, Groupe Clarins, Henkel AG
and Co. KGaA, Lion Corp., LOreal SA, LVMH Group., Natura and Co
Holding SA, Newell Brands Inc., Reckitt Benckiser Group Plc, Revlon
Inc., The Estee Lauder Companies Inc., The Procter and Gamble Co.,
and Unilever PLC
|
Key Market Trends Fueling Growth
The fragrances market is witnessing a shift towards natural
ingredients due to consumer concerns about synthetic chemicals and
their potential health and environmental impacts. Brands like
Natura and Co. And Coty Inc. Are responding to this trend by
incorporating natural botanicals and essential oils into their
fragrance formulations. This approach not only appeals to
environmentally conscious consumers but also aligns with broader
industry preferences for clean, sustainable, and transparent
products. As a result, natural fragrances are expected to gain
market share over synthetic chemicals, driving growth in the global
fragrances market.
The fragrance market experiences continuous growth with consumer
preferences shifting towards unique and personalized scents. Sites
and e-commerce platforms are major players in this trend, providing
convenience and a wide range of choices. Consumers seek
customizable fragrances, such as personalized perfumes and scented
candles. Sustainability is also a key trend, with consumers looking
for natural and organic fragrances. Cartridge systems and
subscription services add to the convenience factor. Fragrance
trends include spicy, citrus, and floral notes, as well as
gender-neutral scents. Consumers value long-lasting perfumes and
pleasant fragrances for various life situations. Brands offer a
variety of fragrance types, including perfumes, colognes, body
sprays, and room sprays. Consumers look for fragrances that evoke
positive emotions and memories.
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Report
Market Challenges
• The fragrances
market consists of various essential oils, with citrus oils like
lemon, orange, and lime being the most popular. These oils are
classified as top notes due to their high volatility and quick
evaporation. However, their short shelf life may negatively impact
market growth during the forecast period. Base notes, such as
benzoin, cedarwood, and patchouli, have a longer shelf life and are
less volatile. Essential oils' volatility affects their demand and,
consequently, the market's expansion.
• The fragrance
market faces several challenges in the production and distribution
of fragrances. Cost-effective manufacturing is crucial to remain
competitive in the market. Technology and innovation are essential
to create unique scents and improve production processes. Sourcing
high-quality raw materials can be a challenge due to their high
cost and availability. Brands must also ensure their fragrances
appeal to consumers and meet their evolving preferences. Endorsers
and collaborations can help increase brand awareness and sales.
However, ensuring authenticity and avoiding counterfeits is a
significant concern. Additionally, sustainability and ethical
production practices are becoming increasingly important to
consumers. Overall, the fragrance industry must navigate these
challenges to thrive in the market.
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challenges - Download a Sample Report
Segment Overview
This fragrances market report extensively covers market
segmentation by
- Type
- 1.1 Natural
- 1.2 Synthetic
- Application
- 2.1 Household care
- 2.2 Personal care and cosmetics
- 2.3 Fine fragrances
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Natural- The global fragrances market's
natural segment is experiencing growth due to consumer preferences
for clean and sustainable options. Amway, CHANEL, and L'Oreal are
major vendors offering natural fragrance products, appealing to
those concerned about health and environmental risks associated
with synthetic alternatives. The commitment to high-quality natural
ingredients and eco-friendly production methods is driving demand
in this segment. Consumers are increasingly seeking fragrances made
with sustainably sourced natural ingredients, contributing to the
market's growth.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The fragrances market continues to evolve, with consumer
spending on personal grooming products, including perfumes,
experiencing significant growth. Customized fragrances have gained
popularity, catering to changing fashion trends. Light-scented
fragrances, such as those offered by Lavanila, are preferred by
many due to their subtlety. Social media influencers play a crucial
role in promoting fragrances, with cockpit technology enabling them
to reach wider audiences. Mass fragrance products and those from
specialized stores coexist in the market, offering consumers a
choice between quality, personalization, exclusivity, and
affordability. The fragrance industry embraces both natural and
synthetic fragrances, with brand endorsements by celebrities adding
to the allure. Organized retail sectors, including supermarkets,
provide easy access to these products, ensuring the fragrances
market remains a vibrant and dynamic sector.
Market Research Overview
The fragrances market encompasses a wide range of scents used in
various applications, including personal care products, home
fragrances, and industrial uses. Consumers show a growing
preference for natural and organic fragrances, driving the demand
for essential oils and plant-based extracts. The market is
segmented based on product type, application, and region. Fragrance
ingredients include essential oils, aroma compounds, and fixatives.
The fragrance industry is subject to stringent regulations to
ensure safety and quality. Scent trends reflect cultural shifts and
consumer preferences, with floral, fruity, and woody scents
remaining popular. The market is expected to grow due to increasing
disposable income, urbanization, and rising awareness of personal
grooming.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Household Care
- Personal Care And Cosmetics
- Fine Fragrances
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio