Fragrance Market Size, Share, Growth Analysis, By Fragrance Type (Natural, Synthetic), By Consumer Group (Women, Men), By Application (Perfumes, Fine Fragrances), By Region -Industry Forecast 2024-2031)
Report ID:
SQMIG15E2544 |
Region:
Global |
Published Date: November, 2024
Pages:
167
|Tables:
0
|Figures:
0
Fragrance Market Insights
Global Fragrance Market size was valued at USD 84.78 Billion in 2022 poised to grow from USD 87.92 Billion in 2023 to USD 113.38 Billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).
As people's disposable income rises, there is a current global cosmetics demand boom. These days, personal care products with fragrance infusions are becoming more and more popular. Thus, in order to increase demand for their products, major manufacturers plan to develop more cosmetic versions that contain fragrance. An important market driver in this industry is essential oils with fragrance. Because they are more durable than ordinary perfume versions, these have been gaining appeal. Raising incomes and changing living conditions have also led to an increase in consumer interest in luxury and exotic scent varieties. Recent trends show that top companies have been investing heavily in various marketing channels to boost product appeal and this includes social media and influencer marketing campaigns.
To reach a wide audience, perfume dealers have found that e-commerce is a profitable channel. Some vendors even provide personalized scents that cater to certain tastes in an effort to draw in more clients. It is anticipated that during the projection period, these developments, supported by significant advertising initiatives, will maintain customer attention. The demand for items made with natural ingredients is rising dramatically right now in the beauty and cosmetics market. Customers don't favour products made of synthetic chemicals as a result. Throughout the projected timeframe, there may be a decline in demand for the now fashionable synthetic scent varieties. So, the main firms should concentrate on developing consumer-favored versions using natural ingredients.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Fragrance Market Segmental Analysis
The global fragrance market is segmented based on fragrance type, end-user, application, and region. In terms of fragrance type, the market is bifurcated into natural, and synthetic. Based on consumer group, the market is trifurcated into men, women, and unisex. Based on the application, the market is grouped into perfumes, fine fragrances, cosmetics & toiletries (without hair care), essential oils & aromatherapy, hair care, soap, household & air care, tobacco, and detergent. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Fragrance Type
As per categorization by fragrance type, the market is classified as natural and synthetic. Among these, natural earned the largest share and continues to dominate the market. Natural fragrance types are gaining dominance in the global fragrance market due to rising consumer demand for clean, eco-friendly, and sustainable products. With the Global Therapeutic Essentials Oil Market Report, the focus has shifted towards the use of plant extracts and essential oils, along with green chemistry, to produce odor achieving products without the use of synthetic matter. There is a greater demand for transparency and sourcing with a conscience among consumers which leads brands to focus on natural ingredients. This comes in the context of other greater environmental and health movements that are making natural fragrances the most popular choice in personal care and home care fragrance products.
Synthetic fragrance types are expected to be the fastest-growing segment in the global fragrance market due to their cost-effectiveness, versatility, and consistency in scent production. In contrast to organic fragrance, it is possible to come up with a lot more complicated and long-lasting scents where raw materials are not enough because synthetic fragrances can be created. They are, therefore, more stable and more suitable for this purpose in perfumes, cosmetics and household products. With the increasing appetite of consumers for new and cheap scents, it is synthesis fragrances that brands are looking to incorporation in order cater for consumers needs without compromising on the quality and price.
Analysis by Consumer Group
The women consumer group continues to dominate the global fragrance market due to its strong historical association with personal grooming and luxury beauty products. This market has also been addressed via innovation in the form of customized, gender-specific formulations and designs based on changing attitudes towards floral, fruity, or outlandish scents. Furthermore, more and more companies are now adopting new technologies in the form of AI customization tools within which women can mix and match various notes to develop a perfume of their liking. The enduring progression of the market has been supported consistently by the women´s important attraction to high-end perfumery, wellness scents and ranges of perfumes according to seasons. Due to their solvency and a social notion of self-presentation through scent, women dominate the universal markets with a particular emphasis on the personal goods and high-end sectors.
Predicted to be the fastest growing segment in the global fragrance market is the men consumer group as the attitude towards grooming, self-care as well as men's personal style is changing. With men taking a larger role in beauty and wellness, there is a growing need for focused male scent products. Brands are responding with diverse, masculine scent profiles and targeted marketing campaigns emphasizing individuality and sophistication. Growth is also driven by the rise of niche and premium men’s fragrances, expanding beyond traditional aftershaves to include a broader range of colognes, body sprays, and grooming products. This trend reflects changing societal norms and greater focus on men's personal care.
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Fragrance Market Regional Insights
On account of strong growth in the premium and luxury goods, high disposable incomes, and a developed beauty and personal care sector, North America has the largest share of the revenue-generating, as per the global fragrance market forecast. The fragrance sector's innovative product range by key players in the region, development in fragrance technology, and growing emphasis on pollution free ecofriendly products are some of the factors responsible for the region’s global fragrance market share. In addition to that, the region is also growing owing to the increasing acceptance of custom and designer fragrances by the North American population. The large retail networks and online shopping systems in the region further improve accessibility such that the consumers are able to sample different range of fragrances. This combination of creativity, wealth, and access to a variety of products helps to maintain the market leadership of North America.
Owing to its historical developments in perfume making, rising interest in premium and niche fragrances, and the growing prevalence of natural and eco-friendly ingredients among consumers, Europe is the fastest growing region in the global fragrance market. The region’s emphasis on high-end and artisanal brands and green products is in tandem with the recent consumer trends which favor clean beauty and honesty. Moreover, the expansion is being bolstered by increasing focus on e-commerce and customized fragrance offerings especially in countries such as France, Italy and the United Kingdom. Besides, the regulatory policy in Europe promotes a culture of innovation in the development of fragrances thus giving rise to the dynamic and fast-growing market space of the region.
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Fragrance Market Dynamics
Drivers
Increasing Consumer Demand for Personalization
- Perhaps the most influential factor propelling the global fragrance market growth is its increasing propensity towards personalization. Customers now gravitate towards scents that characterize their identities. In this regard, brands are offering the option of preparing the consumer’s own fragrance and experiences to improve the engagement and loyalty to the brand in this cut-throat market.
Rise of E-commerce and Online Shopping
- E-commerce growth has influenced the fragrance industry by lowering the barriers to entry for consumers wishing to purchase a wider list of products, from home. Online channels create easy access to the shopping process, relevant information about products and customers’ feedback, which facilitates decisions to buy and contributes to the expansion of the worldwide perfume market.
Restraints
Regulatory Challenges and Compliance Issues
- Different geographical regions are governed by policies and regulations that affect the global fragrance market. Ingredient safety regulations, labelling, environmental regulation for fragrance development and marketing create a complex and costly process for companies. This can stifle innovation and make it difficult for smaller, newer, eating fringe market players to compete.
Shift Towards Natural and Organic Products
- The increasing shift of consumers towards natural and organic products is a threat to conventional perfumes. As buyers become more aware of artificial additives and the health risks associated with such, it forces the brands to develop new strategies to sell their products. This change is often expensive and time-consuming, hampering the growth of the market.
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Fragrance Market Competitive Landscape
Within the worldwide perfume market, numerous established luxury brands co-exist alongside several new and emerging niche brands. The global fragrance market share is dominated with leaders of the beauty industry including L’Oreal, Estée Lauder, Coty, Procter & Gamble, Firmenich who are always active with extended offers and broadened distribution. These companies continuously invest in research and development to create unique fragrances and enhance consumer experiences. Additionally, the rise of indie brands is fostering a dynamic environment, driving competition and consumer choice in the fragrance sector.
Top Player’s Company Profiles
- L’Oréal (France)
- Estée Lauder Companies Inc. (USA)
- Coty Inc. (USA)
- Procter & Gamble Co. (USA)
- Firmenich (Switzerland)
- Givaudan (Switzerland)
- Symrise AG (Germany)
- International Flavors & Fragrances Inc. (USA)
- Chanel S.A. (France)
- Dior (France)
- LVMH Moët Hennessy Louis Vuitton (France)
- Revlon Inc. (USA)
- Shiseido Co., Ltd. (Japan)
- Natura &Co (Brazil)
- Armani (Italy)
Recent Developments
- In September 2023, L’Oréal launched its new fragrance line, Floral Essence, featuring sustainable packaging and eco-friendly formulations. The range showcases organic raw materials drawn from farms that practice sustainable farming thereby indicating the brand’s devotion to environmental conservation. The strategy is to appeal to eco-friendly customers and at the same time defend L’Oréal’s share in the upmarket perfume market.
- In August 2023, Estée Lauder revealed a collaboration with renowned perfumer Jo Malone in the works to launch a limited-edition fragrance line inspired by the established hallmark scents of the brand. The partners have a common goal of offering quality and unique perfumes to satisfy the increasing need for personalization in luxury living. This move aims to strengthen Estée Lauder’s market presence.
- In July 2023, Coty Inc. unveiled its new digital fragrance experience, allowing consumers to explore scents virtually through augmented reality. This innovative platform enhances customer engagement and provides personalized recommendations based on user preferences. As for the utilization of technology, Coty seeks to attract more young people and increase the rate of online orders.
Fragrance Key Market Trends
- Rise of Clean and Sustainable Fragrances: There is an increasing demand for clean, natural fragrances and environmentally friendly packaging among consumers. This trend demonstrates a larger acceptance of health and eco-friendly options, which forces brands to create new products or improve existing ones. Considering these changing consumer preferences, many organizations are focusing on transparency and ethical sourcing and reorienting their strategies.
- Growth of Personalization in Fragrance Offerings: The increasing need for a wearer’s signature scent is making personalized perfumes more popular. Technology is being harnessed by brands to make possible the creation of scents that can be personalized. This trend drives innovations and competition in the global fragrance market by enhancing consumer engagement and loyalty.
Fragrance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global fragrance industry is experiencing significant growth fueled by rising disposable incomes and a heightened demand for personalized, sustainable products. Major players are focusing on innovative offerings, particularly in natural fragrances, to meet evolving consumer preferences.
As e-commerce and digital experiences are gaining tremendous popularity, they are redefining the way people browse and buy perfumes. Also, although conventional artificial fragrances still exist, the growing preference for clean beauty is inducing brands to focus on raw materials. Changes in the market are likely to occur, and those companies which manage to adjust themselves to these circumstances will succeed in this ever-changing and cutting-edge market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 84.78 Billion |
| Market size value in 2031 | USD 113.38 Billion |
| Growth Rate | 3.7% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fragrance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fragrance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fragrance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fragrance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fragrance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fragrance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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