Global Fragrance Market

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: 95 | Figures: 71

Fragrance Market News

  • 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.
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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).

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. '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)'

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 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.

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.

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Global Fragrance Market

Report ID: SQMIG15E2544

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