Global Demand For Fragrances Is Expected To Reach US$ 99.2 Billion By 2031

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A recent report by Fact.MR projects the global fragrances market to grow at a CAGR of 6.2% during the forecast period 2017 to 2022. The rise in living standards of population across developing economies has driven the consumption of cosmetic as well as aromatic personal care products, which in turn is expected to fuel adoption of fragrance products in these regions.

Altering demand patterns of consumers has led the global market for fragrances to attain significant momentum over the past few years. Majority of the consumers and manufacturers have been shifting their preferences towards natural fragrances, on the back of concerns related to synthetic fragrances’ toxic contents. These synthetic fragrances or perfumes are expected to have negative health effects on users and the environment. Even though natural fragrances are gaining tremendous popularity, their adoption rate is less as compared to synthetic ones owing to their higher costs. However, the demand for natural fragrances is expected to witness a rise on the back of their environment-friendly nature as well as health benefits, for example – they have no side effects on people with sensitive skin.

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Key Segments Covered in Fragrance Industry Survey

  • Product:

    • Cosmetics & Toiletries
    • Fine Fragrances
    • Soap & Detergents
    • Household Products
    • Other Fragrances
  • Distribution Channel:

    • Conventional Retail
    • Online Sales
    • B2B
    • B2B – TP

Competitive Landscape

Fragrance products have developed from a non-essential to an essential product in today’s environment. Due to extended working hours and the need to smell good, millennials are willing to spend more on these products.

Manufacturers have crafted fragrance products specific to men and women. Economic growth in emerging countries as well as rising demand for youth-oriented fragrances are expected to propel the global fragrance sector.

  • Kim Kardashian West’s KKW Fragrance, a collaboration with celebrity florist Jeff Leatham comprising three flower-inspired smells; Michelle Pfeiffer’s light and floral Windows Down; and Tom Ford’s Tubéreuse Nue, with notes of tuberose and jasmine, are some of the new fragrance releases.
  • A beauty cult favourite – The Ordinary – released its first home fragrance – Shop, a spicy peppery aroma with warm cedar overtones. The fragrance encapsulates the feeling of “happy and joy with a sense of peace,” according to Azzi Glasser, an award-winning perfume designer who assisted in the creation of Shop.