Global Fragrance Market: Overview
The emerging trend of personal grooming has paved way for the advent of luxury and exotic fragrances, which is forecasted to encourage development of the global fragrance market over the period of assessment, from 2019 to 2029. In addition to that, a rise in the disposable income of the people together with the inclination to spend in premium fragrance products is foreseen to work in favor of the global fragrance market over the tenure of analysis, from 2019 to 2029.
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In the last few years, fragrances have emerged as a significant business sector in the personal care and cosmetics industry. Growing popularity of personal care widens the scope of use of fragrances.
Product, application, distribution channel, and region are the four key parameters based on which the global fragrance market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Fragrance Market: Notable Developments
The global fragrance market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
- In March 2019, JO Malone London, a subsidiary of Estée Lauder Companies, has launched a set of brand new perfumes in the market. Utilizing the banner ‘Wild Flowers & Weeds, these new perfumes were launched with five different fragrances. These different fragrances are Nettle and Wild Achillea, Willow and Amber, Lupin and Patchouli, Hemlock and Bergamot, and Cade and Cedarwood. These exotic fragrances are expected to draw the attention of the lovers of perfumes and add to the sales of these perfumes.
Some of the key players in the global fragrance market comprise the below-mentioned:
- Louis Vuitton Moet Hennessy
- Natura Cosmticos SA
- Avon Products Inc.
- Estée Lauder Companies
- Elizabeth Arden, Inc.
- L’Oreal Groupe
Global Fragrances Market: Key Trends
The following drivers, restraints, and opportunities characterize global fragrance market over the assessment period, from 2019 to 2027.
Increased Preferences for Luxury Perfumes to Bolster Demand in the Market
Rapidly evolving preference of consumers toward personal care and grooming products is estimated to support growth of the global fragrance market in the years to come. Fragrances are utilized across several applications, such as cosmetics, toiletries, detergents, soaps, and household products. Such wide use of the product is estimated to fuel growth of the global fragrance market over the forecast period. Augmented demand for fragrant products amongst both women and men is expected to amplify growth opportunities for the global fragrance market in the years to come.
Fragrance manufacturers are striving to attract customers, both existing and prospective, through product development. Product with exotic, new aromas for both household and cosmetic purposes are gaining popularity rapidly, thereby driving the demand for fragrances in the near future.
Global Fragrances Market: Geographical Analysis
Over the period, Europe is foreseen to dominate the global fragrance market due to a rich history of evolution and invention of fragrances across region. Region is the birthplace of several renowned fragrances and fragrance companies, such as Nina Ricci, Chanel, Christian Dior, and Guerlain in the region is likely to support development of the fragrance market in Europe.
Asia Pacific is expected to present immense growth opportunities for the fragrance market in the years to come, thanks to the growing preference toward luxury perfume brands and rising disposable income in the region.
The global fragrance market is segmented as:
- Personal Care
- Household Care
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