Fragrance Market Overview
Perfumes and fragrances are solutions designed to stimulate the olfactory senses. The global perfume fragrances market report compiled by Market Research Future (MRFR) contains insights and analysis on the latest trends, benchmarking of products, and coverage of key regions for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 pandemic and its effects are analyzed on the market dynamics for the forecast period.
Market Scope
The global perfume fragrances market is projected to witness a growth rate of 6% during the forecast period. It is predicted to reach a valuation of USD 64,690.27 million by 2023. It was valued at USD 43,112.3 million in 2016. Rapid urbanization is the primary driver of the market. The use of these liquids to be presentable in professional settings will fuel its demand greatly.
Moves by perfume manufacturers to improve their packaging design are expected to assist in sales. Offerings in different flavors and marketing campaigns are likely to drive the market demand. Lifestyle changes and improved living standards are factors expected to fuel market growth. The rising wave of health consciousness is likely to pave the path of natural fragrances and perfumes.
Segmentation
The global perfume fragrances market has been segmented based on product type, ingredients, category, and distribution channel.
Based on product type, it is segmented into Eau Fraiche, Eau de parfum, Eau de Toilette, Eau de Cologne, and others. The Eau de Parfum segment is expected to dominate during the forecast period and will exhibit 6.33% CAGR till 2023.
The global perfume fragrances market has been segregated, based on ingredients, into natural and synthetic. Synthetic fragrances accounted for 76% share in 2016, while natural fragrances accounted for 24% market share.
By category, it targets men, women, and unisex. Women accounted for a large market share and will register 5.67% CAGR during the forecast period. However, men can register a larger share during the assessment period due to the introduction of new fragrances and perfumes targeted at men.
The global perfume fragrances market has been divided, by distribution channels, into store-based, and non-store-based. Store-based distribution channel has been further segmented into supermarkets hypermarkets, specialty stores, and others.
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Regional Analysis
The global perfume fragrances market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), South America, Middle East and Africa (MEA).
Europe is expected to dominate the global market due to fragrances and perfumes acting as ideal gifts for celebrations or special occasions. France is expected to dominate the market and kickstart the trend of natural fragrances and perfumes owing to its aversion to synthetic perfumes. Intense promotional campaigns in Germany as well as reduced prices of luxury fragrances can foster market growth.
APAC is projected to be highly lucrative for the global perfume fragrances market due to its high production and sales in China. The COVID-19 pandemic has presented challenges in terms of the supply of flavors and fragrance ingredients and threatens to upend the perfume fragrances market in India. However, ease of permissions can help dealers in logistical issues and bolster the domestic demand.
Competition
Abdul Samad Al Qurashi, Chanel S.A., Oriflame Holding AG, PDC Brands, Vivenza, Inter Parfums Holdings, S.A., Rasasi Perfumes Industry LLC, Shiseido Company, Limited, AlQuraishi Fragrances, International Flavors Fragrances, Inc., Avon Products, Inc., Royal Beauty Group Co., L'Oréal S.A., The Estée Lauder Companies Inc., and Revlon, Inc. are key players of the global perfume fragrance market.
The sudden outbreak of the COVID-19 pandemic has pushed the sales of functional fragrances. Functional fragrances can uplift a person’s mood accordingly and offered with various aromas. Whiff, a Singapore company, has decided to capitalize on the trend and launched a range of hand sanitizers with a functional fragrance.
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