Global demand for fragrances is expected to reach a value of US$ 62.6 Bn in 2021. As per Fact.MR, overall market value is expected to reach US$ 99.2 Bn by 2031, rising at a CAGR of 4.7% for 2021-2031.
Fragrances have been an integral part of human culture for centuries, enhancing personal grooming, hygiene, and emotional well-being. The fragrances market has evolved significantly over time, becoming a multi-billion-dollar industry encompassing perfumes, colognes, body sprays, and scented products for home and personal use.
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- Personal Grooming and Hygiene: Fragrances are a cornerstone of personal grooming and hygiene, driving demand for scented products such as perfumes, deodorants, and body sprays.
- Emotional Well-Being: Fragrances have a profound impact on mood and emotions. A pleasant scent can boost confidence, reduce stress, and create positive associations, contributing to their popularity.
- Celebrity and Designer Brands: Celebrity-endorsed and designer fragrances continue to attract consumers seeking prestige and luxury. These brands often release limited-edition scents, creating demand among collectors.
- Gifting Culture: Fragrances are a popular gift choice for special occasions and holidays, fueling seasonal spikes in sales.
- Scented Products for Home: The rise in home fragrance products, such as scented candles, diffusers, and air fresheners, is driven by the desire to create a pleasant living environment.
- Clean and Natural Ingredients: Consumers are increasingly seeking fragrances made from natural and clean ingredients, free from harmful chemicals. This trend aligns with the broader demand for clean beauty products.
- Gender-Neutral Scents: Gender-neutral fragrances are gaining popularity as consumers move away from traditional gender-specific scents. These scents appeal to a broader audience and challenge traditional norms.
- Sustainability: Brands are adopting sustainable practices, from sourcing ingredients responsibly to eco-friendly packaging, to reduce their environmental impact.
- Online Shopping: E-commerce has become a significant distribution channel for fragrances, offering a wide range of choices and convenient shopping experiences.
- Personalization: Customized fragrances are gaining traction, allowing consumers to create unique scents that match their individual preferences and personalities.
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.
Key Segments Covered in Fragrance Industry Survey:
- Cosmetics & Toiletries
- Fine Fragrances
- Soap & Detergents
- Household Products
- Other Fragrances
· Distribution Channel:
- Conventional Retail
- Online Sales
- B2B – TP
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Fragrances make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Fragrances Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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