10-Sep-2019: The global fragrance
market size is expected to reach USD 91.17 billion by 2025,
according to a new report by Grand View Research, Inc. It is projected to
register a CAGR of 3.7% over the forecast period. Rising awareness regarding
cleanliness and personal hygiene among middle-class income groups in the
emerging economies including India, China, Thailand, Vietnam, and Brazil is
expected to expand the scope of fragrances over the forecast period.
Personal care is
anticipated to emerge as prominent application segment owing to increasing
demand for the products including perfume, deodorants, soap, talcum powder,
cream, and hair oil. Moreover, rising demand for car and room fresheners
coupled with the popularity of aromatherapy in households is anticipated to further
fuel the growth. In addition, hospitality has become one of the emerging
sectors for fragrances owing to their rising usage to create a pleasant
environment. The sector has significant demand for different kinds of
fragrances including jasmine, lavender, and eucalyptus which boost up
consumers’ mood and create a lively environment.
North America was
the largest market in 2018, generating a revenue exceeding USD 20 billion.
Major manufacturers are adopting strategies such as new product launch and mergers
and acquisitions. For instance, in 2017, Coty Inc. signed an agreement to buy
60% of the stakes of the Younique, LLC, a company dealing in direct sales
exclusively through the social media and online platforms.
Key market
participants are L’Oréal Group; Unilever; The Procter & Gamble Company;
Kering S.A.; CHANEL International B.V.; LVMH Group; Givaudan; Revlon Inc.;
Firmenich International SA; Estee Lauder Companies Inc.; Coty Inc.; and Giorgio
Armani S.p.A. Some of the manufacturers are focusing on R&D of organic
products to expand the product portfolio. For instance, in June 2018 Elsa’s
Organic Skin Foods, a U.K. based company, launched Ocean Natural Deodorant
Crème. The product is a silk to powder deodorant balm contains natural
antibacterial such as Rose Geranium, Tea Tree, and Patchouli.
In
depth research report on Fragrance Market
Further key findings from the report suggest:
·
Personal care application led the global fragrance market,
with a revenue share of over 47.8% in 2018
·
Online channels are expected to account for 8.2% of the
global share by the end of 2025
·
North America led the market in 2018, accounting for 33.9% of
the global share
·
New product launches, mergers and acquisitions, and capacity
expansion are expected to remain the key strategies among the industry
participants over the forecast period.
Grand View Research
has segmented the global fragrance market on the basis of product, application,
distribution channel, and region:
Fragrance Product Outlook (Revenue, USD Billion, 2015 - 2025)
·
Deodorants
·
Perfumes
·
Others
Fragrance Application Outlook (Revenue, USD Billion, 2015 -
2025)
·
Personal Care
·
Household Care
·
Others
Fragrance Distribution Channel Outlook (Revenue, USD Billion,
2015 - 2025)
·
Offline
·
Online
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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