Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Fragrance Market: Analysis By Nature (Natural, and Synthetic); By Type (Premium, and Mass); By Application (Personal Care, Household Care, and Others); By Distribution Channel (Offline, and Online); By Region Size, and Trends with Impact of COVID-19 and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
In 2021, the global fragrance market was valued at US$35.08 billion and is anticipated to grow to US$57.60 billion by 2027. Fragrances are substances that contain strong-smelling organic compounds with distinct, pleasant odors. These are complex mixtures of natural and man-made compounds that are added to a variety of consumer products to give them a distinctive aroma. Fragrance can be any aroma that one enjoys, such as perfume, flowers, or food. These are used in products for a variety of reasons to enhance the user experience.
Fragrances can satisfy emotional demands and communicate notions like cleanliness, freshness, and softness, as well as serve to relieve stress and promote well-being. They provide a distinct sensation of well-being and empowerment, and are frequently seen as uplifting, accompanying customers from the beginning to the end of their day.
Some of the major reasons why consumers are buying fragrances are the growing awareness of skincare & cosmetic products, increasing demand for hygiene products, and inclination towards fitness and health. The fragrance market is expected to grow at a CAGR of 8.73% over the forecast period of 2022-2027.
Global Fragrance Market Dynamics:
- Growth Drivers: One of the most important factors impacting fragrance market dynamics is surging Gen Z and millennial population. Younger consumers and millennials are getting more inclined towards personal grooming and are ready to experiment with new concepts and brands. With growing disposable income and greater exposure to foreign lifestyle trends, young generation are investing in good grooming and the market for fragrances has boomed as a result. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, accelerating e-commerce channels, growing awareness of skincare & cosmetic products, rising trend towards fitness and health, and increasing demand for hygiene products, etc.
- Challenges: However, the market has been confronted with some challenges specifically, increased availability of counterfeit products, high usage of chemicals, etc. The fragrance market is constantly vulnerable to counterfeits, particularly in the fast developing market of "smell-alike" designer-inspired fragrances because these prompt the identification of the methods that classify their quality. Counterfeits can lead not only to the loss of profit for honest producers but also have a negative impact on consumers who pay prices for poor quality goods that may result in health or safety problems.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such growing influence & impact of social media, product innovations by manufacturers, increasing popularity of aromatherapy, increasing preference for scented candles, surging demand for eco-friendly fragrance products, increasing preference for customized fragrance, technological advancement, etc. Personalized products make the brand stand out and creates brand loyalty. It makes customers feel special because the brand is taking their interests into account. Many companies are offering the option to customize perfumes, fragrances, scented candles, etc. There are fragrances that are customized to match an individual's exacting DNA, to the fragrances that simply match the exact preference of an individual, as well as producing packaging with personalized touch such as the person's signatures or preferences for specific bottle designs.
Impact Analysis of COVID-19 and Way Forward:
In 2020, several industries had shut down production activities in response to the emergence of COVID-19. Various small scale and major companies faced difficulties in conducting their production, operating their business thoroughly, and issues faced with R&D operations owing to the shortage of labor and raw material which hampered market growth. However, as the market condition improved and people's disposable income increased, so did their preference for various types of fragrance items, resulting in the market expansion.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Fragrance: An Overview
2.2 Fragrance Segmentation: An Overview
2.2.1 Fragrance Segmentation
3. Global Market Analysis
3.1 Global Fragrance Market: An Analysis
3.1.1 Global Fragrance Market: An Overview
3.1.2 Global Fragrance Market by Value
3.1.3 Global Fragrance Market by Nature (Natural, and Synthetic)
3.1.4 Global Fragrance Market by Type (Premium, and Mass)
3.1.5 Global Fragrance Market by Application (Personal Care, Household Care, and Others)
3.1.6 Global Fragrance Market by Distribution Channel (Offline, and Online)
3.1.7 Global Fragrance Market by Region (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa)
3.2 Global Fragrance Market: Nature Analysis
3.2.1 Global Fragrance Market by Nature: An Overview
3.2.2 Global Natural Fragrance Market by Value
3.2.3 Global Synthetic Fragrance Market by Value
3.3 Global Fragrance Market: Type Analysis
3.3.1 Global Fragrance Market by Type: An Overview
3.3.2 Global Premium Fragrance Market by Value
3.3.3 Global Premium Fragrance Market by Gender (Women, Men, and Unisex)
3.3.4 Global Mass Fragrance Market by Value
3.3.5 Global Mass Fragrance Market by Gender (Women, Men, and Unisex)
3.4 Global Fragrance Market: Application Analysis
3.4.1 Global Fragrance Market by Application: An Overview
3.4.2 Global Personal Care Fragrance Market by Value
3.4.3 Global Household Care Fragrance Market by Value
3.4.4 Global Other Fragrance Market by Value
3.5 Global Fragrance Market: Distribution Channel Analysis
3.5.1 Global Fragrance Market by Distribution Channel: An Overview
3.5.2 Global Offline Fragrance Market by Value
3.5.3 Global Online Fragrance Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Fragrance Market
5.2 Post COVID-19 Impact on Fragrance Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rapid Urbanization
6.1.2 Accelerating E-Commerce Channels
6.1.3 Surging Gen Z and Millennial Population
6.1.4 Growing Awareness of Skincare & Cosmetic Products
6.1.5 Inclination towards Fitness and Health
6.1.6 Increasing Demand for Hygiene Products
6.2 Challenges
6.2.1 Increased Availability of Counterfeit Products
6.2.2 High Usage of Chemicals
6.3 Market Trends
6.3.1 Growing Influence & Impact of Social Media
6.3.2 Product Innovation by Manufacturers
6.3.3 Increasing Popularity of Aromatherapy
6.3.4 Increasing Preference for Scented Candles
6.3.5 Surging Demand for Eco-Friendly Fragrance Products
6.3.6 Increasing Preference for Customized Fragrance
6.3.7 Technological Advancement
7. Competitive Landscape
7.1 Global Fragrance Players by Market Share
7.2 Global Fragrance Players by Revenue CAGR
8. Company Profiles
8.1 Estee Lauder Companies Inc.
8.1.1 Business Overview
8.1.2 Net Sales By Product Category
8.1.3 Business Strategy
8.2 The Procter & Gamble Company
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy
8.3 Henkel AG & Co. KGaA
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy
8.4 Unilever PLC
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy
8.5 Coty Inc.
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy
8.6 L'Oreal S.A.
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy
8.7 Firmenich International SA
8.7.1 Business Overview
8.7.2 Operating Segments
8.7.3 Business Strategy
8.8 Givaudan S.A.
8.8.1 Business Overview
8.8.2 Operating Segments
8.8.3 Business Strategy
8.9 Avon Products, Inc.
8.9.1 Business Overview
8.9.2 Operating Segments
8.9.3 Business Strategy
8.10 LVMH
8.10.1 Business Overview
8.10.2 Operating Business Group
8.10.3 Business Strategy
8.11 Shiseido
8.11.1 Business Overview
8.11.2 Operating Segments
8.11.3 Business Strategy
8.12 Symrise AG
8.12.1 Business Overview
8.12.2 Operating Segments
8.12.3 Business Strategy
8.13 Chanel International B.V.
8.13.1 Business Overview
8.13.2 Operating Regions
8.13.3 Business Strategy
8.14 Giorgio Armani S.p.A.
8.14.1 Business Overview
8.14.2 Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/xx8k5c
