Market Overview

The global market for aromatic ingredients and finished products is expected to reach USD 99.5 billion by 2030, with a CAGR of 4.5% up to the forecast (from 2022 to 2030).

Market Dynamics

Due to reasons such as increased urbanization, rising disposable income, and changing consumer lifestyles, the worldwide perfume and fragrance business is booming. One of the major causes for the growing growth of perfumery products, which in turn increases the sales of perfume fragrance goods throughout the projection period, is that more and more customers are spending on personal care beauty goods.

Furthermore, due to high return rates in the e-commerce market, e-commerce has risen swiftly at a worldwide level and still has a lot of room for growth, particularly in developing nations. One of the key forces promoting perfume and fragrance sales through e-commerce is the trend of retail therapy — easy, soothing, and ultimately joyful buying. Perfume and fragrance market size have also grown as a result of the giving culture. The primary goal of presents is to maintain peace among one's family, friends, coworkers, and society. People are willing to spend more on expensive goods because they believe that a greater price equates to greater quality, and that these features are appropriate for their requirements.

However, allergies and intolerance resulting from the widespread use of synthetic fine perfume fragrance, which affects the skin and respiratory organs, are projected to have a negative influence on the worldwide perfume fragrance industry. Furthermore, strict requirements on product certification and labeling for consumer safety have compelled manufacturers to adapt their production processes, requiring large expenditures, negatively impacting the perfume and fragrance sector.

Natural components for perfume and scent products are in great demand due to rising health concern among customers. Consumer concerns about the health risks of synthetically created perfumes and scents are promoting the use of natural components in the perfume and fragrance industry. One of the primary drivers for the perfume and fragrance goods industry will be increased customer demand for natural perfumes and scents.

Competitive Analysis

Revlon, Inc. (the US), Shiseido Company, Limited (Japan), L'Oréal S.A. (France), International Flavors Fragrances, Inc. (US), The Estée Lauder Companies Inc. (US), Chanel S.A. (France), Avon Products, Inc. (UK), PDC Brands (US), Oriflame Holding AG (Switzerland), Inter Parfums Holdings, S.A. (France), Vivenza (Kuwait), Abdul Samad Al Qurashi (Saudi Arabia), Royal Beauty Group Co. (Kuwait), Rasasi Perfumes Industry LLC (United Arab Emirates), and AlQuraishi Fragrances (Kuwait), are some of the top players in the global perfume fragrances market.

Segmental Analysis

The eau de parfum category, which includes eau de toilette, is expected to maintain its dominance during the projection period. Due to growing usage of perfumes, spray deodorants, incense, and body care products, the category is expected to grow at a robust CAGR of 6.33 percent over the forecast period. The rise of this market is largely driven by increased consumer awareness of personal hygiene.

The synthetic category accounts for 76 percent of the worldwide perfume fragrance market research, followed by natural components, which account for 24 percent. During the projection period of 2022-2030, the category is expected to grow at a strong 5.69 percent CAGR. Furthermore, the desire for natural components in fragrances is propelling the perfume and fragrance industry forward.

Women are expected to continue to dominate the consumer sector during the projection period. Moreover, the category is expected to grow at a strong 5.67 percent CAGR during the forecast period. The launch of new perfumes and deodorants for men, as well as increased consumer knowledge of beauty and cosmetics goods, are predicted to boost demand for perfume and scents in the men's sector.

The store-based distribution channel is expected to maintain its dominance during the projected period. Moreover, the category is expected to grow at a strong 5.71 percent CAGR throughout the forecast period.

Regional Analysis

North America, Europe, Asia Pacific, and the rest of the globe make up the worldwide perfume and fragrance market (ROW). Over the projection period, the Europe region will dominate the market. During the review period, the market is expected to increase at a CAGR of 5.27 percent. This is due to the widespread use of fragrances, cosmetics, incense, and other body care items. France is the leading European country in terms of perfume and fragrance sales. During the study period, however, the Asia Pacific area is predicted to increase at a CAGR of 8.0 percent. India is predicted to have a 17 percent market share in the Asia Pacific area in 2021.

Read More Blogs:

Global Luxury Fashion Market Research Report- Forecast to 2030

Organic Fertilizers Market Research Report- Forecast till 2030

Fragrance Market Research Report- Forecast till 2030

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

Contact:

Market Research Future®

99 Hudson Street, 5Th Floor

New York, New York 10013

United States of America

Email: [email protected]