Fragrance Market Rising With Growth In New Technology Trends Research By 2025



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.
To Request Sample Copy of this report, click the link:
https://www.grandviewresearch.com/industry-analysis/fragrances-market/request/rs4
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.
Rising disposable income of the customers in developing countries including India, Indonesia, Thailand, and China leads to the rising spending on personal care products for better health hygiene. Furthermore, increasing number of working women and awareness regarding cosmetic products encourages the demand for personal grooming products.
In addition, increased spending on attractive packaging, advertisement, and promotional activity by FMCG companies including P&G and Unilever have increased the market visibility of fragrance products. Application growth of fragrance products including sprays, candles, intense sticks, and gels in household industry is anticipated to act as a key market driver. In addition, shifting consumer preference towards aromatherapy is expected to expand the industry size.
Perfume is expected to remain the fastest growing product segment, expanding at a CAGR of 3.9% from 2019 to 2025. These products are gaining popularity owing to increasing demand for exotic products primarily from the young customers. Rising awareness regarding personal hygiene, along with the availability of a wide product portfolio in retail shops are some of the prominent factors driving the demand for perfumes.
Deodorants are also gaining popularity owing to properties the ease of use and last long effect of the products. This product can be alcohol or water-based or completely dry. Manufacturers are launching new products to gain the competitive edge. for instance, in February 2019, Unilever launched a new product called Deodorant Wipes, an alcohol-free, pre-moistened, and packaged product with built-in lids to ensure freshness to the last wipe of the product. It is available in five Unilever brands including Degree Women, Degree Men, Axe, Dove, and Dove Men+.
Browse Press Release of this report:                                
https://www.grandviewresearch.com/press-release/global-fragrances-market
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
Personal care is expected to witness fastest CAGR of 3.9% from 2019 to 2025. Increasing working class population in developing economies including China and India is expected to promote the scope of personal care products including perfumes and deodorants.

About Grand View Research
Grand View Research, Inc. is a 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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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