Perfume and Fragrance Market, by Value, is Projected to Grow at a CAGR of over 6
Posted by Pradeep Zende on March 27th, 2020
Perfume & fragrance products are used to get rid of unwanted body smell produced due to sweating. Perfume is a blend of chemical compounds, fixatives and solvents. Fragrance is combined in order to impart peculiar and distinctive odorous into the preparations. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.
The global perfume and fragrance market is observing a remarkable growth owing to factors such as rapid urbanization, rise in disposable income and changing lifestyle of consumers. With more and more consumers spending on personal care & beauty products is expected to be one of the significant reasons for the rising growth of perfumery products which in turn intensifies the sales of perfume & fragrance products during the forecast period.
Moreover, e-commerce has grown rapidly at the global level and still has a lot of growing potential, especially in the developing regions as there are high return rates in the e-commerce space. The trend of retail therapy – effortless, relaxing and ultimately enjoyable shopping is one of the major drivers boosting the sales of perfume and fragrance through e-commerce. Also, gifting culture has provided opportunities for market growth of perfumes and fragrances. The main aim of gifts is preserving harmony within one’s family, friends, colleagues, and society. People are ready to invest on expensive commodities owing to the fact that higher price brings a better quality and those qualities properly suit their needs.
However, allergies and intolerance caused by extensive use of synthetic fine perfume & fragrance, owing to skin and respiratory organs is expected to have a negative impact on the global perfume & fragrance market. Also, stringent regulations on product certification and labelling for consumer safety has pushed the manufacturers to change their production process which involves high investments, putting the perfume and fragrance market on negative side.
Owing to increasing health consciousness, consumers are found to have a high demand for natural ingredients for perfume & fragrance products. Rising health worries among the consumers about the disadvantages of synthetically manufactured perfume & fragrances has an encouraging impact on the use of natural ingredients in the perfume & fragrance market. The rising consumers’ inclination for natural perfume & fragrances will be considered one of the major drivers for perfume & fragrance products market. Nevertheless, all the factors are augmenting perfume & fragrance market to grow at the CAGR of 6.00% during the forecast period of 2017-2023.
Among the type, includes eau de parfum segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 6.33% during the given period due to increased use of perfumes, spray deodorants, incense and body care products. Increase in the consumer awareness for personal hygiene is primarily driving the growth of this segment.
Among the ingredients of perfume & fragrance, synthetic segment is accounting for 76% followed by natural ingredients accounting for 24% of the global perfume & fragrance market. The segment is projected to register a healthy CAGR of 5.69% during the forecast period 2017-2023. Furthermore, the demand for natural ingredients in perfumes is increasing the growth of the perfume & fragrance market.
Among the consumer group, women segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.67% during the given period. However, demand for perfume & fragrances is expected to increase for the men’s category owing to introduction of new perfumes & deodorants for men and also increasing consumer awareness regarding beauty & cosmetics products.
Among the distribution channel, store based segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.71% during the given period.
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by perfume & fragrance market players. It further includes product portfolios and developments of leading players, which includes
Access Report Details @ https://www.marketresearchfuture.com/reports/perfume-fragrance-market-4748
Major manufacturers are also found to have high focus on strategic product launch in order to seek consumers’ attention towards their product range. They are also involved in the acquisition of small players which will further support the company to expand and reach out to consumers across regions. Acquisitions are also done to mark the company’s presence and expand their business line. Additionally, the companies are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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