Fragrances Market In-depth Analysis, Share and Insights Covering Market Share Forecast to 2017 to 2022
August 29, 2019 by Steve Blade
The expansion of the global fragrances market will rise on the back of rapid sale of fragrances in several developing economies, world over. The rising standards of living in various parts of the world has been creating substantial demand for fragrances in a wide array of personal care products, household products, and cosmetics. Over the past few years, the demand for fragrances in cosmetic products has been witnessing trend toward mainstreaming to include more men in the target population. Ceaseless efforts by manufacturers to enhance the lasting effect of natural fragrances are unlocking potentially promising avenues in the market. According to Fact.MR, the global market for fragrances is projected to reach a worth of US$70,000 Mn in revenues by 2022.
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Among the various distribution channels in the fragrances market, hypermarkets is the leading one and is expected to hold its sway throughout the forecast period as well. The segment will contribute the major share of revenue in the global fragrances market by the end of the forecast period. The Europe market for fragrances is trailed by North America and Asia Pacific excluding Japan (APEJ). Among the two, the APEJ market for fragrances is expected to expand at higher CAGR during 2017–2022. This is attributed mainly to the rising living standards of the populations in its emerging economies, increasingly fueled by rapid pace of urbanization. The changing consumer patterns is making demand for new scents and aroma in the fragrances market. Meanwhile, Japan, and the Middle East and Africa (MEA) is anticipated to garner lowest CAGRs over 2017–2022.
A growing number of personal care product manufacturers are entering into the fragrances market with introduction of new aromas and fragrances. They are also making strategic investments to bolster brand visibility. Perfume brands are adding high-quality ingredients of fragrances and experimenting with contemporary blends to in order gain a foothold in the niche markets. Some of the prominent players operating in the fragrances market are Amway Corporation, Chanel International B.V., Lion Corporation, Henkel, Church & Dwight Co., Inc., and Avon Products, Inc.
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