by The fragrance and perfume market comprises aromatic essence or fragrance which is added to products to provide smell. Perfumes and fragrances are added to daily use cosmetic and personal care products to enhance experience.
The global Fragrance and Perfume Market is estimated to be valued at US$ 53.85 Bn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing cosmetic industry trends have significantly propelled the fragrance and perfume market over the past few years. The rising focus of millennials on personal grooming and appearance has dramatically increased the demand for premium personal care and cosmetic products. As fragrances and perfumes play a vital role in enhancing consumer experience with these products, their demand has also surged substantially. The expanding cosmetic industry and evolving consumer preferences towards fragranced personal care goods are expected to continue driving the growth of the global fragrance and perfume market over the forecast period.
SWOT Analysis
Strength: The fragrance and perfume market benefits from growing disposable incomes and improving lifestyles in developing economies. Fragrance and perfumes play an important role in modern culture for social and cultural expression.
Weakness: The fragrance and perfume market is highly competitive with presence of major players. Stricter regulations over ingredients can hamper product innovation. Dependence on nature for raw materials can impact costs.
Opportunity: Growth in online and organized retail channels provide new opportunities. Rising demand for premium and customized fragrances present major growth prospects. Development of natural and organic fragrances catering to changing consumer preferences.
Threats: Economic slowdowns can impact consumer spending. Growing environmental concerns and regulations over chemicals used in production. Vulnerable to counterfeiting as premium products have high markups.
Key Takeaways
Global Fragrance And Perfume Market Trends is expected to witness high growth over the forecast period of 2023 to 2030 supported by improving standards of living globally.
Regional Analysis: North America currently dominates the market owing to well-established organized retail and high disposable incomes in countries like the United States. However, Asia Pacific is expected to emerge as the fastest growing region owing to rising middle class population and growing retail sector in major countries like India and China.
Key players operating in the fragrance and perfume market are MorphoSys US Inc., Bristol Myers Squibb, Karyopharm Therapeutics, F. Hoffmann-La Roche AG, Merck & Co., Inc., Gilead Sciences, Inc., and Novartis AG. These players account for a significant share of the market. They focus on expanding their product portfolio through continuous research and development activities. Partnerships and mergers and acquisitions are common growth strategies adopted by leading players to expand regional presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
