Fragrance and Perfume Industry Market Growth Analysis | 2023-2028

Market Insights

The Global Fragrance and Perfume Industry Market is expected to grow from USD 48.65 billion in 2022 to USD 68.81 billion by 2028 at a CAGR of over 5.9% during the forecast period.

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What are Fragrance and Perfume?

Fragrance, often referred to as perfume, is a mixture of aromatic compounds and essential oils designed to emit a pleasant scent. It is crafted for personal use or to enhance the atmosphere of spaces. Perfume, a concentrated form of fragrance, contains a higher concentration of these aromatic elements. Fragrances can consist of natural and synthetic components, combined in various ratios to create distinct scents. They are applied to the skin, clothing, or objects to impart a desirable aroma. Perfume classification includes terms like eau de toilette, eau de parfum, and cologne, indicating differences in scent concentration. Historically, fragrances have been utilized for cultural, aesthetic, and personal reasons.

Market Dynamics

The growth of the global fragrance and perfume industry market is primarily driven by rising demand for erotic fragrances coupled with increased spending on personal grooming.

• Factors such as improving living standards and rising per capita disposable income of consumers are likely to propel the market growth at a significant rate during the review period.

• The high demand for perfumes with natural fragrances due to rising concerns of allergies is likely to create lucrative opportunities for the players operating in the global fragrance and perfume market during the review period.

COVID-19 Impact

The COVID-19 outbreak impacted the growth of the perfume and fragrances market negatively for a short period. The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the manufacturing and availability of products in the market. Additionally, the closure of workplaces during lockdown also affects the demand for perfumes significantly. However, with the reopening of economies, the online sale of perfumes increased and thus, supported the market growth.

Segments Analysis

Usage Trends

Based on usage, the market has been segmented into female perfumes, men's perfumes, and unisex perfumes.

The unisex perfumes segment accounted for the largest market share and is projected to grow at a significant CAGR during the review period due to a rapid surge in demand for unisex perfumes across the globe.

Regional Analysis

Geographically, the market in North America accounted for the largest market share and is expected to register a significant CAGR over the forecast period owing to the growing demand for premium perfumes with natural fragrances.

The market in Asia-Pacific is expected to register the fastest growth during the review period on account of the increasing penetration of international market players in developing countries coupled with rising spending on personal grooming.

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Key Players

The key players operating in the global Fragrance and Perfume Industry Market are-

• Coty Inc. (The U.S.),
• Bvlgari (Italy),
• Gucci (Italy),
• Procter & Gamble (The U.S.),
• Prestige Beauty (India),
• L'Oréal S.A. (France),
• Firmenich SA (Switzerland),
• Elizabeth Arden Inc. (Switzerland),
• Perfumania Holdings Inc. (The U.S.),
• Estee Lauder Beautiful (The U.S.),
• Avon Products Inc. (UK) and
• Calvin Klein Inc. (The U.S).

Target Audience

The following is a list of the customers that the Global fragrance and Perfume Industry market aims to convert the most:

• Fragrance and perfume industry manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Critical Questions Answered in the Report

• What are the key trends in the global Fragrance and Perfume Industry market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global Fragrance and Perfume Industry market?
• What are the key strategies adopted by the major vendors to lead in the global Fragrance and Perfume Industry market?
• What is the market share of the top vendors?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.