With a CAGR of 4.7 percent, the fragrance product market is expected to reach US$ 99.2 billion by 2031. Over the next decade, the B2B fragrance product market is predicted to increase at a CAGR of 9.4 percent. The rising emphasis on personal cleanliness and grooming among both men and women is expected to be one of the key driving factors for the fragrance product industry.
Furthermore, as people become more aware of the significance of physical fitness, the number of gym-goers has increased, resulting in increased demand for body odour control products such as deodorants. Deodorants and scents have evolved into commonplace personal care items in the fragrance industry, and they are an important aspect of personal grooming. Urbanization, combined with improving living standards in emerging middle-income countries like India, Thailand, China, Vietnam, Brazil, and Argentina, is predicted to boost demand for fragrance products.
What are the Growth Propellers of the Fragrance Product Market?
The variety of fragrances offered by fragrance product manufacturing companies, innovative technology used in perfume and deodorant bottles, rising consumer spending on fragrance product sales, various offers and discounts offered by fragrance product companies, and various functional advantages to fragrance product sales are some of the primary factors that are driving up fragrance product demand. The market for fragrance products is expected to reach $62.6 billion in the United States. During the projected period, these factors are expected to significantly boost demand for scent products.
What are the Restraints of the Fragrance Product Market?
The demand for fragrance products may be hampered by skin irritation and darkening produced by some toxic substances utilised in the fragrance product market. Furthermore, environmental concerns in the fragrance product market due to parabens emitted from deodorant spray, which contribute to ozone layer depletion, could function as a stifling factor for fragrance product sales growth.
What Strategies are Players using to Stay Relevant in the Fragrance Product Market?
Lutens’ Borneo, Eau de Vert Eau de Parfum, L’eau Serge Lutens, Clive Christian, L’Oreal SA, Floris, Coty Inc., and Revlon Inc. are the major participants in the fragrance product market. LVMH Group, Chanel, Fifth & Pacific Companies, Procter and Gamble, Gucci, Bourjois, Prada, Estee Lauder, Aramis, Christian Dior, BulgariS.p.A., Louis Vuitton, Calvin Kelin, LVMH Group, Chanel, Fifth & Pacific Companies, Procter and Gamble, Gucci, Bourjois, Prada To get a competitive advantage, these fragrance product market players are delivering a selection of fragrances with different benefits. In October 2018, Creed Boutique, LLC, in collaboration with Berkeley Beauty Brands Pvt. Ltd., opened its first boutique in India to sell fragrance items.