In 2021, global fragrance demand is expected to reach US$ 62.6 billion. According to Fact.MR, the total market value is expected to reach US$ 99.2 billion by 2031, with a CAGR of 4.7 percent between 2021 and 2031. The B2B segment is expected to grow at a CAGR of 9.6% over the next decade.
Consumer demand patterns have shifted, causing the global fragrance market to gain significant traction in recent years. On the back of concerns about synthetic fragrances’ toxic contents, the majority of consumers and manufacturers have shifted their preferences towards natural fragrances. Users and the environment are expected to be negatively affected by these synthetic fragrances or perfumes. skin.
Key Segments Covered in Fragrance Industry Survey
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Product:
- Cosmetics & Toiletries
- Fine Fragrances
- Soap & Detergents
- Household Products
- Other Fragrances
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Distribution Channel:
- Conventional Retail
- Online Sales
- B2B
- B2B – TP
Competitive Environment
In today’s environment, competitive landscape fragrance products have evolved from a non-essential to an essential product. Millennials are willing to spend more on these products because of their longer working hours and desire to smell nice.
Manufacturers have developed fragrances for both men and women. The global fragrance industry is expected to be propelled by economic growth in emerging countries and rising demand for youth-oriented fragrances.
Some of the new fragrance releases include Kim Kardashian West’s KKW Fragrance, a collaboration with celebrity florist Jeff Leatham that includes three flower-inspired scents; Michelle Pfeiffer’s light and floral Windows Down; and Tom Ford’s Tubéreuse Nue, which has notes of tuberose and jasmine.
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