Fragrance Market Exhibit Growth Of $91.17 Billion By 2025: Grand View Research, Inc.

Fragrance Market Exhibit Growth Of $91.17 Billion By 2025: Grand View Research, Inc.

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According to report published by Grand View Research,Rising awareness regarding cleanliness and personal hygiene among middle-class income groups in the emerging economies including India, China, Thailand, Vietnam, and Brazil is expected to expand the scope of fragrance market over the forecast period.

According to a report,”Fragrance Market Size, Share & Trends Analysis Report By Product (Deodorants, Perfumes), By Application (Personal Care, Household Care), By Distribution Channel (Offline, Online), And Segment Forecasts, 2019 – 2025″, published by Grand View Research, Inc., The global fragrance market size is expected to reach USD 91.17 billion by 2025. It is projected to register a CAGR of 3.7% over the forecast period. Rising awareness regarding cleanliness and personal hygiene among middle-class income groups in the emerging economies including India, China, Thailand, Vietnam, and Brazil is expected to expand the scope of fragrances over the forecast period.

Personal care is anticipated to emerge as prominent application segment owing to increasing demand for the products including perfume, deodorants, soap, talcum powder, cream, and hair oil. Moreover, rising demand for car and room fresheners coupled with the popularity of aromatherapy in households is anticipated to further fuel the growth. In addition, hospitality has become one of the emerging sectors for fragrances owing to their rising usage to create a pleasant environment. The sector has significant demand for different kinds of fragrances including jasmine, lavender, and eucalyptus which boost up consumers’ mood and create a lively environment.

North America was the largest market in 2018, generating a revenue exceeding USD 20 billion. Major manufacturers are adopting strategies such as new product launch and mergers and acquisitions. For instance, in 2017, Coty Inc. signed an agreement to buy 60% of the stakes of the Younique, LLC, a company dealing in direct sales exclusively through the social media and online platforms.

Key market participants are L’Oréal Group; Unilever; The Procter & Gamble Company; Kering S.A.; CHANEL International B.V.; LVMH Group; Givaudan; Revlon Inc.; Firmenich International SA; Estee Lauder Companies Inc.; Coty Inc.; and Giorgio Armani S.p.A. Some of the manufacturers are focusing on R&D of organic products to expand the product portfolio. For instance, in June 2018 Elsa’s Organic Skin Foods, a U.K. based company, launched Ocean Natural Deodorant Crème. The product is a silk to powder deodorant balm contains natural antibacterial such as Rose Geranium, Tea Tree, and Patchouli.

Key Takeaways from the report:

  • Personal care application led the global fragrance market, with a revenue share of over 47.8% in 2018

  • Online channels are expected to account for 8.2% of the global share by the end of 2025

  • North America led the market in 2018, accounting for 33.9% of the global share

  • New product launches, mergers and acquisitions, and capacity expansion are expected to remain the key strategies among the industry participants over the forecast period.

U.S. fragrance market size, by product, 2015 - 2025 (USD Billion)

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Global fragrance market share, by region, 2018 (%)

Regional Insights

North America was the largest market for the fragrance with a market share of 33.9% in 2018. It is projected to reach USD 30.27 billion by 2025. Major manufacturers are launching new products to gain competitive edge. For instance, in October 2018, CHANEL International B.V. launched the limited edition red bottles N°5. In addition, in March 2019, JO Malone London–a subsidiary of Estée Lauder Companies— launched a new line of perfumes called WILD FLOWERS & WEEDS, available in five fragrances, namely, Willow & Amber, Hemlock & Bergamot, Cade & Cedarwood, Nettle & Wild Achillea, and Lupin & Patchouli.

Asia Pacific is the fastest growing region, witnessing a CAGR of 4.9% from 2019 to 2025. Many players are launching new products in the developing countries such as India and China to cater the increasing consumers. For instance, in October 2018; Creed Boutique, LLC. in collaboration with Berkeley Beauty Brands Pvt. Ltd. opened its maiden store in India.

Fragrance Market Share Insights

The manufacturers are adopting several strategic steps, including mergers and acquisition, capacity expansion, technological innovation, and product innovation. Key manufacturers are L’Oréal Group; Kering S.A.; Unilever; The Procter & Gamble Company; CHANEL International B.V.; LVMH Group; Givaudan; Revlon Inc.; Firmenich International SA; Estee Lauder Companies Inc.; Coty Inc.; and Giorgio Armani S.p.A.

Major producers are increasing their geographical reach especially in developing countries to gain the maximum product penetration. The establishment of strategic partnerships with major importers and buyers of the region to launch new products as per the customer’s demand is expected to be a critical success factor over the next few years. Taking in account all these factors, producers are likely to focus on product innovation catering particularly to developing countries and untapped application areas.

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About Grad View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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