The global fragrance market size is expected to reach USD 91.17 billion by 2025, according to a new report by Radiant Insights, Inc. 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.
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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.
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Key market participants are L’Oreal 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 Creme. The product is a silk to powder deodorant balm contains natural antibacterial such as Rose Geranium, Tea Tree, and Patchouli.
Further key findings from the report suggest:
• 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.
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