NEW YORK, Jan. 27, 2020 /PRNewswire/ --
Fragrance and Perfume Market Insight
Global Fragrance and perfume market is projected to grow at the rate of 6.2% during the forecast period as consumers are purchasing more perfume and fragrance products to maintain personal style and individuality. The fragrance and perfume market growth is also influenced by unpredictable and continuously changing fashion trends. Due to this reason, key players in the market are on a constant lookout for exciting, unique, and new fragrances to attract different consumer groups across the globe. The perfume market expected to witness slow growth compare to overall fragrance market. However, perfumes and colognes, along with body sprays and other scented body products are likely to will witness significant growth during forecast period.
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Growing Demand for Natural Fragrances and Perfumes to Drive Fragrance and Perfume Market Growth
Key players in fragrance and perfume market are concentrating on natural-based fragrances, instead of synthetic-based ingredients due to growing consciousness about risk for allergies and toxins. For instance, the US based LUXE Brands is positioning itself as natural fragrance brands and it is also collaborating with celebrities for product endorsement. Increasing in consumer expenditure on personal care products and growing awareness about the therapeutic benefits of fragrance are playing key role to drive the market growth. Innovation in ingredients and packaging along with celerity endorsement of fragrance and perfume products by key players is likely to boost the sales of the products across globe. Additionally, increasing influence of social media on shopping habits, celebrity’s endorsement is likely to support the fragrances and perfume market growth in upcoming years. For instance, perfume launched by Avon’s with collaboration with Hollywood actress Eva Mendes has become popular in UK and it has won the award as UK’s best perfume in Fragrance Foundation Awards 2018.
Demand for High Fragrance Concentration Content to Drive the Fragrance and Perfume Market Growth
Growing popularity of perfumes with a higher fragrance concentration contain i.e. perfume oils and less alcohol is playing key role to drive market growth of de parfum (pure perfume) which has 15% to 40% fragrance concentration. Fragrance concentrations are broken into categories including parfum, eau de parum, eau de toilette, eau de cologne, and eau fraiche. Owing to better opportunities in the fragrance industry, the market is witnessing new entrants especially in synthetic based perfume and fragrance products. Growing popularity of various premium brands among consumers is influencing the sales of premium perfume and fragrance products.
Increasing Demand of Personal care Products to Support Fragrance and Perfume Market Growth in Asia-Pacific Region
In Asia-Pacific, many key players in cosmetics industry are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the market growth in the regional. In North America, leading fragrances players are focusing on personalization in product offering which is driving the market growth. Popularity of lighter-scented products among Millennials and availability of affordable body splashes, body mists and deodorant sprays is expected to boost the sales of perfume and fragrance products. There are many countries within Europe that are popular for their fragrances, such as France and Italy which are attracting the consumers towards the perfume and fragrances products made in France and Italy.
Key Developments in the Fragrance and Perfume Market
- May 2018: L’Oréal announces the signature of a worldwide long-term license agreement with Maison Valentino for the creation, development and distribution of fine fragrances and luxury beauty.
- Oct 2016: Shiseido beat Spain’s Puig to win Procter & Gamble’s Dolce & Gabbana perfume (D&G) licence, which generates USD 445 million in annual revenue. It aims to grow this to USD 1.11 billion in 10 years.
Fragrance and Perfume Market Major Players
Elizabeth Arden, Inc.
Shiseido.
L’Oreal.
International Flavors & Fragrances.
Chanel S.A.
Estee Lauder.
Avon.
Coty,
Vivenza,
Kilian, .
Givaudan.
Symrise AG.
Reasons to Purchase Fragrance and Perfume Market Report:
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Fragrance and Perfume Market Report:
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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