Global Fragrances and Perfumes Market Report and Forecast 2023-2028

Global Fragrances and Perfumes Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global fragrances and perfumes market reached a value of USD 57.40 billion in 2022. Aided by the escalating demand for personal care products and the broadening applications of fragrances and perfumes in various industries, the market is projected to further grow at a CAGR of 4.65% between 2023 and 2028 to reach a value of USD 76.70 billion by 2028.

Fragrances and perfumes are a mixture of essential oils or aroma compounds, fixatives, and solvents used to provide a pleasant scent to the human body, objects, or living spaces. These products play a vital role in enhancing mood, evoking memories, and expressing individuality. Besides their olfactory appeal, fragrances and perfumes also possess aromatherapeutic properties, contributing to emotional wellbeing and relaxation.

The global fragrances and perfumes market growth is primarily driven by the increasing consumer preference for personal care products. With the growing awareness of the role of personal grooming in enhancing self-confidence and social interactions, there has been a significant shift towards the use of fragrances and perfumes. Additionally, the rising trend of personalisation has further contributed to the increasing popularity of custom-made fragrances and perfumes, reflecting individual tastes and personalities.

The expanding applications of fragrances and perfumes in various industries also play a significant role in propelling the fragrances and perfumes market demand. In the cosmetics and personal care industry, fragrances and perfumes are used as key ingredients in products such as deodorants, soaps, lotions, and shampoos. The home care industry utilises fragrances and perfumes for their scent-enhancing properties, which are essential in the formulation of products like air fresheners, laundry detergents, and cleaning solutions, aiding the fragrances and perfumes market growth.

Furthermore, the burgeoning demand for natural and organic fragrances in the beauty and personal care industry has resulted in an increased focus on fragrances and perfumes derived from natural sources. With the rise of environmental consciousness and the increasing popularity of clean beauty trends, natural fragrances and perfumes have emerged as critical components in the formulation of eco-friendly beauty products, thereby boosting the fragrances and perfumes market expansion.

In addition, the robust growth of online retail channels has also significantly contributed to the fragrances and perfumes market development. With the convenience of online shopping and the access to a wide array of brands and products it provides, consumers are increasingly turning to e-commerce platforms to purchase fragrances and perfumes.

Market Segmentation

The market can be divided based on product, end user, distribution channel, and region.

Market Breakup by Product

• Mass
• Premium

Market Breakup by End User

• Men
• Women
• Unisex

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global fragrances and perfumes companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• The Avon Company
• CHANEL, Inc.
• Coty Inc.
• LVMH Moët Hennessy Louis Vuitton
• The Estée Lauder Companies Inc.
• Kering
• Hermès International S.A.
• L'Oréal S.A.
• Revlon Consumer Products LLC
• PUIG, S.L.
• Shiseido Company, Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.