Due to mass consumers’ population moving towards western lifestyle, the market of natural fragrances is growing at an incremental pace of development on the global platform.
Owing to never-ending quest of new fragrances, there has been growing demand of niche fragrances in the market. The power of social media influencers and celebrity endorsements primarily trigger the demand of perfumes and fragrance end-products. Gifting culture which includes buying for others offers opportunities for market growth of natural fragrances. With changing lifestyle and evolving consumer preferences, strong performance of retail sector, trend of product traceability and concerns over product safety have significantly resulted in growing demand of products using natural fragrance ingredients. With strong economic growth, emergence of a large and prosperous middle-class population, increasing consumers’ cautiousness to spend along with high rates of migration from rural to urban areas has led to the influx of international retailers to the developing regions and has encouraged the construction of large volume of new retail real estate. Rising urbanization coupled with cheap labor force, high ranking in ease of doing business index, government incentives & policy support and rising disposable income has attracted international retailers to enter and expand in Asia Pacific and Latin American region and gain strong foothold in the market.
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Natural fragrances industry is highly competitive and most of the companies operating in the market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality. With strategic expansions, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred.
Global Natural Fragrances Market has been divided into source, distribution channel, application, and region.
On The Basis Of Source: Flower Based, Fruit Based, Spice, Wood, Musk and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
The global natural fragrances market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global natural fragrances market is highly dominated by Europe and it is estimated to retain its dominance throughout the forecast period. The increasing demand of various personal care and cosmetic product is anticipated to fuel the sales of natural fragrances during the forecast period of 2017-2024.
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