The global fragrance market is growing pervasively over the past few years. Market growth mainly attributes to the growing consumption of fragrances across the end-use industries. Besides, broad uses of various essences in the burgeoning food & beverage industry accelerate market growth. Moreover, the rising demand for scented soap & detergent, home care, and cosmetics & personal care product escalates market sales.
According to Market Research Future (MRFR), the global fragrance market is poised to garner a valuation of USD 17500.03 MN by 2023, growing at 5.30% CAGR during the forecast period (2017 – 2023). The growing economy plays a causal role in market development, increasing sales of fragrances. Also, the penetration of aromatherapy is expected to push the growth of the market.
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Players leading the fragrance market include International Flavors & Fragrances, Inc. (US), Givaudan SA (Switzerland), Firmenich International SA (Switzerland), Takasago International Corporation (Japan), Symrise AG (Germany), V. MANE FILS SA (France), and Sensient Technologies Corporation (US), among others.
The report is segmented into three dynamics;
By Type: Natural and Synthetic Fragrance.
By Application: Fine Fragrance (perfumes), Cosmetics & Toiletry (without hair care), Hair Care, Essential Oils & Aromatherapy, Household & Air Care, Soap, Detergent, Tobacco, and others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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North America dominates the global fragrance market. The largest market share attributes to the strong consumer base and growing investments in the fragrance industry. Besides, rising usages of personal care and home care & cleaning products drive the growth of the regional market. With its growing cosmetics & personal care industry, the US accounts for a substantial share in the regional market. The North American fragrance market is expected to retain its dominance over the global market throughout the review period, growing at 4.80% CAGR.
Europe stands second in the global fragrance market. The market is driven by the rising usages of perfumes & deodorants, cosmetics, soaps & detergents, incense, and body care & home care products in the region. Also, the spurting growth in various end-use applications boosts market growth. France, Italy, Germany, and the UK, among other European countries, account for major shares of the regional market. The fragrance market in Europe is projected to create a substantial revenue pocket over the assessment period.
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