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?GR 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.
Additionally, spreading awareness about the benefits of essential oils that demonstrate favorable outcomes in aromatherapy drives the market. On the other hand, high production/extraction cost that increases overall costs of fragrance is a major factor hampering the market growth, which is likely to continue in years to come. Also, stringent rules against animal cruelty pose challenges banning animal tested (animal safe) certification. Nevertheless, increasing consumer expenditures on personal care & beauty products would support the growth of the market throughout the review period.
Ongoing efforts of regulatory agencies, such as the US FDA’s initiative to allow fragrance companies to make hand sanitizer help against coronavirus crises, would provide a huge impetus to the market growth. Regulatory Science of industry players that provided guidance and a dynamic, real-time demonstration on registration and listing of hand sanitizers, under the Agency’s temporary guidance shows industry efforts in the fight against COVID-19.
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Global Fragrance Market – Segmentations
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.
Global Fragrance Market – Regional Analysis
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?GR.
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.
The Asia Pacific region accounts for a sizable share in the global fragrance market. Factors such as the expansion in numerous end-use industries, including food, cosmetics & personal care, and soap & detergent, define the growing consumption of fragrances.
Moreover, factors such as the growing purchasing power, availability of cost-competitive labor-force & raw materials, and encouraging regulatory framework, foster the growth of the APAC Fragrance market. The demand for fragrances is augmenting in various APAC countries, such as India, China, Japan, and Vietnam, contributing to the regional market growth. The APAC fragrance market is expected to witness a moderate growth rate.
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Global Fragrance Market – Competitive Analysis
Highly competitive, the fragrance market appears fragmented due to the presence of many well-established players. Industry players build a direct-to-consumer business and a training ground to sell fragrances via e-commerce. Although in its nascent stage, direct-to-consumer modules are helping industry players to generate modest revenues. Also, manufacturers focus on new product development and geographical expansion. To do so, they ensure greater commercialization of their products through promotion initiatives such as trade exhibitions, and increased collaboration.
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.
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June 17, 2020 —- d?TERRA International (the US), a leader in the global aromatherapy and essential oils market, announced that it has been selected as a supporting member of the world-renowned Research Institute for Fragrance Materials (RIFM). The partnership would pioneer advanced essential oil research. RIFM’s purpose is to collect and analyze scientific data, testing & evaluation, distribute information, co-operate with official agencies, and encourage uniform safety standards related to the use of fragrance ingredients.
The collaboration is part of RIMF’s initiative to perform safety assessments on natural complex substances, such as essential oils, which led to the decision to pursue membership in the organization.
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