Global Demand for Fragrances Is Rising at A CAGR of 4.7% For 2021-2031

According to a recent report by Fact.MR, a market research and competitive intelligence provider, demand for fragrances is set to surpass a valuation of US$ 62.6 Bn in 2021, and is slated to rise at a CAGR of around 4.7% through the end of 2031.
Consumer demand patterns are constantly changing. Amid fears of allergies and reservations about the chemicals used in a variety of perfumes, they are paying close attention to the components used in fragrances. Many business and healthcare facilities have already adopted policies prohibiting the use of synthetic perfumes. However, a key challenge is high cost of natural and organic flavours.
Increasing trend of personal grooming along with rising demand for luxurious and exotic perfumes is attributed to market expansion. The global industry is being driven by increasing consumer expenditure on premium and luxury perfumes as a result of higher income levels and improved living standards.

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Why are Fragrance Suppliers Eyeing China in Asia Pacific?
According to Fact.MR analysis, China is estimated to account for 16% revenue share of the global market during the forecasted time frame.
China's beauty and skincare industries are seeing growth, which, in turn, will result in increased demand for fragrances. With its high population and increase in number of working women, there is plenty of untapped potential in the Chinese perfume market.
A huge market exists between high-end premium products offered by established brands and specialized perfumes offered by expert players. Local firms are depending on cost-effective commodities to acquire a stronghold and are complementing local tales that brings them closer to the consumers.Cultural value and importance of fragrances in a new generation coupled with increase in disposable income are major factors responsible for the growing popularity of fragrance products in the country.

Key Segments Covered in Fragrance Industry Survey
Product:
• Cosmetics & Toiletries
• Fine Fragrances
• Soap & Detergents
• Household Products
• Other Fragrances
Distribution Channel:
• Conventional Retail
• Online Sales
• B2B
• B2B - TP

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Competitive Landscape
Fragrance products have developed from a non-essential to an essential product in today's environment. Due to extended working hours and the need to smell good, millennials are willing to spend more on these products.
Manufacturers have crafted fragrance products specific to men and women. Economic growth in emerging countries as well as rising demand for youth-oriented fragrances are expected to propel the global fragrance sector.
• Kim Kardashian West's KKW Fragrance, a collaboration with celebrity florist Jeff Leatham comprising three flower-inspired smells; Michelle Pfeiffer's light and floral Windows Down; and Tom Ford's Tubéreuse Nue, with notes of tuberose and jasmine, are some of the new fragrance releases.
• A beauty cult favourite - The Ordinary - released its first home fragrance - Shop, a spicy peppery aroma with warm cedar overtones. The fragrance encapsulates the feeling of "happy and joy with a sense of peace," according to Azzi Glasser, an award-winning perfume designer who assisted in the creation of Shop.

Key Market Players:
• Avon Products, Inc.
• CavinKare Pvt. Ltd.
• Henkel AG & Co.
• Lion Corporation
• Chanel International B.V.
• The Estée Lauder Companies Inc.
• Amway Corporation
• Coty Inc
• Clarins S.A.

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Key Takeaways from Market Study:

• Fact.MR forecasts the U.S. fragrance market to grow from US$ 13.2 Bn in 2021 to US$ 22.3 Bn by 2031, at a CAGR of 5.3%.
• The market in China is set to increase from US$ 7 Bn in 2021 to US$ 15.8 Bn by 2031, surging at a CAGR of 8.5%.
• The B2B segment is estimated to represent a compound annual growth rate of 9.6% from 2021 to 2031
• Fine fragrances are expected to show highest compound annual growth rate of 8% through 2031.
"Rising concerns regarding health & hygiene and trends such as aromatherapy to reduce stress and improve mental health suggest steady growth for the fragrance industry," says a lead analyst at Fact.MR.

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This release was published on openPR.