Fragrance Product Market Detailed SWOT Analysis, Market Size, Share, Factors And Forecast By 2024-2031 | Louis Vuitton Malletier, Victoria's Secret

The Fragrance Product Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fragrance products include perfumes, colognes,Roll-onsand body mists,which offer fragrance to enhancepersonal hygiene and create a lasting impression. Theseproducts are used by both men and women on a daily basis.

Market Dynamics:

The Fragrance Product Market is expected to witness significant growth over the forecast period owing to increasingconsumer spending on premium beauty products and growing demand for long-lasting luxury fragrancesamong millennials and generation Z consumers. Premiumization trend among consumers is favoring demand forpremium and luxury fragrance products from renowned brands. Furthermore, risingintroduction of product varieties such as travel sprays and body mists by leading brands isalso fueling market growth. Innovation in fragrance notes and types focusing on new customerpreferences is further expected to drive the market during the forecast period.

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Top Key Players are Covered in this Report:

★ Louis Vuitton Malletier
★ Victoria's Secret
★ Christian Dior SE
★ Prada S.p.A.
★ L'Oreal SA
★ Procter & Gamble Company
★ Giorgio Armani S.p.A.
★ ITC Limited
★ Coty Inc.
★ Revlon Inc.
★ Clive Christian Perfume
★ Reckitt Benckiser Group plc
★ Calvin Klein Inc

Market Segmentation:

By Product Type:

★ Colognes
★ Perfumes
★ Deodorants
★ Air Fresheners
★ Soaps
★ Others (Body Mists, Body Powders, Candles, and Others)

By Pricing:

★ Premium
★ Mid-priced
★ Mass

By Distribution Channel:

★ Hypermarkets & Supermarkets
★ Specialty Stores
★ Convenience Stores
★ Online Channels
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Driver:

1. Rising Affluence of Middle-Class Population in Developing Economies:

One of the key drivers for growth in the fragrance product market is the rising affluence of the middle-class population in developing economies such as India, China, Mexico, etc. As the income levels of people increase in these markets, they are able to spend more on lifestyle and luxury products. Fragrance products were traditionally considered as premium products that only high-income groups could afford. However, with rapid economic development and rise of dual-income households, the aspiration levels have increased manifold. Many people from the burgeoning middle-class want to use renowned international brands to project a modern and sophisticated image. This has opened up a huge untapped market for global fragrance giants to promote and penetrate their product range.

2. Increasing Social Media Influence and Celebrity Endorsements:

Social media platforms have become one of the most effective ways for brands to market and promote their fragrances. Many famous celebrities and influencers regularly endorse new fragrance launches on their social channels. Seeing popular stars promoting a particular fragrance creates immense buzz and curiosity among fans and followers to try that product. Companies invest heavily in social media endorsements and campaigns as it allows them to directly target and influence younger audience groups. Celebrity star power and social endorsements have become indispensable for any new product launch nowadays. The rising social media exposure is a key driver propelling overall sales and popularity of various fragrance brands in the market.

Restrain- Stricter Government Regulations on Fragrance Ingredients:

One of the key restraints faced by players in the fragrance product market is the imposition of stringent regulatory norms governing the types and amounts of ingredients that can be used. With growing health awareness, several national regulatory bodies have banned the use of certain synthetic and potentially hazardous chemicals in fragrances. For example, the EU has prohibited several fragrance allergens due to safety issues. Similarly, other regions and countries are also formulating new rules around fragrance formulations, disclosure requirements, and restrictions on testing fragrances on animals. Complying with the complex and evolving regulatory framework results in increased R&D and compliance costs for companies. It also limits the creative freedom of perfumers to some extent. The regulatory pressure can negatively impact the pace of new product innovation.

Opportunity- Growing Sales Through Online Retail Channels:

The enormous growth of e-commerce and availability of a wide variety of fragrance brands on online shopping sites presents a solid opportunity for market participants. Traditional brick-and-mortar retailing is limited due to constraints of shelf space, geography etc. In contrast, online retail channels allow global as well as niche brands to list entire collections and target customers across all regions conveniently. Many fragrance companies are allocating higher advertising spends towards digital promotions and exclusive online launches. Online shopping also offers opportunities such as personalized recommendations, reviews/ratings, affordable prices through discounts and cashback offers etc. This helps drive repeat purchases and loyalty. The booming e-commerce sector will enable fragrance sales to exponentially grow in the coming years.

Trend- Increasing Demand for Niche, Artisanal and Sustainable Fragrances:

A major trend gaining traction in the market is the rising popularity of small-batch, niche and artisanal fragrances. Many affluent consumers are moving away from mainstream celebrity and designer brands in favor of unique aromas created ethically using natural ingredients. They are willing to pay premium prices for fragrances with an elevated appeal and superior quality. There is also a thriving indie fragrance culture driven by passionate artisans and online communities. Companies are launching sustainable and eco-conscious ranges addressing ethical sourcing, reduced plastic packaging etc. Players catering to this segment are experiencing strong growth. This evolution reflects consumers paying more attention to a brand's values, principles and sourcing practices apart from the olfactory experience.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Fragrance Product market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Fragrance Product market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Fragrance Product Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.