9 Key Prospects on Fragrances Market: Industry Insights and Forecast Till 2022
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Fragrances are basically chemical compounds which have a sweet or pleasing scent. These fragrances could be found in various products including food, wine, spices, floral scents, essential oils, and fragrance oils. A number of fragrance products have been derived either synthetically, or naturally for personal as well as other uses such as for household products, cosmetics, soaps, detergents, and toiletries.
Consumers across the globe are increasingly focusing on creating their own signature scent, which in turn has fuelled adoption of a variety of fragrances. A number of artisan as well as niche brands have entered the market with new aromas and fragrances, leveraging online sales, perfume blogs, and social media platforms for gaining brand visibility. Continuously altering demand pattern by consumers has driven the expansion of the global fragrances market over the past few years. Natural fragrances, which eliminate the health as well as environmental hazards of the synthetic fragrances, are now gaining higher traction among consumers. This has compelled manufacturers in adopting natural ingredients for production of fragrances. These factors are likely to influence growth of the global fragrances market in the foreseeable future.
A recent research by Fact.MR estimates the global fragrances market to register an impressive expansion during the forecast period 2017 to 2022. Consumption of aromatic personal care as well as cosmetic products have witnessed a surge on the back of rise in living standards of people across developing economies, which in turn, is leading to a rapid adoption of fragrances. The global market for fragrances is expected to reach nearly US$ 70,000 Mn in revenues by 2022.
9 Projections for the Global Fragrances Market
1. Soaps & detergents will remain preferred among products, however their sales are anticipated to exhibit the lowest CAGR through 2022.
2. Cosmetics & toiletries are estimated to be the second largest product type segment in the global fragrances market.
3. Fine fragrances, and household products will register the fastest expansion in the market during the forecast period, with fine fragrances anticipated to account for a relatively larger revenues than the household products segment.
4. On the basis of distribution channels, hypermarkets will continue to be dominant in the global market for fragrances, with sales estimated to exhibit fastest expansion through 2024. In terms of revenues, hypermarkets are expected to hold the largest share of the market by 2022-end.
5. Supermarkets will remain the second largest distribution channel in the market during the forecast period.
6. Specialized cosmetic stores are expected to exhibit a sluggish expansion in sales of fragrances through 2022.
7. Europe will remain the most lucrative region in the global market for fragrances, with sales anticipated to exceed US$ 20,000 Mn in revenues by 2022-end.
8. In terms of sales, Asia Pacific excluding Japan (APEJ) will exhibit a comparatively faster growth than North America during the forecast period.
9. Fragrances market in Middle East & Africa (MEA) and Japan will continue to exhibit the lowest CAGRs through 2022.
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Soaps & Detergents to Remain Preferred in the Global Fragrances Market
Although soaps & detergents are expected to remain preferred among products, sales are expected to register the lowest CAGR in the market through 2022. Cosmetics & toiletries will stick to their position of being the second most lucrative products in the global fragrances market. In addition, fine fragrances and household products are expected to register the highest CAGRs in the market through 2022, with fine fragrances segment estimated to account for a comparatively larger revenues than household products segment.
Based on distribution channels, hypermarkets will remain dominant in the global fragrances market, with sales exhibiting the highest CAGR through 2022. Sales of fragrances in hypermarkets will account for the largest revenues by 2022-end. Supermarkets will continue to be the second most lucrative distribution channel during the forecast period. However, sales of fragrances in specialized cosmetic stores will register a sluggish expansion through 2022.
Europe to Remain the Most Lucrative Region in the Global Fragrances Market
Region-wise, Europe is expected to remain the most lucrative region for growth of the global fragrances market, with sales estimated to surpass US$ 20,000 Mn by 2022-end. Following Europe will be North America, and Asia Pacific excluding Japan (APEJ), in terms of revenues. However, in terms of sales, APEJ is expected to register a comparatively higher CAGR than North America through 2022. Fragrances market in Japan, and Middle East & Africa (MEA) will continue to register the lowest CAGRs through 2022.
The report has also profiled leading players in the global fragrances market, which include Avon Products, Inc., CavinKare Pvt. Ltd., Church & Dwight Co., Inc., Henkel AG & Co. KGaA, Lion Corporation, Chanel International B.V., The Estée Lauder Companies Inc., Amway Corporation, Coty Inc., and Clarins S.A.
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