Fragrance Market Segments by Type, Region and Forecast 2018 To 2023

Fragrance Market Recent Trends, Industry Size, Demand, Market Share and Global Forecast to 2023

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Fragrance Market Fragrance Market 2018: Recent Trends, Industry Size, Demand, Market Share and Global Forecast to 2023 • Fragrance are used as the major ingredient in spray perfumes, cosmetics, soaps & detergents, incense, body care and home care products. However, fragrance industry holds a major share in the cosmetics and personal care industries as a major ingredients used in the products.

• The global perfume market has been observing a growing trend both in the developed and developing economies, owing to the rapid urbanization, rise in disposable income and changing lifestyle of consumers. Increasing consumer spending on personal care & beauty products is expected to be one of the significant reasons for the rising growth of perfumery products which in turn escalates the sales of fragrance during the forecast period.

• Furthermore, increasing affinity towards skin lightning & color cosmetic products, owing to the increasing obsession towards fair complexion among the youth and women population is driving the fragrance market in Asian and the Middle Eastern regions. Also, increasing prevalence towards male centric cosmetic products coupled with robust growth of men grooming products is considered to be a major factor, which has uplifted the global fragrance market.

• Owing to the rising health awareness, consumers are found to have a high demand for natural ingredients for fragrance products. Rising health concerns among the consumers about the demerits of synthetically manufactured fragrances has a positive impact on the natural fragrance in the fragrance market. The rising consumers’ preference for natural fragrances will be considered as one of the major drivers for fragrance products market.

• All the factors are augmenting the global fragrance market to grow at the CAGR of 5.30% during the forecast period of 2017-2023.

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Fragrance Market Regional Analysis

The global fragrance market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North America region is dominating the market over the forecast period.

The market is projected to grow at a CAGR of 4.80% during the review period. This is attributed to the high usage of spray perfumes, cosmetics, soaps & detergents, incense, body care and home care products.

Among the North American countries, the U.S. is majorly driving the market of fragrances in this region.

However, Asia Pacific region is expected to grow with a CAGR of 6.20% during the review period.

In Asia Pacific region, China is expected to hold 24% market share in the year 2017.

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Fragrance Market Major Players in this Research: Key Players for Fragrance Market: • Givaudan SA (Switzerland), • International Flavors & Fragrances, Inc. (U.S.), • Firmenich International SA (Switzerland), • Symrise AG (Germany), • Takasago International Corporation (Japan), • V. MANE FILS SA (France), • Sensient Technologies Corporation (U.S.)

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Fragrance Market Market Segmentation

Among the type, synthetic fragrance segment is anticipated to retain its dominance throughout the forecast period.

Also, the segment is projected to register a healthy CAGR of 4.80% during the given period due to increased use of fragrance in cosmetics, soaps & detergents, spray perfumes, incense, body care and home care products.

Furthermore, the demand for natural fragrances in these products is increasing the growth of the fragrance market.

Among the application of fragrance, cosmetics & toiletry (without hair care) products is accounting for 23% followed by fine fragrance (perfumes) accounting for 20% of the global fragrance market. Cosmetics & toiletry (without hair care) segment is estimated to retain its dominance throughout the forecast period of 2017-2023. The segment is projected to register a healthy CAGR of 5.20% during the forecast period 2017-2023.

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