Articles
Fragrance Market to Reach USD 91.17 Billion by 2025
by Susan Hill Business ConsultantThe global fragrance market size
is expected to reach USD 91.17 billion by 2025, according to a new report by
Grand View Research, Inc. It is projected to register a CAGR of 3.7% over the
forecast period. Rising awareness regarding cleanliness and personal hygiene
among middle-class income groups in the emerging economies including India,
China, Thailand, Vietnam, and Brazil is expected to expand the scope of
fragrances over the forecast period.
Personal care is anticipated
to emerge as prominent application segment owing to increasing demand for the
products including perfume, deodorants, soap, talcum powder, cream, and hair
oil. Moreover, rising demand for car and room fresheners coupled with the
popularity of aromatherapy
in households is anticipated to further fuel the growth. In addition,
hospitality has become one of the emerging sectors for fragrances owing to
their rising usage to create a pleasant environment. The sector has significant
demand for different kinds of fragrances including jasmine, lavender, and
eucalyptus which boost up consumers’ mood and create a lively environment.
North America was the
largest market in 2018, generating a revenue exceeding USD 20 billion. Major
manufacturers are adopting strategies such as new product launch and mergers
and acquisitions. For instance, in 2017, Coty Inc. signed an agreement to buy 60%
of the stakes of the Younique, LLC, a company dealing in direct sales
exclusively through the social media and online platforms.
Key market participants are
L’Oréal Group; Unilever; The Procter & Gamble Company; Kering S.A.; CHANEL
International B.V.; LVMH Group; Givaudan; Revlon Inc.; Firmenich International
SA; Estee Lauder Companies Inc.; Coty Inc.; and Giorgio Armani S.p.A. Some of
the manufacturers are focusing on R&D of organic products to expand the
product portfolio. For instance, in June 2018 Elsa’s Organic Skin Foods, a U.K.
based company, launched Ocean Natural Deodorant Crème. The product is a silk to
powder deodorant balm contains natural antibacterial such as Rose Geranium, Tea
Tree, and Patchouli.
Further key findings from the report suggest:
- Personal care application led the global
fragrance market, with a revenue share of over 47.8% in 2018
- Online channels are expected to account
for 8.2% of the global share by the end of 2025
- North America led the market in 2018,
accounting for 33.9% of the global share
- New product launches, mergers and
acquisitions, and capacity expansion are expected to remain the key
strategies among the industry participants over the forecast period.
Access full research report on global fragrance
market:
www.grandviewresearch.com/industry-analysis/fragrances-market
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About Susan Hill 
Business Consultant
145 connections, 2 recommendations, 567 honor points.Joined APSense since, September 25th, 2017, From California, United States.
Created on Jun 4th 2020 14:10. Viewed 366 times.
