Fragrance Market Research: Fragrance Industry Statistics, Analysis, and Forecast Market Analysis
Fragrance Market Overview
The global fragrance market has been witnessing slow growth over the past five years, posting a CAGR of 2% between 2015-2019. Over the next five years, fragrance market size will continue to increase attributed to increasing population coupled with increasing disposable income among developing countries. The global fragrance industry is also witnessing a growing trend of customized perfumes and the use of renewable ingredients in fragrance manufacturing.
Numerous segments within the fragrance industry are expected to witness strong growth over the next few years, which will aid overall market growth. For instance, the global flavors and fragrances market will increase more than USD 6 billion between 2016-2020, while the market size for fragrance ingredients is expected to accelerate at a CAGR of 6% by 2021.
The perfume market is one of the major segments within the fragrance industry and will witness steady growth through 2021, especially for luxury perfumes. Celebrities such as Kendall Jenner, Kate Moss, and Cara Delavinge are driving perfume sales with their endorsements for Estée Lauder Modern Muse (Kendall Jenner), and Burberry (Kate Moss and Cara Delavingne). Using celebrity endorsements for product advertising is not a new strategy, but still, an effective one which will continue to drive luxury perfume market growth. Due to these factors, we forecast the global luxury perfume market reach almost USD 54 billion in market size by 2021.
As consumers across the world are increasingly becoming aware of the health risks associated with the use of synthetic fragrances, there is a demand for clean labeled products that are free from artificial preservatives and ingredients. Countries across Europe such as Germany, the Netherlands, the UK, and France import large quantities of essential oils to produce natural fragrances. During 2019-2023, the natural fragrances market will grow by USD 1.39 billion and the US, the UK, France, and Germany will be the key markets.
The growth of the natural fragrance market is also influencing other segments. During 2019-2023, the market for home fragrances is expected to grow by USD 1.8 billion. Key vendors in the home fragrances market are leveraging technologies such as IoT to introduce smart fragrance devices that can be operated using smartphones. Such consistent innovations by vendors have led to product premiumization in the market. Europe is the largest market for home fragrances, where the increasing disposable income and liking toward high-quality & premium products drive demand. The rising number of supermarkets, hypermarkets, convenience stores, clubhouse stores, and department stores also lead to an increase in the sales of home fragrances.
Other insights provided within Technavio’s fragrance market reports include:
Fragrance Market Insights
- Influential endorsements from celebrities and social media will be one of the major factors positively impacting the growth of the market.
- The increasing demand for deodorants and antiperspirant, especially among youngsters, are significantly influencing the market for aerosol.
- The emergence of organic perfumes is one of the latest trends that will gain traction in the market. Organic perfumes use pure ingredients that are free from solvents, dyes, alcohols, petrochemicals, and pesticides. These perfumes are vegan and are certified by PETA. Organic perfumes are being widely preferred over the synthetic perfumes due to the increase in health-conscious users.
Fragrance Industry Statistics
- The global flavors and fragrances chemicals market is expected to grow over USD 6 billion between 2017-2022.
- 40% of the flavors and fragrances chemicals market growth will come from the Americas region.
- The luxury perfume market is expected to grow at a CAGR of over 8% through 2021.
View more fragrance industry statistics: Download a free sample report now
Fragrance Market Share and Segmentation
Within our fragrance industry research, we provide deep insights into the market landscape, its segments, and their market share. Our fragrance market segmentation research offerings include:
- Perfumes Market
- Premium perfume product market
- Mass perfume product market
- Deodorants Market
- Aerosol or spray deodorant market
- Roll-on deodorant market
- Stick or solid deodorant market
- Cream and wipes deodorant market
- Crystal deodorants market
- Toilette Market
- Splash or aftershave market
- Cologne Market
- Eau Fraiche Market
We at Technavio, with our comprehensive understanding of this fragrance industry, have been monitoring the latest market developments and current landscape to create an in-depth portfolio of fragrance industry reports that are based on a broad knowledge of this chemical and material sphere. Our market research portfolio covers the following:
- Fragrance market share
- Fragrance market size
- Fragrance market trends
- Fragrance market growth
- Fragrance market forecast
- Fragrance market vendor landscape
- Fragrance industry statistics
