Fragrance oil is a combination of aromatic resins, essential oils, and synthetic aroma chemicals. These ingredients come in different forms such as powder, crystalline or sometimes in liquid. It becomes an essential product for the day to day personal grooming. In recent times fragrances have gained global attention from consumers worldwide and are considered as a vibrant and regular component of the cosmetics industry. Additionally, increase in population particularly young population and their changing way of living coupled with the growing grasp of beauty care products are the key factors making the market demanding in the recent years.
Natural, personalized, and eco-friendly fragrances are the new trends in the global fragrances market. The rising young population along with growing consciousness of personal care products are the prime factors behind the growth of this market. Nowadays, with the increase in disposable income, consumer expenditure on beauty care products have raised at a tremendous level and hence, the global fragrances market is growing fast. The popularity of different kinds of premium brands such as Nina Ricci, Givenchy Very Irresistible, Calvin Klein, and others has given a positive response for making the market more demanding. Moreover, providers of fragrances products are becoming more innovative and offering better products at reasonable prices. This is projected to raise the piercing rate of fragrances during the projection period. Among the other factors, perfume permanency is one of the important areas for product research and development. More than half of the major fragrance manufacturing companies are based in theUnited States and Europe. Additionally, it is noted that various cosmetic companies are moving into corporations with e-commerce players for expanding their business and therefore, online distribution channel is anticipated to make the global fragrances market more demanding in the near future.
The global fragrances market in the report is segmented by type which includes premium products, mass products. Premium products are leading the global fragrances market due to the availability of several brands at a reasonable price. Further, the market is divided by ingredient type such as natural and synthetic. Based on product type the fragrances market is analyzed as perfume, deodorant, and others. On the basis of distribution channels, the market can be segmented by the supermarket, multi-retail stores, online & others. Geographically, the global fragrances market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Among the other regions Asia- Pacific ranks as the fastest growing market during the projection period, followed by Europe, North- America, and Rest of the World. Factors behind making the Asia- Pacific market more demanding is changing lifestyle trends, improving access to premium brands, increasing young population, availability of products at reasonable price, and others.
However, the practice of chemical ingredients which may harm the skin coupled with fake beauty products is expected to hamper the growth of global fragrances market in the foreseeable future.
Some of the major players in the global fragrances include Boots UK Limited, Clarins Group, Givaudan, MAC Cosmetics, Savers Health and Beauty, Superdrug Stores PLC, The Body Shop International Limited, and The Estee Lauder Companies Inc.
Global Fragrances Market: By Type
Global Fragrances Market: By Ingredient Type
Global Fragrances Market: By Product Type
Global Fragrances Market: By Distribution Channels
Global Fragrances Market: By Geography