Fragrance Market Outlook
The fragrances market is projected to register a CAGR of 5.5% during the forecast period, 2021-2026.
COVID-19 Impact Analysis
COVID-19 has not just negatively impacted the fragrances and perfumes market across the world, but its impact has resulted in a generation of opportunities for many private players to emerge in the markets to cater to the inflated demand. Furthermore, COVID-19 has led to a major consumer shift, as customers are no more brand loyal in developing countries and are trying new brands in the low-stock environment.
According to L’Oréal, the consumption of beauty and personal care products, including fragrance and perfume, was strongly impacted by the closure of millions of points of sale (specialty stores, perfumeries, department stores, airport stores, etc.), which caused a real crisis of supply, rather than demand, with consumers temporarily unable to purchase products and services.
Market Key Players
Abdul Samad Al Qurashi, Chanel S.A., Oriflame Holding AG, PDC Brands, Vivenza, Inter Parfums Holdings, S.A., Rasasi Perfumes Industry LLC, Shiseido Company, Limited, AlQuraishi Fragrances, International Flavors & Fragrances, Inc., Avon Products, Inc., Royal Beauty Group Co., L'Oréal S.A., The Estée Lauder Companies Inc., and Revlon, Inc. are key players of the global perfume fragrance market.
Regional Analysis
The global fragrances market Segment has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), South America, Middle East, and Africa (MEA).
Europe is expected to dominate the global market due to fragrances and perfumes acting as ideal gifts for celebrations or special occasions. France is expected to dominate the market and kickstart the trend of natural fragrances and perfumes owing to its aversion to synthetic perfumes. Intense promotional campaigns in Germany as well as reduced prices of luxury fragrances can foster market growth.
APAC is projected to be highly lucrative for the global fragrances market Share due to its high production and sales in China. The COVID-19 pandemic has presented challenges in terms of the supply of flavors and fragrance ingredients and threatens to upend the fragrances market size in India. However, ease of permissions can help dealers in logistical issues and bolster the domestic demand.
The sudden outbreak of the COVID-19 pandemic has pushed the sales of functional fragrances. Functional fragrances can uplift a person’s mood accordingly and offer with various aromas. Whiff, a Singapore company, has decided to capitalize on the trend and launched a range of hand sanitizers with a functional fragrance.
Segmentation
The global fragrances market has been segmented based on product type, ingredients, category, and distribution channel.
Based on product type, it is segmented into Eau Fraiche, Eau de parfum, Eau de Toilette, Eau de Cologne, and others. The Eau de Parfum segment is expected to dominate during the forecast period and will exhibit a 6.33% CAGR till 2023.
The global fragrances market Trend has been segregated, based on ingredients, into natural and synthetic. Synthetic fragrances accounted for 76% share in 2016, while natural fragrances accounted for 24% market share.
By category, it targets men, women, and unisex. Women accounted for a large market share and will register 5.67% CAGR during the forecast period. However, men can register a larger share during the assessment period due to the introduction of new fragrances and perfumes targeted at men.
The global Fragrance Market Trends has been divided, by distribution channel, into store-based, and non-store-based. Store-based distribution channel has been further segmented into supermarkets & hypermarkets, specialty stores, and others.
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