Global Fragrances and Perfumes Market Report and Forecast 2024-2032

Global Fragrances and Perfumes Market Outlook

The global fragrances and perfumes market size reached a value of approximately USD 60.33 billion in 2023. The market is further expected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of USD 93.58 billion by 2032.

Key Trends in the Market

Fragrances are combinations of various organic compounds that produce a defined fruity or flowery odour or smell. Perfume refers to a solution that emits a pleasant smell and is derived from fragrant essential oils obtained from aromatic compounds, spices, and plants.

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• The major trend propelling the market for fragrances and perfumes includes increasing focus of key market players on the development of unique, novel, and exciting fragrances. The increasing adoption of light scented products such as body mists, body oils, body sprays, and cologne is further boosting the utilisation of fragrances and perfumes.

• Rising disposable incomes and growing emphasis on personal care are other factors fuelling the global fragrances and perfumes market growth. Increasing working population is also boosting the demand for fragrances and perfumes around the globe. Perfumes and fragrances are known for instantly elevating confidence as well as for reducing stress and boosting morale.

• To meet the evolving demands and changing purchasing patterns of consumers, the manufacturers are focusing on creating a digitally-enabled, omni-channel presence, driving customer engagement and boosting their sales.

Market Analysis

On the basis of product, the market is bifurcated into mass and premium. Based on end user, the market is segmented into men, women, and unisex. On the basis of distribution channel, the market is classified into offline and online. Based on region, the market is segregated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global fragrances and perfumes market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• The Avon Company

• CHANEL, Inc.

• Coty Inc.

• LVMH Moët Hennessy Louis Vuitton

• The Estée Lauder Companies Inc.

• Kering

• Hermès International S.A.

• L'Oréal S.A.

• Revlon Consumer Products LLC

• PUIG, S.L.

• Shiseido Company, Limited

• Others

Market Share by Distribution Channel

Offline distribution channels are anticipated to account for a significant portion in the global fragrances and perfumes market over the forecast period. This is due to the high consumer preference for shopping for fragrances and perfumes through retail stores, among others because of the wide range of options available as well as the facility of assessing product quality. Offline distribution channels also allow consumers to test fragrances and perfumes and identify the odour most suited to them.

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Market Share by Region

The market for fragrances and perfumes is projected to witness significant growth in the Asia Pacific region in the coming years. This growth can be attributed to the rising popularity of travel and mini sized perfumes in the region. These perfumes are easy to carry and require less storage space as compared to their regular sized counterparts. Increasing penetration of e-commerce sector is further anticipated to aid the expansion of the fragrances and perfumes market in the Asia Pacific region.

Competitive Landscape

The Avon Company is a personal care and beauty products manufacturing company that was founded in 1886 and is headquartered in New York, United States. The company specialises in skin care, cosmetics, and fragrances, among others, and has become one of the leading fragrance brands globally, offering high quality, long-lasting scents.

CHANEL, Inc. is a world leader in manufacturing, developing, distributing, and creating luxury products. Chanel is based in London, England and was established in 1910 and is known for a broad range of high-end creations such as skincare and jewellery.

Coty Inc. is a multinational beauty company headquartered in North Holland, Amsterdam. They  specialise in manufacturing of cosmetics, fragrances, and skin and body care products.

Other major players in the fragrances and perfumes market include LVMH Moët Hennessy Louis Vuitton, The Estée Lauder Companies Inc., Kering, Hermès International S.A., L'Oréal S.A., Revlon Consumer Products LLC, PUIG, S.L., and Shiseido Company, Limited, among others.

Key Highlights of the Report