The rising trend of personal grooming has made way for the entry for exotic and luxury fragrances, which is expected to support rapid growth of the global fragrances market in years to come. In addition, increasing disposable income coupled with propensity to spend on luxury fragrances is expected to open up new avenues of growth for the market in the years to come.
In the recent times, fragrances have come up as an important business segment in the cosmetics and personal care industry. It has become an important product influenced by the growing popularity of personal care.
Product, application, distribution channel, and region are the four key parameters based on which the global fragrances market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
One of the developments that provide a peep into the market dynamics of the global fragrances market is mentioned below:
Some of the key players in the global fragrances market comprise the below-mentioned:
The following drivers, restraints, and opportunities characterize global fragrances market over the assessment period, from 2019 to 2027.
Constantly changing consumer preferences for personal care products is likely to shape the contours of the global fragrances market. Fragrances find extensive use in detergents, toiletries, soaps, household products, and cosmetics. Such varied uses is expected to encourage the growth of the global fragrances market over the period of projection, from 2019 to 2027. The use of fragrances is gaining traction due to increased demand for aromatic products amongst both men and women.
Manufacturers of fragrances are making every effort to lure both prospective and existing consumers through development of new fragrances for both cosmetic and household products. It is expected that these new products would leave imprints on the minds of people. Furthermore, improved standard of living accelerates the demand for exotic fragrances over the period of projection. Market players are likely to experience augmented demand for natural fragrances, which is likely to drive the global fragrances market in near future. Relentless research in aromatherapy is estimated to result in different types of fragrances, which is likely to spur growth of the global fragrances market in years to come.
Furthermore, online sales channels for various household and personal care products with fragrances are estimated to open up new avenues of growth for the market. Utilization of online sales avenues to sell exotic fragrances is likely to work in favor of the global fragrances market. Several social media blogs and Vlogs about fragrances are further expected to shoot up the demand for fragrances over the projection tenure.
Europe is estimated to be the prominent region in the global fragrances market due to a rich history of invention and evolution of fragrances in the region. Presence of several renowned fragrance making companies such as Chanel, Guerlain, Nina Ricci, Christian Dior in the region is likely to support expansion of the regional fragrance market.
Asia Pacific is estimated to emerge as a rapidly growing region due to increasing disposable income of the people and growing inclination toward luxury items.