The expansion of the global fragrances market will rise on the back of rapid sale of fragrances in several developing economies, world over. The rising standards of living in various parts of the world has been creating substantial demand for fragrances in a wide array of personal care products, household products, and cosmetics. Over the past few years, the demand for fragrances in cosmetic products has been witnessing trend toward mainstreaming to include more men in the target population. Ceaseless efforts by manufacturers to enhance the lasting effect of natural fragrances are unlocking potentially promising avenues in the market. According to Fact.MR, the global market for fragrances is projected to reach a worth of US$70,000 Mn in revenues by 2022.
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Celebrity-inspired Fragrances could unlock Promising Growth Trajectories
Emerging prospects in the fragrance market are constantly fueled by new health and wellness trends, especially in developing and developed regions. Perfume manufacturers over the past few years have been capitalizing on the rising popularity of celebrity scents entered by celebrities with brands as part of endorsement deals.
Online sales channels for personal care and household products with fragrances are emerging as potential avenues. Manufactures are tapping into these avenues to launch new products with exotic aromas. Furthermore, an umpteen number of social media blogs are stoking the popularity of fragrances among worldwide consumers of all demographics. However, the uptake of online sales channels is incipient stages. The sales of products in hypermarkets and supermarkets continue to hold the sway in the fragrances market.
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Among the various distribution channels in the fragrances market, hypermarkets is the leading one and is expected to hold its sway throughout the forecast period as well. The segment will contribute the major share of revenue in the global fragrances market by the end of the forecast period. The Europe market for fragrances is trailed by North America and Asia Pacific excluding Japan (APEJ). Among the two, the APEJ market for fragrances is expected to expand at higher CAGR during 2017–2022. This is attributed mainly to the rising living standards of the populations in its emerging economies, increasingly fueled by rapid pace of urbanization. The changing consumer patterns is making demand for new scents and aroma in the fragrances market. Meanwhile, Japan, and the Middle East and Africa (MEA) is anticipated to garner lowest CAGRs over 2017–2022.
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A growing number of personal care product manufacturers are entering into the fragrances market with introduction of new aromas and fragrances. They are also making strategic investments to bolster brand visibility. Perfume brands are adding high-quality ingredients of fragrances and experimenting with contemporary blends to in order gain a foothold in the niche markets. Some of the prominent players operating in the fragrances market are Amway Corporation, Chanel International B.V., Lion Corporation, Henkel, Church & Dwight Co., Inc., and Avon Products, Inc.
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