The global fragrance market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period (2023–2029). The growing number of Gen Z and millennials is one of the most important elements influencing the fragrance industry. Younger customers and millennials are becoming more interested in personal grooming and are willing to try new concepts and companies. With more disposable income and increased exposure to foreign lifestyle patterns, the younger generation is investing in good grooming, and the fragrance business has exploded as a result. Additionally, the rising popularity of organic and natural-ingredient-based goods is driving market expansion. Sandalwood, geranium bourbon, and patchouli are common constituents in such scents. The growing consumer knowledge of the substances used in perfumes is driving demand for organic scents.
Browse the full report description of “Fragrance Market Size, Share, and Trends Analysis Report By Product Type (Cosmetics and Toiletries, Perfumes, and Household Products), By Distribution Channel (Online Retail and Offline Retail), Forecast Period (2023–2029)” at https://www.omrglobal.com/industry-reports/fragrance-market
Recently, the trend toward essential oils has also been increasing. These oils are natural and plant-based and appeal to consumers seeking eco-friendly and sustainable alternatives to synthetic fragrances. Essential oils are extracted from various parts of plants, such as flowers, leaves, and stems, and offer a wide range of scents and aromas. In addition to their natural origins, essential oils are often perceived as having therapeutic properties, such as promoting relaxation, reducing stress and anxiety, and boosting mood and energy levels. This makes them popular in aromatherapy and other holistic wellness practices.
Some of the companies that offer essential oil-scented products include doTerra, Olio E Osso, Khadi, and others. Recently, in January 2023, Faace, a UK brand, created a daily moisturizer, Stress Faace, aimed to relieve tension with its scent profile and feed stressed-out skin with a variety of actives. The Stress Faace moisturizer targets the effects of stress with a mix of active plant-based components and essential oils. The product contains a patented wild indigo extract called Neurophroline and Niacinamide for improved skin tone; Japanese rice bran oil for hydration; and allantoin to soothe the skin.
Companies are also using technologies to create new fragrances and offer new products to their customers. For instance, Givaudan S.A. joined forces with TMIC in 2022 to offer the fragrance industry's first AI-powered fragrance co-creation service. Brands can become actively involved in the scent production process due to the innovative co-creation methodology. Customers can easily realize their olfactory vision owing to the visible touch screen.
Market Coverage
• The Market Number Available for – 2023-2029
o Base year- 2022
o Forecast period- 2023-2029
• Segment Covered-
o By Product Type
o By Distribution Channel
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- International Flavors & Fragrances Inc., Sensient Technologies Corp., Givaudan SA, Symrise AG, and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Fragrance Market Report Segment
By Product Type
By Distribution Channel
Global Fragrance Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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