by The Fragrance and Perfume market consists of various natural and synthetic fragrances and perfumes used to induce pleasant odor in the human body. These products are commonly used for creating appealing scents and aromas in personal care and household products like soaps, body sprays, air fresheners, fabric care, and cleaning products. There is a rising trend of using natural ingredients like essential oils extracted from plants for their aromatic and therapeutic properties in fragrances and perfumes.
The global Fragrance and Perfume Market is estimated to be valued at US$ 53.85 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for natural and organic fragrances and perfumes is a major trend being witnessed in the market. Consumers are increasingly looking for fragrance and personal care products containing essential oils, plant extracts, and other natural ingredients with therapeutic properties and no harsh chemicals. This is prompting manufacturers to develop innovative product lines using natural fragrances. For instance, essential oils extracted from plants like lavender, lemon, rose, and jasmine are increasingly used in blended natural fragrances. The perceived health benefits of natural ingredients is driving significant market growth. Organic certification is also gaining prominence with many established brands offering organic perfumes and fragrances.
SWOT Analysis
Strength: The fragrance and perfume market can leverage their established distribution channels and brand recognition globally. Manufacturers have strong R&D capabilities to develop new fragrances.
Weakness: High research and production costs involved in developing new fragrances pose financial challenges. Changing consumer preferences and frequent launch of new fragrances is another challenge.
Opportunity: Growing demand for organic and natural fragrances present new opportunities. Emerging markets like Asia Pacific and Middle East provide scope for market expansion.
Threats: Stringent regulations around ingredients and packaging can negatively impact operations. Intense competition from local and international players increases pricing pressures.
Key Takeaways
Global Fragrance And Perfume Market Demand is expected to witness high growth.
Regional analysis comprises Asia Pacific dominates the market currently due to rising spending power and increasing brand consciousness. China, India and other Southeast Asian countries offer lucrative opportunities.
Key players operating in the fragrance and perfume market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
