Fragrances Sector Landscape – Consumer Behavior, Innovations, News and Deals Analysis
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Fragrances Market Overview
The global fragrances market size is $47.06 billion in 2022. The market is expected to grow at a CAGR of more than 16% between 2022 and 2026. The sector saw a significant decline in global volume and value in 2020 and is not expected to recover to pre-pandemic volumes by 2026.
The global fragrance market research report outlines the market trends and consumer behavior that impacts the fragrance market and what implications these may have on the industry’s future. It further explores the evolution of the market post-COVID-19, company performance, news, as well as inspiring product innovation.
To gain more information on the global fragrances market forecast, download a free report sample
Key Market Trends in the Global Fragrances Market
Novel & Experimental: Fragrances that feature unique scent profiles tap into the consumer’s desire to experiment. When combined with a rich cultural heritage and/or exoticism, strong potential exists to attract consumers seeking novel fragrance experiences.
Premiumization & Indulgence: Fragrances are considered a luxurious purchase among many consumers considering their relatively non-essential status. Additionally, fragrances are purchased less frequently than other beauty sectors and hence consumers seek high-quality products.
Value for Money: Price is a hugely influential factor when making a purchase for many consumers considering the rising inflation and the subsequent cost-of-living crisis. Fragrance products must provide value for money, particularly to lower-income consumers since the category can be considered non-essential.
Wellbeing: Fragrances featuring ‘natural’ and ‘clean’ formulations are sought after by consumers who want to limit the number of ingredients their skin is exposed to. Awareness of personal health is paramount, driven by the current health pandemic. Consumers seek guidance to inform not only on their food consumption but also on which personal care products to purchase to maintain a healthy lifestyle.
Environmental Responsibility: Sustainability has maintained its importance throughout the pandemic. Consumer expectations for sustainability now go beyond product packaging, and product formulation as well as a company’s production methods are under scrutiny by consumers who want to learn about sustainability throughout the entire supply chain before making a purchase.
Regional-Level Outlook in the Global Fragrances Market
The key regions in the global fragrances market are West Europe, Latin America, East Europe, North America, Middle East & North Africa, Asia, Africa, and Australasia. West Europe is a clear leader in the global fragrances market while Asia and Africa are relatively small markets for fragrances.
Global Fragrances Market Analysis by Key Regions
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Key Segments in the Global Fragrances Market
The key segments in the global fragrances market are unisex fragrances, male fragrances, and female fragrances. The female fragrances category accounts for the largest proportion of the fragrances sector.
Global Fragrances Market Analysis by Key Segments
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Key Players in the Global Fragrances Market
The key players in the global fragrances market are Selfridges&Co, L’Oreal, Byredo, AXE, Amyris, Minerva Foods, Giorgio Armani, Ajmal Amir, Coty, Procter & Gamble, Estee Lauder, The Body Shop, Scent beauty, LVMH, and Puig.
Global Fragrances Market Report Overview
Market Size (2022) | $47.06 billion |
CAGR (2022 – 2026) | >16% |
Key Regions | West Europe, Latin America, East Europe, North America, Middle East & North Africa, Asia, Africa, and Australasia |
Key Segments | Unisex Fragrances, Male Fragrances, and Female Fragrances |
Key Players | Selfridges&Co, L’Oreal, Byredo, AXE, Amyris, Minerva Foods, Giorgio Armani, Ajmal Amir, Coty, Procter & Gamble, Estee Lauder, The Body Shop, Scent beauty, LVMH, and Puig |
Scope
- COVID-19 significantly hampered the global fragrance sector, and it will not recover, in terms of value, until 2023.
- Consumers who purchase fragrances value high-quality products.
- Health and wellness remain important trends for innovation within the fragrances sector.
Reasons to Buy
- Understand the relevant market and consumer trends that are driving the fragrances sector.
- Gain a broader understanding of the environment post-COVID-19 in the fragrances sector and its impact on consumer spending and preferences.
- Access valuable strategic take-outs to assist future decision-making and product development.
L’Oreal
Byredo
AXE
Amyris
Minerva Foods
Giorgio Armani
Ajmal Amir
Coty
Procter & Gamble
Estee Lauder
The Body Shop
Scent beatuy
LVMH
Puig
Plum Body Lovin
Carrefour Soft
I Heart Revolution
Ted Baker
Spykar Denim
Sephora
Minions etc.
Table of Contents
Frequently asked questions
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What is the global fragrances market size in 2022?
The global fragrances market size is $47.06 billion in 2022.
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What is the global fragrances market growth rate?
The global fragrances market is expected to grow at a CAGR of more than 16% between 2022 and 2026.
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Which are the key regions in the global fragrances market?
The key regions in the global fragrances market are West Europe, Latin America, East Europe, North America, Middle East & North Africa, Asia, Africa, and Australasia.
-
What are the key segments in the global fragrances market?
The key segments in the global fragrances market are unisex fragrances, male fragrances, and female fragrances.
-
Who are the key players in the global fragrances market?
The key players in the global fragrances market are Selfridges&Co, L’Oreal, Byredo, AXE, Amyris, Minerva Foods, Giorgio Armani, Ajmal Amir, Coty, Procter & Gamble, Estee Lauder, The Body Shop, Scent beauty, LVMH, and Puig.
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