Fragrances Market Size to Exceed US$ 86.3 Bn by 2032: Data Analysis by Experts at Market.Us

New York, March 23, 2023 (GLOBE NEWSWIRE) — In 2022, the worldwide fragrances market demonstrated a total valuation of US$49.8 billion. It is anticipated that the market will exceed US$86.3 billion by the year 2032, indicating a compound annual growth rate (CAGR) of 5.8% during the period from 2023 to 2032.

Fragrances are generally made from natural ingredients such as fruits, roots, resins, and balsams. Fragrances are a combination of organic compounds that produce distinct smell or odor.

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Key Takeaway:

• By Type, in 2022, the synthetic segment has generated the largest revenue share of 58% in 2022.
• By Application, the food & beverages segment has dominated the market and it is accounted for the largest global revenue of 32% in 2022.
• By Distribution Channel, the offline segment had dominated the market and it is accounted for largest global revenue of 72% in 2022.
• By End-User, the women’s segment has generated largest revenue share of 61.4% in 2022.
• In 2022, Europe dominated the market with the highest revenue share of 38%.
• Asia Pacific region is expected grow at a significant CAGR from 2023-2032.

Fragrances are also used in products, such as shampoos, shower gels, shaving creams, and body lotions. Fragrance are also used in products, such as shampoos, shower gels, shaving creams, and body lotions

Factors affecting the growth fragrances market

There are several factors that can affect the growth of the fragrances market. Some of these factors include:

• Increasing use in therapeutics: Some fragrance products are applied on body because they have therapeutic properties, such as affecting structure and function of body, and preventing or treating diseases.
• Increasing use in food & beverages industries: Fragrances are added in small amounts in foods and beverages to make food more delicious. Fragrances are important source of food flavor and play a vital role in food production.
• The emergence of distribution channel: As supermarkets and specialty stores are convenient to reach for consumers and contain wide variety of products. Also rapid adoption of smartphones boosting sale through online retail stores, due to this market for fragrances is driving rapidly.
• Side effects of fragrances: There are some side effects of fragrances on some individuals such as various reactions including contact dermatitis, photoallergy, urticarial, and skin discoloration this have a negative impact on market growth.

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Top Trends in Global Fragrances Market

Big companies in the fragrance market are steadily moving toward consolidation through joint ventures, collaborative partnerships, and mergers & acquisitions. Consumers are more inclined towards personal care and hygiene due to rapid changes in living standards.

Women’s are started spending more on beauty and cosmetic products which current trend in the market. Celebrities creating awareness regarding use of perfume in men through social media advertising due to this individuals are adopting perfumes and beauty products in daily life.

Market Growth

The market growth is propelled by increasing consumer spending on luxury and premium fragrances due to high disposable income, urbanization, and changing living standards.

Individuals worldwide are more aware regarding personal care and hygiene due to this they are more inclined towards fragrance products responsible for market growth. Increasing demand for synthetic fragrances due to their low cost and more life span synthetic fragrances have large demand in global fragrances market

Regional Analysis

The fragrances market was dominated by Europe, which acquired the most significant revenue share of 38% in 2022. The growth of the region is attributed to emerging economies such as Germany, France, and U.K.

Regional fragrance company Coty Inc. was the leading key player in the global fragrance market in 2022. The high demand is due to the large sale of premium fragrance products such as Calvin Klein, and Jil sander through brands such as Hugo Boss. France is a large contributor to key companies such as Guerlain, and Christian Dior.

Asia Pacific region is expected to hold a significant market during the forecast period owing to the increasing population and changing living standards of individuals in emerging economies. Also, trends toward the use of pocket-size perfumes is increasing in the region expected to drive market growth.

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Competitive Landscape

Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Businesses in fragrances market are developing expansion strategies through investments and mergers, and acquisitions.

Some of the major players include Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group PLC, Robertet SA, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG, International Flavors & Fragrances, Inc., Other Key Players.

Scope of the Report

Market Drivers

Rapid growth is being experienced by increasing preference for hygiene products and growing awareness regarding personal care. The increasing use of fragrances in bakery products to enhance odor and aroma drives the need for fragrances in bakery products.

Increasing fashion trends and the growing importance of fragrances in daily life driving the market growth. The increasing trend toward the use of customized fragrances is driving the demand in the market. Also, high demand in food & beverages industries to provide new flavors and tastes to consumers for fulfilling their demand, is driving the growth of the market.

Market Restraints

High processing costs, and shortage of raw materials used in fragrance production hampering the market growth. The adverse effects of synthetic fragrances used in beauty and cosmetics products are the main factor restraining the growth of the fragrance market.

Also, restrictions on the usage of added fragrances in foods, snacks, and bakery products have a negative impact on market growth. Allergic issues of fragrances also have a negative impact on market growth.

Market Opportunities

Individuals worldwide are spending more on perfumes which is anticipated to create lucrative growth opportunities in global fragrance market. Consumers are shifting toward natural fragrances due to health benefits is driving the market. Fragrance manufacturers in the market are continuously working on adding new odors, flavors, and aromas using different ingredients in fragrance products.

Also increasing applications of fragrances in cosmetic products and personal care products demand fragrances is increasing in the market. Increasing use of fragrances in daily life using products such as soaps, shampoos, body lotions, and hair oil due to the increasing population is expected to create significant growth opportunities in global market.

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Report Segmentation

Product Type Insight

Based on type, the synthetic segment is dominant in the market with the largest market share of 58% and is expected to continue its dominance during the forecast period. Growth of the segment is propelled by the high demand for synthetic fragrances in food & beverages and cosmetic & personal care industries. Synthetic fragrances are long-lasting, more complex, sophisticated, and less expensive which is main factor for the growth of the segment.

Application Insight

On basis of application food & beverages segment is dominant in the market with a share of 32% and will remain dominant during the forecast period owing to the high demand for fragrances in foods to add different and distinct flavors to fulfill consumer demand.

Fragrances are mostly used in lactic acid bacteria beverages, milk, and fruity fragrance to give a fresh aroma. Demand for sweet fragrances in functional milk drinks is increasing due to high consumer demand. Also increasing trends toward ready-to-eat foods and snacks drive the growth of this segment.

Distribution Channel Insight

Based on the distribution channel offline segment was dominant in the market with the largest market revenue share of 72% in 2022. The offline segment is driven due to increasing sales from specialty stores that offer premium products to consumers. Offline stores such as supermarkets, and hypermarkets are convenient to reach and a wide variety of products are available in the market.

End-User Insight

Based on end-users women’s segment was dominant in the market with the largest market share of 61.4% in 2022. Increasing use of shampoos, soaps, hygiene, and personal care products of women’s driving need for fragrances among women.

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Market Segmentation

Based on Type

Based on Application

• Food & Beverages
• Cosmetic & Personal care
• Home Care
• Fabric Care

Based on Distribution channels

Based on End-User

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

• Firmenich SA
• Frutarom Industries Ltd.
• Givaudan International SA
• Huabao International Holdings Limited
• Kerry Group PLC
• Robertet SA
• S H Kelkar and Company Limited
• Sensient Technologies Corporation
• Symrise AG
• International Flavors & Fragrances, Inc.
• Other Key Players

Recent Development of the Fragrances Market

• In September 2022, Givaudan announced its collaboration with LanzaTech for the production of fragrance ingredients that use renewable carbon.

• In July 2021, Sensient Technologies corporation takeover assets of Flavor Solutions, Inc., which provides flavors and flavor technologies in the food & beverages industry.

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