Fragrance And Perfume Market size to grow by USD 19.48 billion from 2023 to 2028- Technavio

NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The fragrance and perfume market is estimated to grow by USD 19.48 billion from 2023 to 2028, growing at a CAGR of 5.84%. The fragrance and perfume market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer fragrance and perfume market are Burberry Group Plc, Chanel Ltd., Coty Inc., Dolce and Gabbana SRL, Hermes International SA, Inter Parfums Inc, ISAK, Kering SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Marico Ltd., Natura and Co Holding SA, PUIG S.L., PVH Corp., Revlon Inc., Salvatore Ferragamo Spa, Shiseido Co. Ltd., The Estee Lauder Companies Inc., CLARINS France, and Prada S.p.A. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying

Company Offering:

• Chanel Ltd. - The company offers fragrances and perfumes such as Bleu De Chanel, Chance EAU Tendre, and Coco Mademoiselle.
• Coty Inc. - The company offers fragrance and perfumes such as Eau Ressourcante, and Eau Dynamisante.
• Dolce and Gabbana SRL - The company offers fragrances and perfumes such as The Omnipotent Concentrate, and The Vital SAP.
• For details on companies and their offerings – Buy the report!

By Geography, the market is classified as Europe, North America, APAC, Middle East and Africa, and South America. Europe will have the largest share of the market. The region will contribute 29% to the global market growth. The European perfume and fragrance market stands out for its rich cultural heritage and tradition in perfumery. France and Italy, known for luxury and refinement, lead in fragrance production. The European consumer base values authenticity, sustainability, and forward-thinking, driving the demand for natural, eco-friendly scents. Companies aligning with these trends and values are poised to excel in the competitive European fragrance market, fueling its growth. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.

• Impactful driver- The fragrance and perfume market is expected to witness growth driven significantly by the rising impact of social media. Platforms amplify brand visibility and consumer engagement, creating an insatiable demand for diverse scents. Aromatics, essential oils, and various concentrations like Eau De Parfum, Eau De Toilette, and Eau De Cologne cater to distinct preferences. Perfume oils and the artful composition of top notes perfume, middle notes perfume, and base notes perfume further boost this thriving market landscape.
• Key Trend - The fragrance and perfume market's emerging trend is fueled by the escalating desire for natural and sustainable ingredients. This shift caters to the preferences of perfume enthusiasts seeking niche fragrances or designer fragrances free from synthetic elements. It influences perfume manufacturing, emphasizing the use of fragrance oils and specific fragrance chemistry to create captivating fragrance notes. The fragrance concentration continues to evolve, reflecting changing consumer tastes and ongoing fragrance trends.
• Major Challenges - The fragrance and perfume market confronts significant challenges due to stringent regulations and compliance standards governing the use of raw materials. This is a challenge to perfume brands and the perfume industry, impacting fragrance extraction and the creation of natural fragrances. Regulatory constraints influence perfume packaging, perfumery, and perfume marketing strategies. Adhering to these guidelines affects the selection of fragrance ingredients, impacting the creation of captivating scents and the presentation of perfume bottles.

 Market Segmentation

• The offline segment will contribute the largest share of the market. The offline segment remains pivotal in the global fragrance market, offering immersive, sensory experiences lacking in online channels. Brick-and-mortar retail, including specialty and luxury stores, provides personal interaction, skin testing, and guidance from knowledgeable staff. Catering to consumers seeking exclusivity, high-end boutiques offer rare scents, enriching the fragrance market's growth through unique shopping encounters.

Technavio Research experts have provided more insights on the market share of segments - View a Free Sample Report

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Distribution Channel

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio