SAN FRANCISCO, June 26, 2019 /PRNewswire/ -- The global fragrance market size is expected to reach USD 91.17 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 3.7% over the forecast period. Rising awareness regarding cleanliness and personal hygiene among middle-class income groups in the emerging economies including India, China, Thailand, Vietnam, and Brazil is expected to expand the scope of fragrances over the forecast period.
Key suggestions from the report:
Personal care application led the global fragrance market, with a revenue share of over 47.8% in 2018
Online channels are expected to account for 8.2% of the global share by the end of 2025
North America led the market in 2018, accounting for 33.9% of the global share
New product launches, mergers and acquisitions, and capacity expansion are expected to remain the key strategies among the industry participants over the forecast period.
Personal care is anticipated to emerge as prominent application segment owing to increasing demand for the products including perfume, deodorants, soap, talcum powder, cream, and hair oil. Moreover, rising demand for car and room fresheners coupled with the popularity of aromatherapy in households is anticipated to further fuel the growth. In addition, hospitality has become one of the emerging sectors for fragrances owing to their rising usage to create a pleasant environment. The sector has significant demand for different kinds of fragrances including jasmine, lavender, and eucalyptus which boost up consumers' mood and create a lively environment.
North America was the largest market in 2018, generating a revenue exceeding USD 20 billion. Major manufacturers are adopting strategies such as new product launch and mergers and acquisitions. For instance, in 2017, Coty Inc. signed an agreement to buy 60% of the stakes of the Younique, LLC, a company dealing in direct sales exclusively through the social media and online platforms.
Key market participants are L'Oréal Group; Unilever; The Procter & Gamble Company; Kering S.A.; CHANEL International B.V.; LVMH Group; Givaudan; Revlon Inc.; Firmenich International SA; Estee Lauder Companies Inc.; Coty Inc.; and Giorgio Armani S.p.A. Some of the manufacturers are focusing on R&D of organic products to expand the product portfolio. For instance, in June 2018 Elsa's Organic Skin Foods, a U.K. based company, launched Ocean Natural Deodorant Crème. The product is a silk to powder deodorant balm contains natural antibacterial such as Rose Geranium, Tea Tree, and Patchouli.
Grand View Research has segmented the global fragrance market on the basis of product,application, distribution channel, and region:
Fragrance Product Outlook (Revenue, USD Billion, 2015 - 2025)
Fragrance Application Outlook (Revenue, USD Billion, 2015 - 2025)
Fragrance Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Fragrance Regional Outlook (Revenue, USD Billion; 2015 - 2025)
Medicated Shampoo Market – The global medicated shampoo market size was valued at USD 12.0 billion in 2018. Rising hair related problems including severe dandruff, hair fall, dryness, and itchy scalp due to pollution and other climate changes are the key driving factors in the market.
Home Fragrance Market– The global home fragrance market size was valued at USD 6.7 billion in 2018 and is expected to register a CAGR of 4.4% from 2019 to 2025.
Perfume Market– The global perfume market size was valued at USD 31.4 billion in 2018 and is expected to expand at a CAGR of 3.9% from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.