Fragrance And Perfume Market

Online Learning is the fastest growing segment fueling the growth of the Fragrance and Perfume Market

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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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The fragrance and perfume market consists of products used to impart scent to the body. These products include perfume, Eau de parfum, cologne, Eau de toilette and body spray. These scented products are used for personal hygiene and to create pleasant odor. The perfume industry has adopted innovative trends like customized perfumes and celebrity fragrances which cater to varied customer preferences.

Market key trends:
The shift towards online retailing of fragrances is a major trend in the fragrance and perfume market. The online and e-commerce platforms allow customers to choose from a wide range of fragrances from different brands sitting at home and get the products delivered. Moreover, online stores provide discounts and offers which attract more customers. Online channels also help market new products and seasonal launches virtually eliminating geographical barriers. This e-commerce growth is expected to drive the fragrance and perfume market growth over the forecast period.
Segment Analysis
The Fragrance And Perfume Market Size is segmented into premium products and mass products. Premium or high-end products refer to those sold under designer and niche brands. This segment accounts for the largest share as luxury fragrance brands are considered as a status symbol. Premium fragrances are more concentrated and long-lasting and come in unique designs like precious stones encrusted bottles. Factors like rising disposable incomes, increasing brand consciousness are driving the premium segment growth.

Key Takeaways
The global fragrance and perfume market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing consumer spending on luxury goods and premium wellness products.

Regional analysis:
Europe dominates the global market with the highest revenue share owing to strong presence of major fragrance houses in the region. However, Asia Pacific is projected to grow at the fastest pace during the forecast period due growing middle class population with higher disposable incomes in countries like China and India.

Key players:
Key players operating in the fragrance and perfume market are Symrisee., Firmenich, Loreal, International Flavors & Fragrances, Coty UK, Estee Lauder, LVMH, Givaudan, Kilian, Procter & Gamble, Prestige Beaut. Loreal, Estee Lauder and LVMH captured the major share of the global market due to their wide product portfolio and strong distribution channels across the world.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it