Fragrance and Perfume Market Propelled by Increasing Cosmetic and Personal Care Product Consumption
The global fragrance and perfume market is an integral part of the cosmetic industry globally. Fragrance and perfumes are used to impart pleasant scent in cosmetic products like soaps, shampoos, creams, lotions and many other personal care products. With increasing disposable incomes and middle-class population globally especially in developing countries, the demand for cosmetic and personal care products have witnessed robust growth over the past few years.
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 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing cosmetic and personal care product consumption worldwide especially in developing countries of Asia Pacific and Latin America has been a major driving factor for the growth of the fragrance and perfume market over the past few years. According to industry estimates, the global personal care market size was valued at around US$ 480 billion in 2019 and is expected to grow over 6% annually till 2027 driven by double digit growths from Asia, Latin America and Africa regions. This robust demand for cosmetic products has propelled the demand for aromatic ingredients like fragrance and perfumes from these industries.
SWOT Analysis
Strength: The fragrance and perfume market has a wide variety of products to cater to different consumer segments. It is a highly fragmented market with the presence of global as well as regional and local players.
Weakness: Frequent changes in consumer preferences can hamper sales of existing products. Raw material price volatility also affects profitability.
Opportunity: Growing demand for natural and organic fragrances creates opportunities for new product launches. Emerging markets in Asia Pacific and Middle East offer high growth potential.
Threats: Intense competition from existing and new market entrants. Stringent regulations regarding ingredients used in fragrances.
Key Takeaways
The Global Fragrance And Perfume Market Size is expected to witness high growth driven by rising consumer spending on luxury personal care products. The market size is projected to reach USD 53.85 billion by 2024, exhibiting a CAGR of 7% during the forecast period.
Regional analysis: Europe dominates the global market currently owing to robust demand in countries like France, Italy, and Germany. The Asia Pacific region is expected to grow at the fastest pace during the forecast years due to growing middle class population in India and China.
Key players: Key players operating in the fragrance and perfume market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine. Growth strategies adopted by major players include new product development, capacity expansion, and mergers & acquisitions.
For More details on the topic:
https://www.rapidwebwire.com/fragrance-and-perfume-market-size-market-share-analysis/
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