According to estimates, the market for fragrance products will be worth US$ 99.2 billion by 2032, growing at a 4.7% annual rate. For the next ten years, a compound annual growth rate (CAGR) of 9.4% is predicted for the fragrance product market in the B2B category.
One of the essential driving reasons for the fragrance product market is predicted to be the increased emphasis on personal cleanliness and grooming among both men and women. In addition, as individuals become more conscious of the importance of physical fitness, the number of gym-goers has grown, which will raise demand for body odor control goods such as deodorants.
Deodorants and fragrances have evolved into everyday personal care items of the fragrance product market that play an essential part in personal grooming. Urbanization, along with rising living standards among emerging nations’ middle-income groups, such as India, Thailand, China, Vietnam, Brazil, and Argentina, is expected to broaden the growth of demand for fragrance products.
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Increased demand for exotic and flowery smells, particularly among young and adolescent customers, is projected to continue to be a positive driver for the sales of fragrance products.
What are the Growth Propellers of the Fragrance Product Market?
Variety of fragrances offered by fragrance product manufacturing companies, an innovative technology used in perfume and deodorant bottles, increasing consumer spending on sales of fragrance products, various offers and discounts offered by fragrance product companies, and various functional advantages to the sales of fragrance products are some of the prime factors that are ballooning the demand of fragrance products.
The demand for fragrance products is estimated to reach US$ 62.6 billion. These factors are expected to drive the demand for fragrance products greatly during the forecast period.
What are the Restraints of the Fragrance Product Market?
Skin problems such as skin irritation and darkening of the skin caused by some harmful ingredients used in the fragrance product market may hamper the demand for fragrance products. In addition, environmental concern in the fragrance product market
due to parabens released from the deodorant spray, which is responsible for the ozone layer depletion, may act as a restraining factor for the growth of sales of fragrance products.
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What Opportunities Await fragrance product market in different Regions?
The maximum population of developed countries gauges demands of fragrance products on a daily basis, and these countries are faring better in the fragrance product market.
North America dominated the fragrance product market, followed by Western Europe and both of these regions are lucrative fragrance product market.
Asia Pacific region is anticipated to be the fastest-growing region during the forecast period for the demand for fragrance products owing to the increasing per capita spending power and westernization of the daily grooming routines.
Furthermore, the young population of growing economies such as India and China is expected to drive the sales of fragrance products in the Asia Pacific region.
Germany has a rising sales of fragrance products of organic cosmetics. On the other hand, France has an excellent demand for fragrance products that substantially import essential oil and export exotic, luxury perfumes.
What Strategies are Players using to Stay Relevant in the Fragrance Product Market?
The key players operating in for sales of fragrance product market are Lutens’ Borneo, Eau de Vert Eau de Parfum, L’eau Serge Lutens, Clive Christian, L’Oreal SA, Floris, Coty Inc., Revlon Inc. Estee Lauder, Aramis, Christian Dior, BulgariS.p. A., Louis Vuitton, Calvin Kelin, LVMH Group, Chanel, Fifth & Pacific Companies, Procter and Gamble, Gucci, Bourjois, Prada. These fragrance product market players are offering a variety of fragrances with multiple advantages in order to get competitive advantages.
Creed Boutique, LLC, in conjunction with Berkeley Beauty Brands Pvt. Ltd., established its first store in India to cater to the sales of fragrance products in October 2018.
WILDFLOWERS & WEEDS is a new range of perfumes by Jo Malone London, a division of Estée Lauder Companies, which is available in five scents: Willow & Amber, Hemlock & Bergamot, Cade & Cedarwood, Nettle & Wild Achillea, and Lupin & Patchouli.
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