Decrease In Demand of Fragrances Market To Restrict Revenue Growth During Forecast Period 2022 – 2031 : FactMR

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Fine Fragrances market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Fine Fragrances

The report offers actionable and valuable market insights of Fine Fragrances. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Fine Fragrances Market across various industries and regions.

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This newly published and insightful report sheds light on Market Insights of Fine Fragrances, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Fine Fragrances Market.

A recent report by Fact.MR projects the global Fine Fragrances market to grow at a CAGR of 6.2% during the forecast period 2017 to 2022. The rise in living standards of population across developing economies has driven the consumption of cosmetic as well as aromatic personal care products, which in turn is expected to fuel adoption of fragrance products in these regions.

Altering demand patterns of consumers has led the global market for Fine Fragrances to attain significant momentum over the past few years. Majority of the consumers and manufacturers have been shifting their preferences towards natural Fine Fragrances, on the back of concerns related to synthetic Fine Fragrances’ toxic contents.

Fragrance Market forecast analysis by Fact.MR

These synthetic Fine Fragrances or perfumes are expected to have negative health effects on users and the environment. Even though natural Fine Fragrances are gaining tremendous popularity, their adoption rate is less as compared to synthetic ones owing to their higher costs. However, the demand for natural Fine Fragrances is expected to witness a rise on the back of their environment-friendly nature as well as health benefits, for example – they have no side effects on people with sensitive skin.

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Key Segments Covered in Fragrance Industry Survey

  • Product:

    • Cosmetics & Toiletries
    • Fine Fragrances
    • Soap & Detergents
    • Household Products
    • Other Fragrances
  • Distribution Channel:

    • Conventional Retail
    • Online Sales
    • B2B
    • B2B – TP

Competitive Landscape

Fragrance products have developed from a non-essential to an essential product in today’s environment. Due to extended working hours and the need to smell good, millennials are willing to spend more on these products.

Manufacturers have crafted fragrance products specific to men and women. Economic growth in emerging countries as well as rising demand for youth-oriented fragrances are expected to propel the global fragrance sector.

  • Kim Kardashian West’s KKW Fragrance, a collaboration with celebrity florist Jeff Leatham comprising three flower-inspired smells; Michelle Pfeiffer’s light and floral Windows Down; and Tom Ford’s Tubéreuse Nue, with notes of tuberose and jasmine, are some of the new fragrance releases.
  • A beauty cult favourite – The Ordinary – released its first home fragrance – Shop, a spicy peppery aroma with warm cedar overtones. The fragrance encapsulates the feeling of “happy and joy with a sense of peace,” according to Azzi Glasser, an award-winning perfume designer who assisted in the creation of Shop.

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Key Takeaways from Market Study:

  • Fact.MR forecasts the U.S. fragrance market to grow from US$ 13.2 Bn in 2021 to US$ 22.3 Bn by 2031, at a CAGR of 5.3%.
  • The market in China is set to increase from US$ 7 Bn in 2021 to US$ 15.8 Bn by 2031, surging at a CAGR of 8.5%.
  • The B2B segment is estimated to represent a compound annual growth rate of 9.6% from 2021 to 2031
  • Fine fragrances are expected to show highest compound annual growth rate of 8% through 2031.

“Rising concerns regarding health & hygiene and trends such as aromatherapy to reduce stress and improve mental health suggest steady growth for the fragrance industry,” says a lead analyst at Fact.MR.

Who is Winning?

Users all across the world are emphasizing more on crafting their own signature perfume, which is known as premiumization. This has spurred the adoption of a wide range of fragrances. A number of artist and niche labels have joined the market with new organic scents that do not contain synthetic ingredients and fragrances, acquiring brand recognition from online sales, perfume blog sites, and social media pages to better engage with consumers.

Some of the leading companies offering fragrances are Avon Products, Inc., CavinKare Pvt. Ltd., Henkel AG & Co., Lion Corporation, Chanel International B.V, The Estée Lauder Companies Inc., Amway Corporation, Coty Inc., and Clarins S.A.

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