Market Size of Fragrances And Perfumes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 6.34 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fragrance & Perfume Market Analysis
The Fragrances And Perfumes Market is expected to register a CAGR of 6.34% during the forecast period.
People are using perfumes and fragrances since ancient times. Fragrances and perfumes contribute to personal hygiene, aromatherapy, confidence boosting, and more. These became essential products in personal grooming. Aromas benefit people working in fashion industries, offices, and everyday life. It is because they boost confidence, hide unpleasant body odors, and indicate a person's individuality. Owing to these factors, the demand for perfumes and fragrances is increasing worldwide. The sales of luxury perfumes are growing due to rising disposable income and changing lifestyles. According to LMVH's annual report 2021, sales of perfumes and cosmetics grew by 26% in 2021.
Furthermore, unisex perfumes are in high demand as perfumes and fragrances are becoming style statements among high-class people. Also, consumer demand for natural perfumes is increasing due to rising consciousness about the health impact of synthetic ingredients. Key market players are focusing on developing exciting new fragrances to attract different consumer groups worldwide. The rising popularity of lighter-scented products, especially among the millennial population, and affordable body splashes, body mists, and cologne body sprays are expected to boost the sales of perfume and fragrance products in developed economies. Also, celebrity endorsements, product advertising, and social media trends entice consumers to choose from different variants of fragrances. Although the demand is increasing, the presence of fake brands in the market can hamper the growth and brand position, restraining the market growth. However, the demand for perfumes and fragrances is expected to increase owing to the expanding distribution network, penetration of e-commerce retail, and rising demand for high-quality products.
