Increasing demand from emerging markets such as Asia Pacific and Latin America is anticipated to remain a key driving factor for market growth. Rising consumer awareness coupled with higher living standards is further expected to fuel demand over the forecast period.
Growing natural fragrances popularity coupled with growth of strong men’s fragrances is anticipated to drive market growth. Shift towards aromatic cosmetics coupled with growing personal care industry is expected to propel demand over the forecast period. Increasing application scope in end-use industries such as cosmetics, toiletries, and herbal products is anticipated to complement market growth.
Rising awareness among consumers regarding cleanliness in developing countries such as China, India, Russia, and Brazil is expected to drive fragrances demand over the forecast period. Cosmetics and toiletries are expected to emerge as leading application segment owing to rising demand for products such as soap, cream, perfume, hair oil, and talcum powder.
Increasing urbanization in developing regions of Asia Pacific and Latin America such as China, India, Japan, Vietnam, Brazil, and Argentina is expected to fuel demand. Rising demand for floral and exotic fragrances specifically from younger generation is anticipated to remain a prominent factor driving market growth over the next seven years.
Rising demand for celebrity-inspired perfumes is one of the major trends in fragrance industry. Major brands have global celebrities endorsing their products, which has a strong influence on customer section. Growing grooming importance among teenagers is further expected to complement market growth over the forecast period. Increasing demand for products such as mists & deodorants, body sprays and perfumes is anticipated to complement market growth over the forecast period.
Increasing demand for car and room fresheners coupled with rising aromatherapy popularity is expected to drive demand for cosmetics and toiletries application segment. Increasing demand owing to growing application segment such as pesticides, candles, and intense sticks is further expected to fuel market growth over the forecast period.
Stringent government regulations to maintain quality standards are anticipated to increase production cost and hinder market growth. Ban on key ingredients due to regulatory guidelines is expected to challenge industry participants over the next seven years.
Europe is expected to emerge as the largest regional market due to fashion industry influence coupled with consumer awareness regarding personal grooming. Increasing demand for cosmetics and toiletries such as soaps, air fresheners, and perfumes is anticipated to drive demand in the region.
Asia Pacific is expected to witness highest growth rate over the forecast period owing to increasing personal care products demand in countries such as China, India, Japan, Thailand and Vietnam. Growing perfume industry owing to rising presence of global brands is further expected to fuel demand in the region.
North America is expected to have a significant growth rate over the next seven years due to rising consumer interest in personal grooming coupled with increasing demand for floral ingredients. Growing laundry detergents industry is expected to fuel fragrances demand in the region. Middle East and Latin America are expected to witness high growth rate owing to highly underpenetrated markets.
Key companies operating in the global market include Gucci Group N.V., Chanel S.A., Kate Spade & Company, and Revlon Inc. Other prominent industry participants include Bulgari Perfumes, , Elizabeth Arden Inc., Puig Beauty & Fashion Group, LVMH Group, Estee Lauder Companies Inc., Lóreal S.A., Coty Inc., Vantage, Clarins Group, Tesco PLC, Waitrose, MAC Cosmetics, Asda Stores Ltd. and Morrsions Inc. Major players are involved in product innovation and differentiation in order to attain market penetration
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