Fragrances & Perfumes Market Forecasts 2024-2030: Emerging Preference For Organic Fragrances And Perfumes Owing To Growing Sustainability Trends

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Global Fragrances & Perfumes market by Nature (Conventional, Organic), Group (Men, Unisex, Women), Positioning, Distribution Channel, End Use - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Fragrances & Perfumes Market grew from USD 29.31 billion in 2023 to USD 31.41 billion in 2024. It is expected to continue growing at a CAGR of 7.63%, reaching USD 49.05 billion by 2030.

These aromatic concoctions can be derived from essential oils or synthetic ingredients to produce a specific aroma designed to enhance personal allure or comfort. Perfumes are deeply embedded in social and cultural norms, where their use is associated with personal grooming and social status, driving their demand across diverse populations.

Effective marketing strategies and celebrity endorsements play a significant role in shaping consumer preferences and boosting sales within the fragrance market. However, strict regulations regarding the use of certain chemicals and rising incidences of product recalls of fragrances and perfumes containing hazardous ingredients can deter consumers from investing in such products. Moreover, maintaining the stability of fragrance compounds, especially in varying climatic conditions, can be challenging and affect the quality and efficacy of the final product.

Key players are exploring innovations and R&D initiatives to improve the sustainability, performance, safety, and functional attributes of fragrances and perfumes, which can expand the customer segment of the market. Integration of technology in production processes and customer engagement strategies, such as AI-based custom scents, can provide new growth avenues.
Regional Insights
The Americas region, particularly the United States and Canada, exhibits a robust demand for premium fragrances. Consumers tend to prefer bold and individualistic scents that make a personal statement. Companies in this region are at the forefront of blending traditional craft techniques with modern technology, enhancing both production and consumer engagement. Significant developments in synthetic biology are notable in the Americas region, where researchers focus on bio-engineered aromatic compounds.

In Europe, there is a strong preference for heritage brands and luxury fragrances, reflecting an appreciation for craftsmanship and history in perfume-making. There is also a notable trend towards organic and eco-friendly fragrances, driven by a growing awareness of environmental issues and personal health. Europe continues to be a major driver in regulatory aspects, with significant attention to compliance and safety standards in the fragrances and perfumes sector.

The Middle East represents one of the most lucrative markets worldwide for fragrances, with a cultural predisposition towards strong, opulent scents often based on oud and incense. In the Asia Pacific region, consumer preferences for fragrances and perfumes are characterized by an increasing inclination towards personal well-being and lifestyle enhancement.

Chinese consumers frequently display a preference for understated and clean scents. Japanese consumers prioritize high-quality, artisanal products that encompass purity and simplicity. Meanwhile, in India, there is a robust market for traditional fragrances such as attars, with a growing demand for international perfume brands as middle-class affluence rises.

Recent Developments

Strategic Alliance Between Coty Inc. and Etro to Enhance and Expand Luxury Fragrance Lines
Coty Inc. has announced a significant long-term partnership with the esteemed Italian fashion brand, Etro, extending its focus on the production and international distribution of Etro's distinct fragrance lines and home scent collections. The partnership signifies a mutual commitment to innovation, leveraging Coty's profound industry expertise to enhance and diversify Etro's beauty offerings.
LilaNur Launches in India, A Fusion of French-Indian Fragrance Expertise
LilaNur, a fragrance brand developed and promoted by Good Earth, is slated to expand its market presence by launching in India after its initial debut in the UK, US, and online platforms. The brand presents a line of seven Eau de Parfums and three Attar Absolu varieties, celebrating the rich olfactory traditions of India blended with French scents and wellness concepts.
Expansion of Aranyam's Fragrance Line, Introducing New Oudh and Aqua Perfumes Tailored for a Growing Indian Market
Aranyam, a key Indian brand known for its natural fragrances, has expanded its product lineup with the introduction of six new perfumes, categorized under oudh and aqua themes, to cater to the increasing luxury consumer base in India's thriving economy. These perfumes are free from synthetic additives, aligning with Aranyam's ethical sourcing and natural ingredient policy, ensuring a lasting and genuine fragrance experience that reflects Indian heritage and modern luxury consumption trends.

Key Attributes:

Report Attribute	Details
No. of Pages	194
Forecast Period	2024 - 2030
Estimated Market Value (USD) in 2024	$31.41 Billion
Forecasted Market Value (USD) by 2030	$49.05 Billion
Compound Annual Growth Rate	7.6%
Regions Covered	Global

Market Dynamics

Market Segmentation Analysis

• Nature: Emerging preference for organic fragrances and perfumes owing to sustainability trends
• End Use: Demand for a wide variety of scents tailored to a wide range of products in the cosmetics sector

Market Drivers

• Rising trend of using fragrances & perfumes associated with personal grooming and social status
• Increasing per capita income and changing lifestyle in developing countries
• Significance of effective marketing strategies and celebrity endorsements

Market Restraints

• Concerns related to chemicals present in fragrance & perfume products

Market Opportunities

• Continuous innovation and expansion into unisex and pheromone-based perfumes
• Rising investment in research and development to achieve scent consistency in mass production

Market Challenges

• Counterfeit products and sustainability concerns

Industry Insights

• Market Disruption Analysis
• Porter's Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

Key Company Profiles

• Amorepacific Corporation
• Beiersdorf
• Bombay Perfumery
• Bulgari
• CHANEL
• Coty Inc.
• Elizabeth Arden
• Fogg
• Givaudan
• Hermes
• International Flavors & Fragrances
• Interparfums, Inc.
• KERING
• L'Oreal Groupe
• LVMH Moet Hennessy-Louis Vuitton
• Oriflame Cosmetics
• Procter & Gamble
• Puig
• Revlon
• Shiseido Company, Ltd.
• The Avon Company by Natura
• The Estee Lauder Companies
• Titan Company Limited
• Unilever PLC
• Villain Revolver

Market Segmentation & Coverage
Nature

• Conventional
• Organic

Group

• Men
• Unisex
• Women

Positioning

• Economic
• Luxury
• Premium

Distribution Channel

• Offline
• Convenience Stores
• Specialty Stores
• Supermarkets/Hypermarkets
• Online

End Use

• Cosmetic
• Food & Beverage
• Retail

Region

Americas

• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas

Asia-Pacific

• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam

Europe, Middle East & Africa

• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

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Attachment

• Global Fragrances & Perfumes Market

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