Fragrance and Perfume Market Growth Accelerated by Rising Demand for Natural Fragrances

Fragrance and Perfume Market



The global fragrance and perfume market offers a wide variety of products such as perfumes, fragrances, and fragranced products that offer pleasant aromas. These products are made of essential oils extracted from flowers, plants, spices, and other natural sources. They are widely used for aromatherapy and relaxation purposes.

The global fragrance and perfume market is estimated to be valued at US$ 53.85 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising demand for natural fragrances is one of the key trends driving growth of the global fragrance and perfume market. Consumers today are increasingly preferring natural and organic fragrance products over synthetic ones due to rising health awareness. This is boosting demand for fragrance and perfumes products made from natural essential oils extracted from plants and flowers. Companies are innovating and launching new natural fragrance product lines to cater to the changing consumer preferences. For instance, BASF Corporation offers a range of essential oils and natural extracts for use in formulating fragrances. Growing consumer preference for sustainable and eco-friendly products is also augmenting demand for natural fragrances extracted from organic materials.

Segment Analysis
The global fragrance and perfume market is dominated by the women's perfume segment. Women account for around 60-70% of the total perfume purchases globally. Women's perfumes tend to be more varied and nuanced compared to men's fragrances. Further, women often prefer changing their signature scents as per the seasons and occasions. This makes women inclined to purchase numerous fragrances and refill bottles over time, driving sustained demand for the women's perfume segment.

Key Takeaways
Global Fragrance And Perfume Market Demand is expected to witness high growth over the forecast period.

Regional analysis: The Asia Pacific region currently dominates the global fragrance and perfume market and is expected to witness the fastest growth. Rapid economic expansion, rising spending power, growing aspirational middle class and increasing awareness about personal grooming are driving strong demand for fragrances in the Asia Pacific region. Countries like China, Japan and India are major markets contributing to significant growth.

Key players operating in the fragrance and perfume market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine. BASF Corporation, DSM and Celloana Inc. are the top players in the global market dominating their respective product segments.

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