Fragrance is referred to as the combination of chemical compounds added to produce a peculiar scent which also enhances the overall organoleptic property of the product. Fragrances have high applications in fine fragrances owning to the surge in promotional activities of personal care products and increase in the disposable income, globally.
Fragrances have been segmented on the basis of type which includes natural and synthetic. Synthetic fragrances are identified to dominate the segment based on the high demand and large volume production of synthetic fragrances across the globe. High focus on R&D is estimated to propel the growth of synthetic fragrances on a global level. Synthetic fragrances are anticipated to account for a share of more than 65% and are projected to grow at a CAGR of 4.80%.
Furthermore, on the basis of application, fragrances are segmented into fine fragrance (perfumes), cosmetics and toiletry (without hair care), hair care, essential oils and aromatherapy, household and air care, soap, detergent, tobacco, and others. Cosmetics and toiletry (without hair care) are evaluated to dominate the market accounting for a share of 23% during the forecast period and are projected to have a growth rate of more than 5% during the forecast period. Fine fragrances are estimated to have the highest growth rate of 5.78% during the corresponding period.
The global fragrance market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Among these, North America is projected to retain its dominance throughout the forecast period owing to the rising per-capita income and increasing disposable income. North America is estimated to reach USD 5803.01 million by 2023. However, Asia Pacific is projected to expand at a moderate CAGR of 6.20% during the forecast period, 2017 to 2023.
The leading players in the global fragrance market are Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich International SA (Switzerland), Symrise AG (Germany), Takasago International Corporation (Japan), V. MANE FILS SA (France), and Sensient Technologies Corporation (U.S.)
o North America is estimated to retain its dominance throughout the forecast period at a CAGR of 4.80%. Among the North American countries, the U.S. is projected to witness a substantial growth at a CAGR of 4.72% during the forecast period of 2017 to 2023.
o Global fragrance manufacturers find massive opportunities in China owing to the huge demand for fragrance products, especially, cosmetics and toiletries.
Regional and Country Analysis of the Global Fragrance Market, Development and Demand Forecast till 2023
As per the MRFR analysis, the global fragrance market is expected to reach USD 17500.03 million by 2023 at a CAGR of 5.30% during the forecast period.
- North America
o Rest of Europe
- Asia Pacific
o Australia and New Zealand
o Rest of Asia Pacific
- Rest of the World
o Latin America
o Middle East
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