FRAGRANCE & PERFUME INDUSTRY SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Fragrance & Perfume Market Analysis:

The market for fragrances and perfumes is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.56% over the next five years. The use of perfumes and fragrances dates back to ancient times and has undergone continuous evolution since then. These products serve various purposes, including personal hygiene, aromatherapy, and confidence-boosting. They have become essential items in daily life, improving grooming habits and indicating individuality. Perfumes are particularly beneficial for those working in fashion industries and offices, as well as in day-to-day life, as they can mask unpleasant body odors and enhance confidence. According to LMVH’s annual report for 2021, sales of perfumes and cosmetics increased by 26% in that year.

The growth of the fragrances and perfumes market is primarily driven by unpredictable and ever-changing fashion trends. As such, key market players are focusing on developing new, unique, and exciting fragrances to attract diverse consumer groups worldwide. The increasing popularity of lighter-scented products, particularly among millennials, and the availability of affordable body splashes, body mists, and cologne body sprays are expected to boost sales of perfume and fragrance products in developed economies. Companies compete on various factors, including product offerings, prices, ingredients, and marketing activities, to gain a competitive edge in the market. Other notable players in the market include Shiseido Co. Ltd, Revlon Inc., Chanel SA, Hermès International SA, and Avon Products Inc.

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