ResearchAndMarkets.com has released its Perfume & Fragrances Market—Focused Insights 2024-2029 report, which expects the global perfume and fragrances market to grow at a CAGR of 2.98% from 2023 to 2029.
The APAC region holds the largest market share and experiences rapid growth in the global perfume and fragrances market, driven by increasing disposable incomes, urbanization, and a rising middle class, especially in China and India.
Asia-Pacific, Latin America, and the Middle East are also driving substantial growth in the global fragrance industry.
Countries like China, India, Brazil, and the UAE are witnessing a surge in demand for perfumes and personal care products. This demand is fueled by rising disposable incomes, urbanization, and an expanding middle class.
In India, brands are focusing on lighter, floral scents preferred in tropical climates, while in China, brands are capitalizing on the demand for luxury and giftable fragrances.
Overall, companies are adopting localized marketing strategies and developing fragrances that cater to cultural preferences. They are also forging partnerships with local distributors and retailers to expand their reach.
In Japan and Australia, natural and eco-friendly perfumes are gaining traction, and consumers are becoming increasingly conscious of sustainability and environmental impact.
Consumers are increasingly seeking perfumes made from natural and organic ingredients, driven by a heightened awareness of the potential health risks posed by synthetic chemicals and a growing concern for environmental sustainability.
According to the report, natural ingredients like botanical extracts, essential oils, and plant-based alcohols are considered healthier alternatives that are gentler on the skin and have fewer environmental impacts.
Customization and personalization are becoming central to the consumer fragrance experience, driven by the desire for individuality and exclusivity, particularly among younger demographics like millennials and Gen Z.
The rise of digital platforms has enabled consumers to engage with brands in new ways, including interactive online tools and virtual consultations that allow them to create bespoke fragrances.
This trend is further amplified by the increasing use of AI (artificial intelligence) and machine learning, which can analyze consumer data to recommend fragrance combinations based on individual preferences and mood or occasion.
Some brands already embracing this trend are Estee Lauder Companies which partnered with Exuude for a new fragrance platform, as well as NotCo, and Osmo with their own AI fragrance initiatives.
Read the full report here.
The APAC region holds the largest market share and experiences rapid growth in the global perfume and fragrances market, driven by increasing disposable incomes, urbanization, and a rising middle class, especially in China and India.
Asia-Pacific, Latin America, and the Middle East are also driving substantial growth in the global fragrance industry.
Countries like China, India, Brazil, and the UAE are witnessing a surge in demand for perfumes and personal care products. This demand is fueled by rising disposable incomes, urbanization, and an expanding middle class.
In India, brands are focusing on lighter, floral scents preferred in tropical climates, while in China, brands are capitalizing on the demand for luxury and giftable fragrances.
Overall, companies are adopting localized marketing strategies and developing fragrances that cater to cultural preferences. They are also forging partnerships with local distributors and retailers to expand their reach.
In Japan and Australia, natural and eco-friendly perfumes are gaining traction, and consumers are becoming increasingly conscious of sustainability and environmental impact.
Consumers are increasingly seeking perfumes made from natural and organic ingredients, driven by a heightened awareness of the potential health risks posed by synthetic chemicals and a growing concern for environmental sustainability.
According to the report, natural ingredients like botanical extracts, essential oils, and plant-based alcohols are considered healthier alternatives that are gentler on the skin and have fewer environmental impacts.
Customization and personalization are becoming central to the consumer fragrance experience, driven by the desire for individuality and exclusivity, particularly among younger demographics like millennials and Gen Z.
The rise of digital platforms has enabled consumers to engage with brands in new ways, including interactive online tools and virtual consultations that allow them to create bespoke fragrances.
This trend is further amplified by the increasing use of AI (artificial intelligence) and machine learning, which can analyze consumer data to recommend fragrance combinations based on individual preferences and mood or occasion.
Some brands already embracing this trend are Estee Lauder Companies which partnered with Exuude for a new fragrance platform, as well as NotCo, and Osmo with their own AI fragrance initiatives.
Read the full report here.
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