Market Size of Fragrances and Perfumes Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 5.56 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fragrance & Perfume Market Analysis
The fragrances and perfumes market is projected to register a CAGR of 5.56% during the upcoming five years.
Perfumes and fragrances have been used by people since ancient times. They have been evolving continuously since their origin. Fragrances and perfumes contribute to personal hygiene, aromatherapy, confidence boosting, and many more. Fragrances and perfumes have improved the grooming habits of individuals and have become essential products of day-to-day life. Perfumes are beneficial for people working in fashion industries and offices and in day-to-day life as well since it boosts confidence, hide unpleasant body odors, and indicate the individuality of a person. According to LMVH's annual report 2021, sales of perfumes and cosmetics grew by 26% in 2021.
The growth of the fragrances and perfumes market is primarily influenced by unpredictable and continuously changing fashion trends. Thus, key market players are focusing on developing exciting, unique, and new fragrances to attract different consumer groups worldwide. The rising popularity of lighter-scented products, especially among the millennial population, and the availability of affordable body splashes, body mists, and cologne body sprays are expected to boost the sales of perfume and fragrance products in developed economies. Companies compete on different factors, including product offerings, prices, ingredients, and marketing activities, to gain a competitive advantage in the market. Some of the other prominent players in the market are Shiseido Co. Ltd, Revlon Inc., Chanel SA, Hermès International SA, and Avon Products Inc.
