The rising trend of personal grooming has made way for the entry for exotic and luxury fragrances, which is expected to support rapid growth of the global fragrances market in years to come. In addition, increasing disposable income coupled with propensity to spend on luxury fragrances is expected to open up new avenues of growth for the market in the years to come.
In the recent times, fragrances have come up as an important business segment in the cosmetics and personal care industry. It has become an important product influenced by the growing popularity of personal care.
Product, application, distribution channel, and region are the four key parameters based on which the global fragrances market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
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Global Fragrances Market: Notable Developments
One of the developments that provide a peep into the market dynamics of the global fragrances market is mentioned below:
- In March 2019, Subsidiary of Estée Lauder Companies, JO Malone London, has introduced a new set of perfumes in the market. These perfumes have been introduced under the banner ‘Wild Flowers & Weeds’ and come with five different fragrances. These fragrances are Lupin and Patchouli, Nettle and Wild Achillea, Cade and Cedarwood, Hemlock and Bergamot, and Willow and Amber. These new perfumes are expected to grab attention of the perfume lovers through their exotic fragrance.
Some of the key players in the global fragrances market comprise the below-mentioned:
- Natura Cosmticos SA
- Estée Lauder Companies
- Avon Products Inc.
- Elizabeth Arden, Inc.
- Louis Vuitton Moet Hennessy
- L’Oreal Groupe
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Global Fragrances Market: Key Trends
The following drivers, restraints, and opportunities characterize global fragrances market over the assessment period, from 2019 to 2027.
Changing Consumer Preferences likely to Shape Contours of the Market
Constantly changing consumer preferences for personal care products is likely to shape the contours of the global fragrances market. Fragrances find extensive use in detergents, toiletries, soaps, household products, and cosmetics. Such varied uses is expected to encourage the growth of the global fragrances market over the period of projection, from 2019 to 2027. The use of fragrances is gaining traction due to increased demand for aromatic products amongst both men and women.
Manufacturers of fragrances are making every effort to lure both prospective and existing consumers through development of new fragrances for both cosmetic and household products. It is expected that these new products would leave imprints on the minds of people. Furthermore, improved standard of living accelerates the demand for exotic fragrances over the period of projection. Market players are likely to experience augmented demand for natural fragrances, which is likely to drive the global fragrances market in near future. Relentless research in aromatherapy is estimated to result in different types of fragrances, which is likely to spur growth of the global fragrances market in years to come.