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Redding, California - April 24, 2024

Perfumes and Fragrances Market to be Worth $77.7 Billion by 2031

Perfumes and Fragrances Market Size, Share, Forecast, & Trends Analysis by Category (Luxury, Non-luxury), Product (Parfum, Eau de Parfum, Eau de Toilette, Eau de Cologne, Fraiche), Ingredient Type, Distribution Channel, End User - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Perfumes and Fragrances Market Size, Share, Forecast, & Trends Analysis by Category (Luxury, Non-luxury), Product (Parfum, Eau de Parfum, Eau de Toilette, Eau de Cologne, Fraiche), Ingredient Type, Distribution Channel, End User - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the perfumes and fragrances market is projected to reach $77.7 billion by 2031, at a CAGR of 4.2% from 2024 to 2031. The growth of this market can be attributed to several factors, including the rising practice of aromatherapy, increasing celebrity endorsements for fragrances, and growth in online and duty-free buying. However, issues related to allergic reactions from fragrance ingredients may restrain the growth of this market. Additionally, the high demand for perfumes with natural ingredients and the rising demand for gender-neutral fragrances are expected to create market growth opportunities. However, counterfeit fragrances are a major challenge for the players operating in this market.

The perfumes and fragrances market is segmented by category, product, ingredient type, distribution channel, and end user. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on category, the perfumes and fragrances market is broadly segmented into luxury and non-luxury. In 2024, the non-luxury segment is expected to account for the larger share of ~72.0% of the perfumes and fragrances market. The large market share of this segment can be attributed to the increasing accessibility of non-luxury fragrances through diverse distribution channels, including drugstores, supermarkets, and online retailers, the increasing demand for non-luxury fragrances that provide premium-inspired experiences at low pricing, and the growing demand for customizable and personalized fragrances as a gifting option.

However, the luxury segment is projected to record the higher growth rate during the forecast period 2024–2031. This growth is driven by the rising demand for fragrances with premium quality and craftsmanship, consumers’ increasing desire to own status symbols from renowned brands, and the rising disposable incomes in emerging markets. Furthermore, endorsements and collaborations with celebrities and influencers are also driving the demand for luxury fragrances.

Based on product, the perfumes and fragrances market is broadly segmented into Parfum, Eau de Parfum (EDP), Eau de Toilette (EDT), Eau de Cologne (EDC), Eau Fraiche, body sprays/mists, and solid perfumes. In 2024, the parfum segment is expected to account for the largest share of ~34.0% of the perfumes and fragrances market. The large market share of this segment can be attributed to the growing need for long-lasting scents with a high concentration of fragrance oils, the increasing emphasis on luxury & prestige brands and products, and the increasing consumer preference for fragrances offering intense projection & lasting impression. Furthermore, limited edition releases, artisanal craftsmanship, and niche fragrance companies offering rare and distinctive scents are also driving the demand for parfum products.

However, the solid perfumes segment is projected to record the highest growth rate during the forecast period 2024–2031. This growth is driven by the increasing need for portable fragrance options that can be easily carried in purses, pockets, or travel bags, the trend toward minimalism and multifunctional beauty products, and the need for long-lasting and intense fragrances that can provide extended wear time and fragrance longevity throughout the day.

Based on ingredient type, the perfumes and fragrances market is broadly segmented into synthetic, natural, combination, and other ingredient types. In 2024, the synthetic segment is expected to account for the largest share of the perfumes and fragrances market. The large market share of this segment can be attributed to the increasing demand for synthetic fragrance ingredients known for their uniformity and reliability in fragrance formulations, the increasing need to reduce reliance on endangered or overharvested botanicals used as natural ingredients in perfumes, the growing demand for cost-effective alternatives to perfumes with natural ingredients, the increasing need for precise control over scent characteristics, and the growing demand for synthetic fragrances with hypoallergenic and non-irritating formulations.

However, the natural segment is projected to witness the highest growth rate during the forecast period 2024–2031. This growth is driven by the increasing need for natural fragrance ingredients with therapeutic properties, including aromatherapy benefits, stress relief, and skin nourishment, and the increasing preference for non-allergenic and skin-safe formulations commonly associated with synthetic fragrances.

Based on distribution channel, the perfumes and fragrances market is broadly segmented into online channels and offline channels. In 2024, the offline channels segment is expected to account for the larger share of ~75.0% of the perfumes and fragrances market. The large market share of this segment can be attributed to the growing demand to test fragrance samples and experience scent profiles and textures in person, the availability of personalized assistance and expert guidance when selecting fragrances, and the growing trend of try-before-you-buy policies that allow customers to sample fragrances, test wearability, and assess compatibility.

However, the online channels segment is projected to register a higher growth rate during the forecast period 2024–2031. This growth is driven by the increasing digitization of retail, the growing demand for online channels that offer 24/7 access to a diverse range of fragrance brands, and consumers’ increasing preference for competitive pricing and discounts offered by online channels, including exclusive online-only offers, such as flash sales, and limited-time promotions.

Based on end user, the perfumes and fragrances market is broadly segmented into women, men, and unisex. In 2024, the women segment is expected to account for the largest share of ~62.0% of the perfumes and fragrances market. The large market share of this segment can be attributed to the increasing demand for diverse scent options, including feminine and floral fragrances, the growing female workforce across the globe, and women’s desire for self-expression and confidence enhancement.

However, the men segment is projected to record the highest growth rate during the forecast period 2024–2031. This growth is driven by the growing demand for signature scent options with distinctive and sporty scent profiles, the increasing demand for fragrances featuring woody and spicy notes, and men’s growing focus on grooming and self-care.

Based on geography, the perfumes and fragrances market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of ~35.0% of the perfumes and fragrances market, followed by Asia-Pacific, North America, the Middle East & Africa, and Latin America. Europe's significant market share can be attributed to several key factors, including the increasing demand for high-end perfume brands and prestige fragrances, the growing demand for fragrances made from natural and ethically sourced ingredients, consumers’ rising interest in wellness, personal grooming, and aromatherapy, and growth in online fragrance retailers, virtual fragrance consultations, and digital fragrance discovery platforms. However, Asia-Pacific is slated to register the highest growth rate of ~5.5% during the forecast period.

Key Players:

The key players operating in the perfumes and fragrances market are LVMH Moët Hennessy - Louis Vuitton (France), Chanel (U.K.), L’OREAL S.A. (France), Guccio Gucci S.p.A (Italy), Coty Inc. (U.S.), Avon (U.S.), The Estée Lauder Companies Inc. (U.S.), Giorgio Armani S.p.A. (Italy), Burberry Group PLC (U.K.), PVH Corp. (U.S.), Dolce & Gabbana S.r.l. (Italy), Clarins Pte Ltd (France), Raer Scents (Germany), Firmenich SA (Switzerland), Elizabeth Arden Inc. (Switzerland), Givaudan (Switzerland), and Perf Opco, LLC. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5814

Key Questions Answered in the Report:

Which are the high-growth market segments based on category, product, ingredient type, distribution channel, end user, and geography?
What was the historical market size for perfumes and fragrances?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the perfumes and fragrances market?
Who are the major players, and what shares do they hold in the perfumes and fragrances market?
What is the competitive landscape like?
What are the recent developments in the perfumes and fragrances market?
What are the different strategies adopted by the major players in the perfumes and fragrances market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global perfumes and fragrances market, and how do they compete with the other players?

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Redding, California - April 24, 2024

Perfumes and Fragrances Market to be Worth $77.7 Billion by 2031

Perfumes and Fragrances Market Size, Share, Forecast, & Trends Analysis by Category (Luxury, Non-luxury), Product (Parfum, Eau de Parfum, Eau de Toilette, Eau de Cologne, Fraiche), Ingredient Type, Distribution Channel, End User - Global Forecast to 2031

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