Fragrance Market Forecast
All the factors are augmenting the Global Fragrance Market to grow at the CAGR of 5.30% during the forecast period of 2017-2023. Fragrance are used as the major ingredient in spray perfumes, cosmetics, soaps detergents, incense, body care and home care products. However, fragrance industry holds a major share in the cosmetics and personal care industries as a major ingredients used in the products.
The global perfume market has been observing a growing trend both in the developed and developing economies, owing to the rapid urbanization, rise in disposable income and changing lifestyle of consumers. Increasing consumer spending on personal care beauty products is expected to be one of the significant reasons for the rising growth of perfumery products which in turn escalates the sales of fragrance during the forecast period.
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The Global Fragrance Market is segmented by type, application, and region.
Key Players Analysis
- Givaudan SA (Switzerland)
- International Flavors Fragrances, Inc. (U.S.)
- Firmenich International SA (Switzerland)
- Symrise AG (Germany)
- Takasago International Corporation (Japan)
- MANE FILS SA (France)
- Sensient Technologies Corporation (U.S.)
Among the type, synthetic fragrance segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 4.80% during the given period due to increased use of fragrance in cosmetics, soaps detergents, spray perfumes, incense, body care and home care products. Furthermore, the demand for natural fragrances in these products is increasing the growth of the fragrance market.
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The global fragrance market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North America region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 4.80% during the review period. This is attributed to the high usage of spray perfumes, cosmetics, soaps detergents, incense, body care and home care products. Among the North American countries, the U.S. is majorly driving the market of fragrances in this region. However, Asia Pacific region is expected to grow with a CAGR of 6.20% during the review period. In Asia Pacific region, China is expected to hold 24% market share in the year 2017.
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