Global Fragrances Market Outlook, Prospect and Future 2023
Summary - A new market study, titled “Global Fragrances
Market Research Report- Forecast to 2023”has been featured on WiseGuyReports.
Fragrance is referred to as the combination of chemical
compounds added to produce a peculiar scent which also enhances the overall
organoleptic property of the product. Fragrances have high applications in fine
fragrances owning to the surge in promotional activities of personal care
products and increase in the disposable income, globally.
Fragrances have been segmented on the basis of type which
includes natural and synthetic. Synthetic fragrances are identified to dominate
the segment based on the high demand and large volume production of synthetic
fragrances across the globe. High focus on R&D is estimated to propel the
growth of synthetic fragrances on a global level. Synthetic fragrances are
anticipated to account for a share of more than 65% and are projected to grow
at a CAGR of 4.80%.
Furthermore, on the basis of application, fragrances are
segmented into fine fragrance (perfumes), cosmetics and toiletry (without hair
care), hair care, essential oils and aromatherapy, household and air care,
soap, detergent, tobacco, and others. Cosmetics and toiletry (without hair
care) are evaluated to dominate the market accounting for a share of 23% during
the forecast period and are projected to have a growth rate of more than 5%
during the forecast period. Fine fragrances are estimated to have the highest
growth rate of 5.78% during the corresponding period.
Regional Analysis
The global fragrance market is segmented into North America,
Europe, Asia Pacific, and the rest of the world. Among these, North America is
projected to retain its dominance throughout the forecast period owing to the
rising per-capita income and increasing disposable income. North America is
estimated to reach USD 5803.01 million by 2023. However, Asia Pacific is
projected to expand at a moderate CAGR of 6.20% during the forecast period,
2017 to 2023.
Key Players
The leading players in the global fragrance market are
Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.),
Firmenich International SA (Switzerland), Symrise AG (Germany), Takasago
International Corporation (Japan), V. MANE FILS SA (France), and Sensient
Technologies Corporation (U.S.)
Target Audience
• Global fragrance product manufacturers
• End-users
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
Key Findings
o North America is estimated to retain its dominance
throughout the forecast period at a CAGR of 4.80%. Among the North American
countries, the U.S. is projected to witness a substantial growth at a CAGR of
4.72% during the forecast period of 2017 to 2023.
o Global fragrance manufacturers find massive opportunities
in China owing to the huge demand for fragrance products, especially, cosmetics
and toiletries.
Regional and Country Analysis of the Global Fragrance
Market, Development and Demand Forecast till 2023
As per the MRFR analysis, the global fragrance market is
expected to reach USD 17500.03 million by 2023 at a CAGR of 5.30% during the
forecast period.
Country-Level Analysis
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o Spain
o U.K.
o Italy
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Australia and New Zealand
o Indonesia
o Rest of Asia Pacific
• Rest of the World
o Latin America
o Middle East
o Others
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/3112770-global-fragrances-market-research-report-forecast-to-2023
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