- Fragrance is the mixture of fixatives, solvents and aroma compounds that are commonly used to provide pleasant scent to the food, objects, animals and human body. Over the years, herbs and spices such as confifer resin, almond and coriander were used by people to provide scent to their food ingredient.
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The fragrances market is estimated to undergo a double digit growth by 2020.This industry is undergoing growth of over 7% to 8 % annually during 2014-2020. Factors such as product diversification offered by companies and increasing disposable income of consumers will drive the market. Also, rising product visibility through online retailing will impact the market positively. Additionally, increasing visibility of organic compounds and natural gas is expected to fuel the market demand over the coming years.
However, high prices of these products restrict adoption among many consumers. This curbs the market growth. In order to restrain the rising prices, firms like L’Oreal SA have adopted several techniques such as introduction of eco-friendly products and gift hampers.
Different types of fragrances are deodorants, perfumes and others. Mass fragrances and premium fragrances are the type of end-use consumers in the market. On the basis of type of ingredient, the market is segmented into organic, synthetic and natural fragrances. Due to increase in consumer preferences for greener products, natural fragrances segment is likely to experience high growth.
Asia Pacific region is estimated to undergo tremendous growth over the coming years. Rising middle class population and disposable income are factors affecting the market growth positively. Also, changing consumer preferences for premium products will drive the fragrances market demand in the region.
National Bureau of Statistics China stated that, annual per capita disposable income of urban household in China augmented from USD 2,271 in 2008 to USD 3408.3 in 2012. Western Europe and North America are lucrative markets for synthetic fragnances.MEA is estimated to grow substantially contributing over 10% of the overall fragrances market during the forecast period.
Leading market players in the fragrances market are Clive Christian, Serge Lutens’Borneo, Clive Christian and Eau d Vert Eau de Parfum. Other players in the market are Revlon Inc, Christian Dior, Calvin Kelin, Bulgari S.p. A. Procter and Gamble, LVMH Group, Bourjois and Gucci.
Information Source: Grand View Research
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