- Rising disposable income is projected to lead the demand for consumer goods like fragrances.
- Changing and improving lifestyle are driving the demand for fragrances and related products in Asia Pacific.
- Aromatherapy market is experiencing great demand which is directly adding fuel to the fragrance market.
The Asia Pacific Fragrance Market is expected to grow at a CAGR of 6.2%. In recent years, fragrance market has witnessed substantial innovation in terms of new product launches with various fragrances along with the increasing research & development units and collaborations. Also, the overall disposable income of the consumers has been increasing over the past few years, which, in turn, is projected to lead the demand for consumer goods like fragrances during the forecast period.
Fragrance is a blend of natural or chemical compounds which are added to products to give them a distinctive olfactory property. Fragrance are used as the major ingredient in spray perfumes, cosmetics, soaps & detergents, incense, body care and home care products. Fragrance have applications in various sectors but majority of revenue is generated through the fine fragrance sector. Furthermore, high demand for perfumed cosmetics among the consumers is majorly driving the sale of fragrance products on a global level.
With the rising health consciousness among the consumers, aromatherapy market is experiencing great demand which is directly adding fuel to the fragrance market during the recent years. Consumer goods such as cosmetics, body care, spray perfumes, soaps & detergents, incense, and home care products have become a necessity for consumers. Hence, it is concluded that with the interconnection of both the markets and rising demand for consumer goods, the demand for fragrance products will also increase.
Moreover, increasing consumer awareness regarding health & wellness, and their growing interest to adopt natural fragrance in cosmetic and consumer goods over the synthetically prepared fragrance products is also considered to be a key factor in the growth of the global fragrance market.
The Global Fragrance Market is segmented by type, application, and region.
Leading Key Players:
This report includes a study of strategies used in the market, mergers, and acquisitions in fragrance, multiple product launch by fragrance market players. It further includes product portfolios and developments of leading major players which includes
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.)
The fragrance market is competitive with major market players operating at the global level. The key industry players in the fragrance market have adopted the strategies such as geographical expansion, product launch, partnerships and acquisitions. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
The Asia Pacific Fragrance market is segmented into China, India, Japan, Thailand, the Philippines, Indonesia, South Korea and rest of APAC. This is accredited to product innovations, increased adaption of enhanced products and expanding affluence. Changing and improving lifestyle and other demographic factors, as well as increasing population in developing nations are driving the demand for fragrances and related products in Asia Pacific. Among these, China is projected to retain its dominance throughout the forecast period. China is estimated to reach $1.07 billion by the end of 2023. The country is projected to grow at a high growth rate of 6.27% during the review period of 2017-2023. However, India is estimated to grow at a CAGR of 6.55% during the forecast period of 2017-2023.