Fragrance products are used to increase fragrance of the body and create a natural aroma in a desired manner. Fragrance products are made by mixing fragrance ingredients, fixatives, and solvents. Fragrance ingredients include natural resources such as flowers, fruits, grasses, spices, and leaves and synthetic chemicals such as benzophenone, acetaldehyde, and benzyl salicylate. Fragrance ingredients are not limited to perfumes but have application in cosmetics, personal care, and home care products.

MARKET DYNAMICS

The growth of fragrance product market is expected to be driven by increasing awareness about personal grooming and high expenditure on personal care products. For instance, according to the U.S. Department of Commerce and International Trade Administration (ITA), the local production of cosmetics and personal care products in Mexico was valued at US$ 6.5 billion in 2015, and it increased to reach around US$ 7.3 billion in 2018.

Extensive use of fragrance products containing synthetic ingredients is expected to cause health issues relating to skin and respiratory organs, which is expected to hamper the market growth of fragrance products. However, rising demand for natural products has led to increasing use of natural fragrance ingredients in fragrance products, which is expected to drive growth of the fragrance product market.

MARKET OUTLOOK

Among regions, Asia Pacific is expected to witness significant growth over the forecast period, owing to increasing disposable income and awareness about personal grooming among the populace. For instance, according to the India Brand Equity Foundation, India’s per capita GDP was US$ 1,942 in 2017, and is expected to reach US$ 3,273.85 by 2023.

Among distribution channel, the online channel segment is expected to witness significant growth in the market over the forecast period. This is due to increasing use of mobile phones and internet, and inclination of people towards online purchases, and emergence of various e-commerce companies, which is expected to drive growth of the online channel segment. For instance, according to India Brand Equity Foundation (IBEF), India e-commerce market was valued at US$ 15 billion in 2016, in which the personal care segment accounted for a market share of 8%. The India e-commerce market is expected to witness a CAGR of 44.7% to reach US$ 63.7 billion by 2020.

KEY MARKET PLAYERS

Players operating in fragrance products market are focused on various strategies such as mergers and acquisitions. For instance, in 2017, Louis Vuitton Malletier acquired Maison Francis Kurkdjian, a fragrance products manufacturing company. The acquisition helped Louis Vuitton to expand its niche fragrance products portfolio.

Major players in operating in the global fragrance product market include, Louis Vuitton Malletier, Victoria’s Secret, Christian Dior SE, Prada S.p.A., L’Oreal SA, Procter & Gamble Company, Giorgio Armani S.p.A., ITC Limited, Coty, Inc., Revlon, Inc., Clive Christian Perfume, Reckitt Benckiser Group plc, and Calvin Klein Inc.

MARKET TAXONOMY

On the basis of product type, the fragrance product market is segmented into:

  • Colognes
  • Perfumes
  • Deodorants
  • Air Fresheners
  • Soaps
  • Others (Body Mists, Body Powders, Candles, and Others)

On the basis of pricing, the fragrance product market is segmented into:

  • Premium
  • Mid-priced
  • Mass

On the basis of distribution channel, the fragrance product market is segmented into:

  • Hypermarkets & Supermarkets
  • Specialty Stores
  • Convenience Stores
  • Online Channels
  • Others

On the basis of region, the fragrance product market is segmented into:

  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Russia
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East
    • GCC
    • Rest of Middle East
  • Africa
    • North Africa
    • Central Africa
    • South Africa
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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users