Fragrance products Market to Soar in the Near Future Owing to Growing Consumer Adoption

Fragrance products make up one of the largest segments in personal care industry and is expected to grow at a double digit CAGR over the forecast period 2019-2027. The global fragrance product market is largely driven by the westernized daily grooming routines and increasing consumer spending on personal care products across the globe.

Perfumes and deodorants are the two main categories of fragrance products, with deodorants growing at a faster rate than perfumes. Deodorants are less expensive than perfumes and are affordable to all consumer groups. One of the major factors driving growth in the fragrance product market worldwide is the rapidly increasing demand for fragrance products by the young population. Deodorants and perfumes are essential for young people, particularly women, in their daily grooming routines.

The variety of fragrances offered by fragrance product manufacturing companies, innovative technology used in perfume and deodorant bottles, increasing consumer spending on fragrance products, various offers and discounts offered by fragrance product companies, and various functional advantages of fragrance products are some of the primary factors driving fragrance product demand. These factors are expected to significantly drive the fragrance product market during the forecast period.

However, skin problems caused by some harmful ingredients used in fragrance products, such as skin irritation and skin darkening, may impede the demand for perfumes and deodorants. Furthermore, environmental concerns about parabens released from deodorant spray, which are responsible for ozone layer depletion, may act as a restraining factor for the global fragrance product market's growth.

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.