Fragrance Market Outlook 2024-2031: Trends and Opportunities/ International Flavors & Fragrances Inc., Sensient Technologies Corp.

The global fragrance market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period. The growing number of Gen Z and millennials is one of the most important elements influencing the fragrance industry. Younger customers and millennials are becoming more interested in personal grooming and are willing to try new concepts and companies. With more disposable income and increased exposure to foreign lifestyle patterns, the younger generation is investing in good grooming, and the fragrance business has exploded as a result. Additionally, the rising popularity of organic and natural-ingredient-based goods is driving market expansion. Sandalwood, geranium bourbon, and patchouli are common constituents in such scents. The growing consumer knowledge of the substances used in perfumes is driving demand for organic scents.

Recently, the trend toward essential oils has also been increasing. These oils are natural and plant-based and appeal to consumers seeking eco-friendly and sustainable alternatives to synthetic fragrances. Essential oils are extracted from various parts of plants, such as flowers, leaves, and stems, and offer a wide range of scents and aromas. In addition to their natural origins, essential oils are often perceived as having therapeutic properties, such as promoting relaxation, reducing stress and anxiety, and boosting mood and energy levels. This makes them popular in aromatherapy and other holistic wellness practices.

Some of the companies that offer essential oil-scented products include doTerra, Olio E Osso, Khadi, and others. Recently, in January 2023, Faace, a UK brand, created a daily moisturizer, Stress Faace, aimed to relieve tension with its scent profile and feed stressed-out skin with a variety of actives. The Stress Faace moisturizer targets the effects of stress with a mix of active plant-based components and essential oils. The product contains a patented wild indigo extract called Neurophroline and Niacinamide for improved skin tone; Japanese rice bran oil for hydration; and allantoin to soothe the skin.

Companies are also using technologies to create new fragrances and offer new products to their customers. For instance, Givaudan S.A. joined forces with TMIC in 2022 to offer the fragrance industry's first AI-powered fragrance co-creation service. Brands can become actively involved in the scent production process due to the innovative co-creation methodology. Customers can easily realize their olfactory vision owing to the visible touch screen.

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Market Coverage

• The Market Number Available for - 2023-2030

• Base year- 2023

• Forecast period- 2024-2031

Segment Covered-

· By Product Type

· By Distribution Channel

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

Competitive Landscape- International Flavors & Fragrances Inc., Sensient Technologies Corp., Givaudan SA, Symrise AG, and others.

Fragrance Market Report Segment

By Product Type

· Cosmetics and Toiletries

· Perfumes

· Household Products

By Distribution Channel

· Online Retail

· Offline Retail

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Fragrance Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· Amway Corp.

· Avon Products, Inc.

· CavinKare Pvt. Ltd.

· Chanel International B.V.

· Clarins SA

· Coty, Inc.

· Estée Lauder

· Firmenich International SA

· Flavours & Fragrances Inc.

· Givaudan SA

· Henkel AG & Co.

· Lion Corp.

· MANE Group

· Sensient Technologies Corp.

· Symrise AG

· Takasago International Corp.

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