The expansion of the global fragrances market will rise on the back of rapid sale of fragrances in several developing economies, world over. The rising standards of living in various parts of the world has been creating substantial demand for fragrances in a wide array of personal care products, household products, and cosmetics. Over the past few years, the demand for fragrances in cosmetic products has been witnessing trend toward mainstreaming to include more men in the target population. Ceaseless efforts by manufacturers to enhance the lasting effect of natural fragrances are unlocking potentially promising avenues in the market. According to Fact.MR, the global fragrances market is projected to reach a worth of US$70,000 Mn in revenues by 2022.
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The contours of the global fragrances market is increasingly shaped by the constantly changing preferences of consumers of personal care products. Fragrances as ingredients are widely used in cosmetics, household products, soaps, toiletries, and detergents. The consumption of fragrances is gaining strength from the rising demand for aromatic personal care products and grooming products, among both women and men. Manufacturers are alluring existing and prospective consumers by developing exotic fragrances for household and cosmetics products that could make new imprints on their minds. The rise in living standards has offered a robust thrust to the demand for fragrances in several developing and developed countries. Market players are witnessing new, exciting avenues in the rising demand for natural fragrances. The fragrances market is expected to witness exciting evolution trajectories in the coming years as well riding back on these trends. Constant research in aromatherapy is likely to spur innovations in the fragrances market.
Emerging prospects in the fragrance market are constantly fueled by new health and wellness trends, especially in developing and developed regions. Perfume manufacturers over the past few years have been capitalizing on the rising popularity of celebrity scents entered by celebrities with brands as part of endorsement deals. The emerging demand patterns for fragrances are likely to be influenced by this trend. The hype around celebrity-inspired perfumes is not likely to subside in the fragrances market anytime soon.
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Online sales channels for personal care and household products with fragrances are emerging as potential avenues. Manufactures are tapping into these avenues to launch new products with exotic aromas. Furthermore, an umpteen number of social media blogs are stoking the popularity of fragrances among worldwide consumers of all demographics. However, the uptake of online sales channels is incipient stages. The sales of products in hypermarkets and supermarkets continue to hold the sway in the fragrances market.
Fragrances are made chemicals and usually contain a blend of essential oils, which emit pleasing aroma or scents. They are found in a wide variety of personal care and grooming products, household products, and cosmetics used in both by men and women. The ingredients of fragrances can be sourced naturally or may contain synthetic raw materials. Key benefits derived from the application of fragrances are in aromatherapy and for mood rejuvenation of users. Manufactures of personal care and household products and perfume brands are constantly experimenting with a variety of scents or blend of notes to develop new fragrances in the end products.
The global fragrances market shed lights on various aspects and answer pertinent questions including:
- What revenue with the rapidly rising demand for fine fragrances and household products bring to the global fragrances market?
- What is prospect of online sales channels and will they create substantial revenue streams?
- Are there some vital trends likely to challenging the prominent demand for fragrances in Europe?
- What will be pace with which the Asia Pacific excluding Japan (APEJ) fragrances market will rise in the coming years?
- What are new areas on which key players will focus their attention to gain competitive edge over others?
The report on the global fragrances market presents an elaborate assessment of various players in the competitive dynamic. It takes a critical look at the intensity of competition and the strategies adopted by them to consolidate their shares. The fragrances market include prominent names such as Coty Inc., Amway Corporation, The Estée Lauder Companies Inc., Chanel International B.V., Henkel AG & Co. KGaA, Church & Dwight Co., Inc., CavinKare Pvt. Ltd., Avon Products, Inc., and Clarins S.A.
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