Fragrances and Perfumes Market - Growth, Trends, and Forecast (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 134 Pages
Global fragrances and perfumes market is projected to grow at a CAGR of 5.5% during the forecast period, 2020 - 2025.
Increasing Expenditure on Advertisement and Promotion
R&D and advertisements are driving the growth of the market studied. Key players are investing in key factors, in order to influence the consumer purchase decisions. The rising influence of social media and celebrity endorsement is impacting the advertisement strategies adopted by key market players. For instance, L'Oreal developed a tool known as the dubbed cockpit, which measures the ROI and productivity of its media investments in real-time. This enables better decision-making while formulating performance strategies. In 2017, L'Oreal spent USD 9.16 billion on the advertisement and promotional activities, an increase of 4.91%, during the period between 2014 to 2017.
Asia Pacific has the Largest Market Revenue
With increasing disposable income, more local consumers are opting to use quality products, especially young consumers, which are increasingly crucial for improved consumption. This shows a shift from mass to premium fragrances. Perfumes and fragrances play a significant role in the growth of luxury brands, especially in China. The market is driven by emerging middle-class consumers and millennials who pursue high-end lifestyles. Premium women's perfume sector is projected to grow in the forecasted period. With the introduction of perfumes with synthetic ingredients, other products (such as attars) are facing tough competition. This synthetic perfumes segment takes over a major market share.
The fragrances and perfumes market is a highly fragmented and comprises of international and regional competitors. Coty Inc., L'Oreal, LVMH, and Estee Lauder dominate the market with the help of major strategies, including acquisitions, expansions, and product launches. The rest of the market is occupied by small players, who are specific in manufacturing various personal care and cosmetics products. Companies compete on different factors, including product offerings, price, ingredients, and marketing activities, in order to gain a competitive advantage in the market. Key players are focussing on the online distribution channels for the online marketing and branding of their products to attract more customers. Some of the other prominent players in the market are Shiseido Co., Ltd, Revlon Inc., Chanel SA, Hermes International SA, and Avon Products Inc.