Opportunities in the Global Fragrances Sector 2024

The global fragrances sector was valued at $55.8 billion in 2023 and is forecast to record a compound annual growth rate (CAGR) of 4.7% during 2023-28, to reach $70.3 billion in 2028. The Americas represented the largest region in the sector in 2023. In 2023, female fragrances was the largest category, accounting for 53.3% of overall global value sales. The top five companies in the global fragrances sector together accounted for a value share of 34.4% in 2023. Hypermarkets & supermarkets was the leading distribution channel in the global fragrances sector in 2023, with a value share of 23.4%.

The global fragrances sector was valued at $55.8 billion in 2023 and is forecast to record a compound annual growth rate (CAGR) of 4.7% during 2023-28, to reach $70.3 billion in 2028. The Americas represented the largest region in the sector in 2023, with a value share of 45.3%, followed by Western Europe with 27.3%. In 2023, female fragrances was the largest category, accounting for 53.3% of overall global value sales, distantly followed by male fragrances at 32.1%. Among all the categories, male fragrances and fragrances sets are set to record the fastest value CAGRs during 2023-28, at 5.5%, each. The top five companies in the global fragrances sector together accounted for a value share of 34.4% in 2023. The sector was led by L’Oréal, which held a value share of 11.2%, followed by LVMH Moët Hennessy - Louis Vuitton with 6.8% and Coty with 6.6%. The other leading companies, Chanel and Natura &Co, accounted for value shares of 5% and 4.8%, respectively. Hypermarkets & supermarkets was the leading distribution channel in the global fragrances sector in 2023, with a value share of 23.4%, followed by health & beauty stores with 23%. Hypermarkets & supermarkets remained the leading distribution channel in the Americas, with 31% of value sales. In MEA and Western Europe, health & beauty stores led fragrances distribution. The value share of direct sellers was highest in Eastern Europe, at 25.5%. Glass was the most used pack material in 2023, accounting for 96.8% of total volumes, while bottle was the only pack type used in the sector. Dispenser was the most used closure type in 2023, accounting for a 99.6% volume share. Among primary outer types, carton - folding led with a 91.3% volume share.

Scope

This report brings together multiple data sources to provide a comprehensive overview of the global fragrances sector, analyzing data from 108 countries. It includes analysis on the following :

• Sector overview: Provides an overview of the current sector scenarios in terms of ingredients, manufacturer claims, labeling, and packaging. The analysis also provides a regional overview across five regions-Asia-Pacific, Middle East and Africa (MEA), the Americas, Western Europe, and Eastern Europe-highlighting sector size, growth drivers, the latest developments, and future challenges for each region. This data includes both on-trade and off-trade data.
• Change in consumption: Provides an overview of consumption changes in the overall cosmetics and toiletries (C&T) industry, including fragrances, over 2018-28 at global and regional levels.
• High-potential countries: Provides risk-reward analysis of the top high-potential countries in each region based on market assessment, economic development, governance indicators, sociodemographic factors, and technological infrastructure.
• Country and regional analysis: Provides a deep-dive analysis of 10 high-potential countries covering value growth during 2023-28, key challenges, consumer demographics, and key trends. It also includes regional analysis covering the future outlook for each region.
• Competitive environment and brand shares: Provides an overview of the leading companies and brands at global and regional levels. Market shares of brands and private labels in each region are also detailed.
• Key distribution channels: Provides an analysis of the leading distribution channels in the global fragrances sector in 2023. It covers hypermarkets & supermarkets, health & beauty stores, e-retailers, direct sellers, department stores, parapharmacies/drugstores, convenience stores, cash & carries and warehouse clubs, “dollar stores”, variety stores & general merchandise retailers, chemists/pharmacies, and others.
• Packaging analysis*: The report provides percentage share (in 2023) and growth analysis (during 2023-28) for various pack materials, pack types, closures, and primary outer types based on volume sales of fragrances.

Reasons to Buy

• Manufacturers and retailers seek latest information on how the market is evolving to formulate their sales and marketing strategies. There is also demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities of growth within the fragrances sector.
• The report provides a detailed analysis of the countries in the region, covering the key challenges, competitive landscape and demographic analysis, that can help companies gain insight into the country specific nuances.
• The analysts have also placed a significant emphasis on the key trends that drive consumer choice and the future opportunities that can be explored in the region, than can help companies in revenue expansion.
• To gain competitive intelligence about leading brands in the sector in the region with information about their market share and growth rates.