North America Dominates Global Fragrance Market, Says MRFR in Its In-Demand Research Report Available at MarketPublishers.com18 Jan 2018 • by Natalie Aster
LONDON – Nowadays, the fragrance industry captures the lion’s share of the cosmetics and personal care industries, as fragrances find their application as ingredients in a wide range of products including cosmetics, body care and home care products, spray perfumes, soaps and detergents, amid others.
Presently, fragrances are enjoying high popularity in the APAC and Middle East regions owing to the rising young population number, this gives an impetus to the global fragrance market growth. Moreover, manifold new product launches by top perfumery manufacturers triggers sales of fragrances worldwide. Elevating demand for scented candles, expensive fine fragrances and perfumes during the festive season (mainly in the APAC region) also drives the global market growth. Other important market growth drivers include remarkable technological advancements, innovations in processing technologies, modifications in the product quality, developments in packaging and visual appearance, to name a few.
Amid various types, the synthetic fragrance segment is predicted to dominate the total marketplace; and it will likely exceed USD 11.83 billion by 2023, registering a 4.8% CAGR through 2023. Meanwhile, the natural fragrance segment is set to rise at the highest CAGR of 6.41% between 2017 and 2023 to go beyond USD 5.66 billion.
As for applications, the world’s market for fragrances is led by the cosmetics and toiletry segment, which is anticipated to ross USD 4.1 billion by 2023, posting a 5.2% CAGR from 2017 till 2023. Meantime, the highest CAGR is expected in the fine fragrance application segment, which is poised to grow at a 5.78% CAGR from 2017 to 2023 to hit the USD 3.54 billion mark by late 2023.
Regionally, the dominance in the world’s fragrance market belongs to North America. The North American fragrance market will likely grow at a 4.8% CAGR to exceed USD 5.8 billion by 2023.
The in-demand research report “Global Fragrance Research Report- Forecast to 2023” developed by Market Research Future (MRFR) provides a detailed overview of the current situation in the global marketplace as well as outlines future possible development trends and growth prospects through to 2023. It examines the market landscape, covers the market segmentation in terms of types, applications and regions; highlights the supply and demand dynamics of fragrances, pinpoints the key market growth drivers, restraints and challenges; delves deep into the market competitive scenario, profiles the main vendors in the market. Profound insights into the market value chain and supply chain are provided here, too. Besides, vital info on the historical development patterns, recent technologies, regulatory framework is given in the report. Detailed profiles of the main market players and future forecasts for the market up to 2023 are at hand as well.
Many other research reports by the publisher are available at its page at MarketPublishers.com.