Personalized perfumes are gaining popularity in the perfume market
The Business Research Company’s Fragrance market research report expands on key drivers, trends, and opportunities for market growth.
LONDON, August 16, 2022 /PRNewswire/ — Custom scents are made with exotic oil blends like patchouli, rose, sandalwood, vanilla, ylang-ylang and orange. They should be combined with four teaspoons of carrier oil. The ideal oil to use when creating your own perfume is jojoba. In February 2022All Good Scents, an Indian contemporary fragrance house, designed to create fragrances that are cruelty-free, vegan and fun to use, has announced the launch of AGS Pairing, a one-of-a-kind fragrance line in India to combine flavors. AGS Pairing is a collection of 10 fragrances designed to evolve with the wearer wherever they are on their personal journey. The collection includes the following fragrances, Sparkling Citrus, Fiji Fresh, Crunch Green, Warmwood, Delicate Lily of the Valley, Velvet Tuberose, Dewy Rose, Gourmand Vanilla, Smoky Patchouli and Creamy Sandalwood, which were refined for nine months by the designer and perfume designer. Rajiv Seth.
The global cosmetic fragrance market size is expected to grow from $62.91 billion in 2021 for $71.19 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The value of the global perfume industry is expected to reach $114.98 billion in 2026 at a CAGR of 12.7%.
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Growing demand from e-commerce companies for consumer goods is a major driver
According to the Fragrances Market analysis, growing demand from e-commerce companies for consumer goods to meet growing demand from end customers is expected to increase the demand for personal hygiene products and drive the demand for fragrances during of the forecast period. The e-commerce industry is highly dependent on logistics delivery providers which are currently served by logistics companies. According to the US Department of Commerce, Retail Indicator Division, e-commerce sales have been $870 billion in the United States in 2021, an increase of 14.2% compared to 2020 and an increase of 50.5% compared to 2019.
LVMH held the largest share of the fragrance market in 2021
LVMH was the biggest competitor in the fragrance market in 2021, with a 3.15% fragrance market share. LVMH is a leader in luxury. LVMH’s strategy is focused on expanding its footprint and improving the customer experience through mergers and acquisitions. For example, in October 2021LVMH, a French luxury group has acquired Officine Universelle Buly 1803, a Francebeauty brand specializing in perfumes and cosmetics for an undisclosed amount. After being supported for almost four years by LVMH Luxury Ventures, a minority investment fund, it is now joining the LVMH group alongside its 75 other Maisons.
Fragrances market segmentation
The Global Perfume Market is Segmented –
- By product: Mass, Premium
- By gender of end user: female, male
- By distribution channel: offline, online
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