PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1512107
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1512107
Global men's fragrances market was valued at USD 33.28 billion in 2023, expected to reach USD 49.37 billion in 2031, with a CAGR of 5.07% for the forecast period between 2024 and 2031. The personal care sector has witnessed a constantly growing demand at global market. Developing countries are witnessing greater disposable income as well as increased awareness of personal grooming. It has resulted in continual growth over the last few years. The market includes a wide range of products such as perfumes, eau de parfums, eau de toilettes, eau de colognes, deodorants, roll-ons, and aftershaves. Each of these products addresses a different set of consumer preferences and scenarios.
Diversifying product offerings introduces a vast range of fragrances ranging from floral to woody scents to meet the needs of a wider consumer demographic. For instance, in March 2024, Ralph Lauren Corporation launched its latest fragrance for men, POLO EST. 67 EAU DE TOILETTE. The fragrance is a mix of vetiver, citrus, and bergamot along with sweet pineapple, offering a refillable bottle to the consumers. Furthermore, the market segments from low-end economies to high-end luxury lines, appealing to a variety of consumers, including both budget-conscious and niche perfume admirers.
Geographically, North America remains the largest market due to its high consumer spending patterns and established brands. However, Asia-Pacific is growing rapidly due to urbanization, the emerging middle class, and the influence of western grooming practices. Commodity prices have become more accessible due to the growth of e-commerce sector, allowing consumers to experience greater ease to choose from a variety of options.
Some major trends influencing the market include the increased usage of celebrity-owned and designer-labelled fragrances, the growing need for sustainable materials which are natural and digital advertising through social platforms, such as Twitter, influencing what consumers desire today. Due to such considerations, the market globally will witness an increase in the sale volume of men's fragrances throughout time as a result of changes such as new fashion styles or habits followed by varied age groups.
In March 2024, Perry Ellis International, Inc. launched a new fragrance for men, Original Penguin Blue Label. The product has a sea-inspired scent, with the balance of musk and bright citrus, offering freshness to the consumers.
Growing Emphasis on Self-care Drives the Global Men's Fragrances Market Demand
Global market for male fragrances is hugely impacted by the growing emphasis on self-care by men. As social opinions change and more people realize its importance, men in the modern world have begun valuing themselves better by taking care of their bodies. An increasing interest in fragrances with good scents which make users feel refreshed and confident can be deduced as the current trend.
Men seek fragrances that uplift moods, reduce stress, and enhance the working capacity. Today, men have become very selective while selecting their colognes as they are look for scents that create an olfactory memory, associating them with specific fragrances. In August 2023, Vince Camuto, a lifestyle brand owned by Parlux Ltd., launched Riviera, the newest Eau de Toilette for men. The product has a refreshing watery fragrance inspired by the Mediterranean coastline.
Brands have started introducing numerous products suitable for daily use and different occasions. The popularity of natural and organic ingredients shows the growing interest of people in sustainable and organic products. It indicates that fragrances are becoming more about personal and environmental health than being mere beauty products.
Rising Trend of E-commerce Propels the Market Growth
Increasing popularity of e-commerce is a major factor fueling the expansion of men's fragrances market worldwide. Online retail websites provide an easy interface to users so that they can look at various fragrances and make the final purchase from the convenience of their homes. Consumers with busy and hectic schedules feel attracted to the convenience of buying offered by these digital platforms when they have little or no free time to visit brick-and-mortar shops. In January 2023, Baxter of California launched two new fragrances for men, Canyon Incense and Valley Mist. Both the fragrances contain notes of bergamot, available in 3.4 fl. oz/100 ml bottles at retailers such as Ulta, Macy's, Amazon, and baxterofcalifornia.com.
E-commerce sites offer a lot of details about products such as reviews by other consumers, helping the prospective clients choose the product wisely. Moreover, digital promotion methods, such as targeted advertisements, are possible ways of engaging larger groups through influencers, hence increasing the market share of the company.
Availability of online-exclusive deals, discounts, and subscription services are further encouraging internet purchases. Virtual tools, such as quizzes and AI-driven recommendations, make the online shopping experience more personal by catering it to individual preferences.
Emerging markets in Asia-Pacific are experiencing fast growth in e-commerce as a result of the increased penetration of the internet and use of smartphones. Consequently, companies are using e-commerce as a means to reach their existing customers and attract new ones as they step into these growing markets.
Synthetic Ingredients Hold the Larger Market Share
In the global men's fragrances market, synthetic ingredients currently dominate over natural ones. Synthetic fragrances offer several advantages that contribute to their prevalence. They are often more cost-effective to produce, providing consistency and stability that natural ingredients sometimes lack. It allows for the creation of a wide array of complex and unique scents that are difficult to replicate with natural ingredients. Additionally, synthetic ingredients can be engineered to enhance longevity and performance, making them particularly appealing for mainstream and luxury brands aiming to deliver a lasting olfactory experience.
However, there is a growing shift towards natural ingredients driven by increasing consumer demand for eco-friendly and health-conscious products. Consumers are becoming more aware of the environmental impact and potential health benefits of natural ingredients, prompting brands to incorporate more natural and organic components into their offerings. For instance, in April 2023, MCM Products USA, Inc. launched its first men's fragrance, MCM Onyx, containing a mix of spices, ginger, and lavender with warm wood notes. The perfume is claimed to be a vegan composition made up of more than 79% biodegradable materials, with over 89% generated utilizing green chemistry techniques. It claims that over 72% of their Naturals Together ingredients are responsibly produced.
Despite the trend, the complexity and higher costs associated with sourcing and stabilizing natural ingredients mean that synthetic fragrances are expected to remain dominant in future. Yet, the balance may gradually shift as sustainable practices and technological advancements, making natural alternatives more viable and attractive to both producers and consumers.
Asia-Pacific is the Fastest Growing Market
Asia-Pacific is rapidly emerging as a significant growth area in the global men's fragrances market. The surge is driven by several factors, including increasing urbanization, rising disposable incomes, and a growing middle class. As economic prosperity expands, especially in countries such as China, India, and Japan, consumers are becoming more willing to spend on personal grooming and luxury products.
Cultural shifts are playing a pivotal role. Traditional perceptions of masculinity are evolving, with men in the region placing greater emphasis on personal appearance and grooming. The shift is sustained by the influence of Western lifestyles, celebrity endorsements, and the pervasive reach of social media, which collectively drive the awareness and adoption of fragrance products.
Moreover, the expansion of e-commerce has made fragrances more accessible, allowing consumers to explore a wider array of brands and products from the comfort of their homes. Local and international brands are capitalizing on the trend by offering region-specific products and marketing strategies tailored to the diverse preferences in the Asia-Pacific market. In October 2023, the Salvatore Ferragamo Group confirmed the acquisition of Imaginex Holdings and Imaginex Overseas' minority interests in three joint ventures, Ferragamo Moda Shanghai (FMS), Ferragamo Retail Macau (FRM), and Ferrimag (FIM) to distribute Ferragamo products in Greater China.
Future Market Scenario (2024 - 2031F)
The trend towards premiumization will see consumers increasingly opting for high-quality, luxury fragrances. The appeal of niche and artisanal fragrances will grow, attracting consumers looking for unique and exclusive scents.
The integration of health and wellness trends into fragrances, such as aromatherapy benefits for stress relief, relaxation, or energy boosts, which will become more prevalent. Products designed for sensitive skin and specific health needs will see increased demand.
There will be a stronger emphasis on sustainability, with brands focusing on natural, organic, and ethically sourced ingredients. Eco-friendly packaging and cruelty-free products will become more mainstream.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work