PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1516929
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1516929
Global women's fragrances market was valued at USD 43.39 billion in 2023, expected to reach USD 69.20 billion in 2031, with a CAGR of 6.01% for the forecast period between 2024 and 2031. The continued market growth is owing to the disposable incomes and increased consciousness of consumers in developing countries on personal grooming. It has led to continuous market growth over the past few years. The market consists of various products such as perfumes, eau de parfums, eau de toilettes, body mists, and deodorants. Each of these products caters to different consumer inclinations. In the personal care segment, the global women's fragrances market is growing constantly.
A diverse array of perfumes ranging from woody to citrus smells for broader consumer needs through the demography is introduced by diversifying product offerings. Moreover, the market segments through economy range products to premium and luxury ranges, thereby catering to different consumers. Ample of options are available for the budget conscious consumers and the niche product enthusiasts.
Geographically, North America is the biggest market for fragrances since it has high consumer spending patterns and established brands. However, Asia-Pacific is growing at a faster rate due to growing urbanization trend and emerging middle-class, besides western grooming norms influence. Growing accessibility to products through e-commerce avenues has made consumers enjoy higher levels of convenience with more choices.
The increased use of celebrity and designer scents, growing need for sustainable materials which are all-natural, and digital advertising via social platforms, such as Twitter, influencing people's requirements today are some of the significant trends. Due to such trends, the global women's fragrances market is experiencing an increase in the sales volume in the available aromas over time.
In April 2024, Steve Madden launched its latest fragrance for women, Goldie Eau de Parfum, with woody-floral scent notes. The perfume is infused with pear, bergamot, and jasmine offering a fresh fragrance to customers.
Growing Inclination Towards Luxury Fragrances Drive the Market Demand
With more consumers desiring uniqueness and premium quality, the demand for luxury fragrances has seen a surge in the women's fragrances market. Luxury fragrances mainly use rare and distinguished ingredients creating a complex scent which separates them from the rest of the economical products. Not only the scent, but the packaging of luxury perfumes also appeals to the consumers and enhances the image of the brand. The elegant and artistic packaging designs create a positive impression on the minds of the consumers.
Luxury fragrances are mainly driven by the reputation and heritage of the brand. Well-known fashion houses and perfumers make use of their rich histories along with craftsmanship to produce smells that rule the minds of consumers and help them showcasing their status in the society. The relationship of these fragrances with lavishness and stature makes these fragrances highly looked-for among prosperous buyers and those desiring a more extravagant lifestyle. For instance, in May 2024, Fendi, owned by LVMH Moet Hennessy Louis Vuitton, launched a range of luxury fragrances, containing seven different varieties. The fragrance designers Quentin Bisch, Fanny Bal, and Anne Flipo collaborated to create the seven-piece collection, with each fragrance costing USD 330.
Furthermore, the personalized services that these luxury prestigious brands offer to their consumers, like limited-edition roll outs, bring a surge in the demand for distinctive and rare products.
Advancements in Formulation Technology Propels Market Growth
Advancements in formulation technology are considerably driving the global women's fragrances market growth. These improvements aid the creation of more advanced and efficient products that meet varied consumer needs and inclinations. For instance, the latest technology in the form of encapsulation allows the fragrances to last longer by steadily releasing the scent through the day. This technology boosts the durability and steadiness of fragrances, providing better value to consumers.
Additionally, the incorporation of skin-friendly components and innovative delivery systems has led to the expansion of multifunctional products, such as whole-body deodorants. Such products not only provide fragrance to the consumers but also provide skincare benefits to them making them a full-fledged solution for fragrance-related personal needs. In fact, in May 2024, Unilever PLC owned, Dove, launched a range of whole-body deodorants for women. The range, including Dove Whole Body Deo Invisible Cream and Dove Whole Body Deo Anti-Friction Stick, provides protection against odor in parts other than underarms.
Moreover, the growing inclination of consumers towards natural and organic products has not spared the women's fragrances market as well. Naturally and organically derived fragrances are gaining momentum, catering to the requirements of eco-friendly consumers and their demand for clean and sustainable products.
Glass Bottle Holds Dominant Global Women's Fragrances Market Share
Global women's fragrances market is dominated by glass bottles in terms of packaging. Glass bottles present an elite and premium look, offering a sense of luxury and exclusivity to the customers. Glass bottles, including translucent and transparent bottles, enhance the visual appeal of the product. Also, because glass is an inert component in scientific terms, it helps in preserving the real fragrance without letting it mix with other foreign smells. This is why glass bottles are majorly considered as the primary packaging material for fragrances as they help in maintaining the quality of the product for a prolonged time period.
Apart from this, growing concerns about environment also add to the dominance of glass bottles in packaging of fragrances. As compared to the non-recyclable plastic, glass is completely recyclable and is easier to reuse, keeping its quality in place. This even caters to the rising demand of consumers for sustainable solutions of packaging. Majority of the brands are opting for glass bottles for packaging purposes to serve their share of responsibility towards creating sustainable environment. In August 2023, Gucci introduced Flora Gorgeous Magnolia Eau de Parfum to its existing FloraFantasy collection, packed in a stretched-out bottle made of lacquered purple stone glass with a dazzling gold lid. The fragrance has a gentle touch along with a relaxing trail of musk. The fragrance is available in three sizes, i.e., 30 ml, 50 ml, and 100 ml.
Asia-Pacific is the Fastest Growing Market
Regionally, Asia-Pacific is an emerging market for women's fragrances market worldwide. This growth of the region can be attributed to several factors. Positive demographic trends like young populations significantly influence the global women's fragrances market. Other than this, rising middle class population, ongoing urbanization and higher rate of technology adoption are other factors that influence the growth of the market in the region. Additionally, the Asians are well drawn towards the Western cultures and are highly influenced by the global fashion trends , which boosts the demand for premium fragrances and fragrances that are niche.
In July 2023, luxury perfume brand Kilian Paris introduced a new floral fragrance, named Can't Stop Loving You, in Shanghai to commemorate its 15th anniversary. The launch celebrated a milestone for the brand, highlighting its legacy of crafting exquisite and high-end fragrances.
Moreover, the region is witnessing a remarkable growth in online distribution channels and digital marketing platforms, allowing consumers to search through a variety of products, compare their prices and make payment for the chosen one. This is further bringing many international brands to the region as they see good investment opportunities in Asia-Pacific. The sustainability trend also plays a vital role in helping the region emerge as a significant market for women's fragrances.
Future Market Scenario (2024 - 2031F)
Creation of personalized fragrances by using AI is expected to capture a major market share. Biometric data along with individual preferences will help in creating these personalized scents.
More of sustainable packaging solutions will be adopted to cater to the needs of environmentally conscious consumers. The sustainability trend is expected to continue in future with brands utilizing ethically sourced ingredients for their production processes, that will ultimately reduce the carbon footprint. For instance, in February 2024, Starco Brands launched Skylar's most popular eau de parfum, Boardwalk Delight, in a convenient and lightweight hair and body mist format. Travel-friendly bottle is composed of thirty percent recycled materials, which is consistent with Skylar's dedication to sustainability.
The distinction between perfumes and personal care products will fade away, as fragrances are likely to incorporate more aromatherapy benefits to promote mental and emotional well-being.
Key Players Landscape and Outlook
Global women's fragrances market is characterized by a dynamic and competitive landscape, dominated by key players who continually innovate to maintain and grow their market share. Leading brands such as LVMH Moet Hennessy Louis Vuitton, The Estee Lauder Companies Inc., and L'Oreal S.A. drive the market with their strong heritage, extensive distribution networks, and continuous investment in product development and marketing. These brands leverage their established reputations to introduce new and exclusive fragrances, ensuring they remain at the forefront of consumer preferences.
Emerging niche and boutique brands are making significant disruptions, appealing to consumers seeking unique, personalized, and artisanal scents. Brands such as Kilian Paris have gained popularity by focusing on high-quality ingredients, bespoke services, and innovative formulations. Their emphasis on sustainability and ethical sourcing resonates with the growing segment of eco-conscious consumers.
Looking ahead, the market outlook is positive, with continued growth driven by increasing consumer spending on luxury and premium products, rising urbanization, and expanding online retail channels. Technological advancements in fragrance formulation and personalized scent experiences will further propel the market, while sustainability trends will push brands to innovate in eco-friendly packaging and natural ingredients.
In July 2023, Burberry Limited launched a new fragrance for women in the name of Goddess. The product is the first fragrance by the brand which is refillable, combining the notes of vanilla with the essence of lavender, cocoa, and ginger root.
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