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The perfume and fragrance sector predicts a hike!

by Payal Upase

Amid the COVID-19 crisis and the looming economic recession, the fragrances and perfumes sector worldwide will grow by a projected US$11.1 billion, during the analysis period

We all associate fragrances with certain things and instances. A certain fragrance can transport you back in time and help you relive that moment in your mind. Also, everyone loves smelling good. A good perfume has the power to complete your ensemble and seal it with a spritz.

The growth in sales
More and more people are now investing in smelling good. The fragrances and perfumes market worldwide will grow by a projected US$11.1 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3.3%. Women’s Fragrances & Perfumes, one of the segments analyzed and sized in this study, is forecast to grow at over 3.3% and reach a market size of US$33.4 Billion by the end of the analysis period.

Across the globe
As part of the new geographic scenario, the United States is forecast to readjust to a 2.1% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$264.7 Million to the region’s size over the next 7 to 8 years. In addition, over US$282 Million worth of projected demand in the region will come from Rest of European markets. In Japan, the Women’s Fragrances & Perfumes segment will reach a market size of US$1.7 Billion by the close of the analysis period. 

Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Fragrances and Perfumes market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world’s second largest economy will grow at 6.4% over the next couple of years and add approximately US$3.6 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Fragrances and Perfumes market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.

Big players in the industry
Competitors identified in this market include, among others, Avon Products Inc., Chanel SA, Coty Inc., Estée Lauder Companies Inc.. Gianni Versace S.p.A., L`Oreal SA, Revlon Inc., Shiseido Co.

Source: PR News Wire

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