The World of Fragrances: Ceresana publishes Market Study on the global Market for Fragrances
The pleasant odor of oranges, the freshness of a sea breeze or the warm smell of wood - all these impressions are connected to a variety of positive experiences. With its products, the fragrances industry contributes to improve our well-being in innumerable situations.
Not only fully developed industrial countries explore this potential to the fullest, also in developing and emerging countries the number of customers demanding fragrance products is rising. Revenues in the fragrances industry are likely to continue to develop at dynamic rates in the upcoming eight years. The market research institute Ceresana forecasts global revenues of more than US$15.6 billion to be generated in 2019. Particular growth engines are the emerging countries in South America and Asia-Pacific.
Omnipresent products
Fragrances are used in a variety of products we come in contact with on a daily basis. These fragrances are designed to either cover bad smells or to evoke positive sensations of cleanness and well-being via their pleasant odor. They are used in cleaning agents and detergents as well as in the majority of personal care products. Perfumes are the most typical example for possible application areas, but fragrances are also used in skin and hair care products, make-up or toiletries. They are also added to household products such as air fresheners; many fragrances can be found in other industrial branches as well.
Increasing range of customers
Fragrances are becoming more important all over the world. Due to the economic development of many developing and emerging countries, an increasing part of the population has access to products enhanced by added fragrances. A growing middle-class disposes of an increasing income that allows them to purchase and consume such products. Urbanization trends in already highly industrialized countries continue as well; consumption of scented products in cities is higher.
Development through innovation
The market for fragrances is subject to strong competition. Even though the ten largest companies accounted for the majority of global revenues, there are several other producers that offer a broad product portfolio for both standard and niche applications. The fragrances industry is affected by a strong push for innovation, competitors are trying to establish a unique position by developing innovative new products. Extensive market knowledge is required in these innovations processes in order to asses customers' wishes correctly and to reply to their demands in an adequate fashion. Additionally, companies need to have access to modern research and development procedures in order to translate this knowledge into products that are competitive on the market.
Trends in fragrances
The general trend in fragrances is likely to continue to develop at the favor of exotic varieties that are in increasing demand among customers that get to know these scents due to ongoing globalization. At the same time, the high pace of life many people experience also increases demand for harmonic fragrances that allow them to enjoy short moments of relaxation.
Sustainability
In most application areas, the fragrances industry is keen to achieving a sustainable industrial culture. Customer demand for sustainability results in efforts to optimize ecological, economic and social aspects. The aim is to develop and manufacture natural products that pose no risk to human beings and the environment. Products made from renewable resources that can be processed without hazardous substances in particular are appealing to producers and consumers alike.
Other news from the department business & finance
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
