What is Global Perfume and Essence Market?
The Global Perfume and Essence Market is a vast and dynamic sector that encompasses a wide range of products, from everyday fragrances to luxury scents. This market is not just about the fragrances we wear, but also includes the essences used in various industries such as food and beverages, daily chemicals, and tobacco. The market is driven by consumer preferences, cultural influences, and economic factors, among others. It's a global industry, with key players operating across continents, catering to diverse consumer needs and tastes. The market's size and value are a testament to the integral role that scents play in our lives, from enhancing our personal appeal to creating a pleasant ambiance in our homes and workplaces.
Perfume, Essence in the Global Perfume and Essence Market:
Perfumes and essences are more than just pleasant scents; they are a blend of art and science, with a dash of marketing. Perfumes are typically made from a mix of essential oils, aroma compounds, fixatives, and solvents. These ingredients are carefully selected and blended to create a unique scent. On the other hand, essences are highly concentrated versions of natural flavors and scents. They are used in a variety of industries, including food and beverage, cosmetics, and pharmaceuticals. The Global Perfume and Essence Market is a testament to the versatility and wide-ranging applications of these products. From the perfume you wear to the flavor of your favorite drink, these products touch almost every aspect of our lives.
Food & Drinks, Daily Chemicals, Tobaccos, Others in the Global Perfume and Essence Market:
The Global Perfume and Essence Market finds its usage in a variety of sectors. In the food and drinks industry, essences are used to enhance the flavor and aroma of products. From your morning cup of coffee to the dessert you indulge in, essences play a crucial role in making these experiences enjoyable. In daily chemicals, perfumes and essences are used in products like soaps, detergents, and cleaners to provide a pleasant scent. In the tobacco industry, they are used to enhance the flavor and aroma of tobacco products. Even in other sectors like cosmetics, personal care, and pharmaceuticals, these products find extensive usage. The wide-ranging applications of perfumes and essences underscore their importance in our daily lives.
Global Perfume and Essence Market Outlook:
Looking at the market outlook, the Global Perfume and Essence Market was valued at a whopping US$ 30190 million in 2023. It is projected to reach an impressive US$ 42080 million by 2030, growing at a steady CAGR of 4.8% during the forecast period from 2024 to 2030. In 2019, the global market share of perfume was 63.76%, while that of essence was 36.24%. Major players like Givaudan, Firmenich, IFF, and Symrise have consistently held over 50% of the combined market share. The market is primarily driven by the food and drinks industry, which held a 50.36% market share in 2019, followed by daily chemicals at 42.89%. The tobacco industry and other sectors held 2.17% and 4.58% market shares respectively.
| Report Metric | Details |
| Report Name | Perfume and Essence Market |
| Accounted market size in 2023 | US$ 30190 million |
| Forecasted market size in 2030 | US$ 42080 million |
| CAGR | 4.8% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Givaudan, Firmenich, IFF, Symrise, WILD Flavors, Mane, Takasago, Sensient, Robert, T.Hasegawa, Huabao International, Boton Group, Apple, NHU, Baihua Flavours and Fragrances |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
