BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, India fragrances and perfumes market size to grow at an impressive CAGR of 22.4% during the forecast period between 2023 and 2029. India fragrances and perfumes market expansion is driven by increasing personal care, brand recognition, higher disposable income, surging demand in middleclass population and affordable aroma in the form of mass perfumes and deodorants. Unisex scents are becoming more popular due to a change in social constructs and an understanding of gender flexibility. Deepening penetration of smartphones and Internet, particularly in tier II and tier III cities, has made e-commerce platforms accessible to customers, facilitating online shopping. As Indians have become aware of global trends, demand for major international fragrance brands, such as Dolce & Gabbana, Giorgio Armani, Hugo Boss, and Montblanc has increased. These factors are expected to bolster the expansion of India fragrances and perfumes market during the forecast period. However, high research and development cost, harmful side effects, and failing to adhere to quality requirements are anticipated to limit the market growth.
India Fragrances and Perfumes Market – Overview
A perfume is a liquid that has a pleasant odor and is made from essential oils taken from aromatic substances or plants. Fragrances and perfumes have effortlessly improved people's grooming practices and have become key products in everyday life. It is a compound mixture that provides a distinct fragrance or odor. It is also accessible in a variety of formats and concentrations, because of natural activity, collection, extraction, blending, and aging of the goods. These items represent personal elegance, personality, and self-assurance. Because scent and perfume products are less expensive, consumers prefer them to luxury items such as bags or shoes. Some of the primary factors driving the India fragrances and perfumes market include custom-made, natural, and eco-friendly perfumes. The market is being boosted by an increase in population, particularly among young people, changing lifestyles, and increased awareness of beauty care products. Consumer spending on personal and cosmetic care items is increasing as the population grows. As a result, the market is rapidly increasing. Fragrance and perfume companies are improving and giving superior products at lower prices. This is expected to boost scent penetration over the projection period. The popularity of many premium brands among customers is continuously expanding. Additionally, India fragrances and perfumes market is booming as disposable income rises, resulting in increased consumer expenditure on luxury items.
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India Fragrances and Perfumes Market – By Distribution Channel
Based on distribution channel, India fragrances and perfumes market is split into Online and Offline segments. The offline segment holds a higher market share. Consumers choose offline channel for purchasing their items since it provides a wide range of selections as well as the chance to scan the product specifications before making a purchase. The offline segment includes supermarkets/hypermarkets, specialty stores, and convenience stores. Specialist stores sell high-end fragrance and perfume products.
Impact of COVID-19 on India Fragrances and Perfumes Market
COVID-19 had a detrimental effect on India fragrances and perfumes market. The shutdown of department stores, airport stores, specialized stores, and the unavailability of products owing to transportation limitations reduced sales of aroma products. Offline sales plummeted as individuals became fearful of leaving their homes, even to acquire necessities. Therefore, such factors restrained the overall market expansion. Despite the challenges, house perfumes (candles, room mists, and essential fragrance oil diffusers) are rapidly being purchased to create a sense of serenity in the home. During the COVID-19 pandemic, scent and candle containers played an important part in self-care. Fine scents were used as stress relievers for mental well-being, resulting in an increase in fragrance demand. Customers' demand for sizable perfumed fragrant candles and perfumes also skyrocketed during lockdowns due to stay-at-home orders. Hence, all these factors are expected to contribute to the expansion of India fragrances and perfumes market.
Competitive Landscape
Major players operating in India fragrances and perfumes market include Avon Products Inc., Beiersdorf AG, CavinKare Pvt. Ltd., Emami Ltd., Hindustan Unilever Ltd., ITC Ltd., Marico Ltd., McNROE Consumer Products Pvt. Ltd, The Raymond Corp., and VINI INTERNATIONAL FZE. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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