The Future of Fragrance is a global market report that covers the latest innovations and consumer trends across the global fragrance market in 2024. Our global future of report identifies evolving areas, consumer attitudes, and important advances expected across regions like EMEA, APAC, and the Americas over the next five years and beyond.
Global Fragrance Market Landscape
Appetite for fragrances is strong thanks to the global fragrance market position as an affordable luxury. However, the growing popularity of dupe culture will challenge premium brands.
Meanwhile, consumers are actively seeking ways to reduce stress, and there has been a rise in fragrance innovation with functional claims to boost moods.
- 78% of UK consumers think fragrances can improve mental wellbeing.
The Future of Fragrance in the Next Two Years
Brands have an opportunity to create accessible luxury for those on luxury budgets using entry-level formats and elevated experiences.
Meanwhile, the future of fragrance depends on the ability to go beyond conventional scents. A growing number of brands will introduce consumers to elements of local culture and scent notes.
- 58% of Italian adults typically use premium/luxury fragrance brands.
Global Fragrance Market Trends in Five Years and Beyond
The beauty industry is heading towards a technology revolution, and fragrances will go in the same direction. Technology can not only help create more personalised solutions but also aid in sampling and help monitor consumer reactions to fragrances.
This is just a snapshot of the Future of Fragrances, to learn more about future innovations and challenges facing the market, purchase our full report. Readers of this report may also be interested in A Year of Innovation in Fragrances Report 2023, or take a look at our extensive Global Fragrances Market Research.
Expert Analysis from a BPC Specialist
This report, written by Clotilde Drape, a leading BPC analyst, delivers in-depth commentary and analysis to highlight global fragrance market trends and add expert context to the numbers.
Competition in local vs international brands will see NPD take multisensorial experiences to the next level. NPD can promote cultural heritage and a feel-good factor.
Clotilde Drape
Global Beauty Analyst
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What you need to know
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in the next two years
- Rethink the luxury fragrance experience
- Graph 1: fragrance launches by price positioning, 2018-23
- Graph 2: channels used to purchase fragrances in the last 12 months, 2023
- Graph 3: scented product innovations consumers would you be willing to pay more for, 2023
- Go beyond conventional scent notes
- Graph 4: agreement* with ‘I try to buy from local companies where possible’, 2023
- Graph 5: brand perceptions, 2023
- Help consumers express their scented selves
- Graph 6: adults* who agree that maintaining good mental health is key to overall wellbeing, 2023
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In five years and beyond
- ‘Tech it’ to the next level in fragrance experiences and formulas
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Key Takeaways
What is a 'Future of' Report?
Have you ever wondered how to get a clear view of what’s next for your industry? Forget the crystal ball, what you need is a Mintel ‘Future of’ reports. The reports offer a forward-looking perspective, helping you identify upcoming opportunities and navigate the trends that will shape your business for the next five years and beyond.
How Mintel Builds a Picture of the Future
Creating a ‘Future of’ report is a comprehensive process that combines deep data analysis with expert human insight. Here’s a look at the core components that make these reports so valuable.
Expert Insights from Category Analysts
Our dedicated category analysts are at the heart of these reports. They bring years of industry experience and a deep understanding of global markets. They interpret complex data, connect the dots, and provide you with expert recommendations on what to expect in the next two years, five years, and even further into the future. They provide the strategic thinking you need to stay ahead.
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Our analysis is grounded in solid data. A key source is Mintel’s Global New Products Database (GNPD), a powerful resource that tracks product innovation and launches around the world. By analysing this wealth of information, we can spot emerging patterns and shifts in the market. This data, combined with our knowledge of consumer behavior, allows us to anticipate what consumers will want next.
Designed for Forward-Thinking Strategy
Our ‘Future of’ reports are designed to help you look ahead with confidence. By focusing on trend forecasting and identifying future opportunities, these reports provide the insights you need to innovate and plan effectively. They are crafted specifically to help you anticipate market shifts and make proactive decisions, ensuring you and your business are prepared for what’s to come.
For a closer look at what's included in a Mintel Future of report, take a look at a sample PDF report below.
Please Note: All of the figures, graphs, and tables have been redacted.
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