The global gourmand fragrance market is estimated to grow at a compound annual growth rate of 3.8% from $32.55 billion to $55 billion over the next ten years, according to a new report from Future Market Insights (FMI).
“The market is experiencing rapid growth due to an increasing consumer preference for sweet, comforting and indulgent scents,” an analyst said. “Fragrances with notes of vanilla, caramel, chocolate and coffee evoke nostalgia and warmth, making them highly appealing. As consumers look for unique and memorable olfactory experiences, gourmand perfumes continue to dominate both mainstream and niche markets.”
FMI’s analysts predict strong sales in North America and Europe, as well as emerging markets like China and the Middle East expanding their market share. Further, they also predict that large fragrance companies will continue to acquire smaller fragrance houses to diversify their portfolios and cater to consumer demand for gourmand scents.
Report Highlights
- The United States is expected to hold a large share of the market over the forecast period.
- The main market concentrators are the European countries, particularly France, Italy and the United Kingdom.
- Primary applications for gourmand fragrances are fine fragrance, home care and personal care.
- Chocolate scents are increasing in popularity for its range of fragrance profiles.
