The Asian fragrance market is expected to grow at a 3% compound annual growth rate (CAGR) until 2028, according to organisers of in-cosmetics Asia trade show, RX, who expect fragrances and perfumes to play an increasingly key role for Asian consumers.
Returning on 7-9 November 2023, at BITEC Bangkok, this year’s in-cosmetics Asia aims to highlight the best that fragrance ingredient suppliers in the region have to offer. Key exhibitors at this year’s show include: Kanta Enterprises, Biolandes, Jiangxi Baicao Pharmaceutical and Aromaaz International
According to Statistica, revenue in the Asian fragrance market amounts to US$11.87bn (in 2023). The majority of the revenue from this market is generated by the US – producing US$8.7m in 2023.
Unlike many areas within cosmetics, the fragrance sector experienced an unlikely boom throughout the pandemic – in what has now been coined, ‘the Fragrance Effect’. While many cosmetics items were rendered ‘useless’ during the pandemic – for example, lipstick became redundant in light of the overwhelming use of masks – many consumers shifted to fragrances as their go-to purchase to treat themselves and others during lockdowns and restrictions.
Made in China
Across the region, China is a powerful force within the APAC fragrance market and the country’s perfume market appears ready for rapid expansion. Mintel predicts that China’s fragrance sector will increase at a CAGR of 17% over the next five years, with sales expected to reach US$2.13bn by 2025.
Across Southeast Asia, perfumes were the top selling beauty product for men in 2021.
Sarah Gibson, event director for in-cosmetics Asia, commented: “Fragrances are an incredibly up and coming sector within APAC cosmetics. Throughout the pandemic, the perfume industry held up where many of its contemporaries struggled to endure. And this momentum isn’t showing any signs of slowing as APAC perfumeries continue to thrive and produce increasingly inventive fragrances. We’re thrilled to be showcasing some of the most innovative fragrance component suppliers at this year’s event.”
Source: www.exhibitionworld.co.uk
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