The Global Perfume & Fragrance Market has witnessed continued demand during the last few years and is projected to reach USD 64.6 billion at a CAGR of 6.00% by 2023 in terms of value. Perfume & Fragrance market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration by the industrial players. Also, the overall increasing disposable income of the consumer and their evolving buying pattern over the past few years which, in turn, has led to a surge in the sales of perfume & fragrance during the forecast period.
Globalization and urbanization has significantly affected the composition of consumption basket of consumers and has influenced their buying behaviour and the urban life encourages the consumers to segregate the priority and non-priority goods for themselves. Also, in developing economies especially India and China, major factors such as growing number of affluent and middle class, rising household disposable income and higher luxury spending have also contributed to rising sales of perfumes in these economies. The emergence of consumer-oriented societies along with the spread of consumerism and evolving consumerist attitudes in GCC region has further reinforced the potential of growth of perfume industry. For instance, spread of consumerism in Saudi Arabia is a result of a complex of global and local factors and the emergence and spread of commercial television and the internet, innovative marketing strategies, relentless and manipulative advertising, urbanization, and proliferating shopping centres and emulation of the Western culture have significantly resulted in growing demand of luxury goods such as perfumes.
Niche fragrances continue to dominate and gain attention majorly from millennial population. There is continuous upsurge in demand for niche scents & aroma, and personalisation trend is fuelling the sales of perfumes as younger consumers are demanding a more personalized shopping experience. Personalization is a critical trend to capture the minds and wallets of consumers as they want to opt for unique and more personalised products which can make them stand out in the crowd.
Multinational beauty conglomerates such as Shiseido, Est?e Lauder, L’Or?al, Revlon, Coty and Interparfums produce perfumes under license whereas, few luxury consumer goods companies, including Herm?s and Balmain, produce fragrances in-house. Most of the market players focus on innovation and navigating their offerings and make it more diversified. Strategic investments in in-store technology by the industrial players is also helping the companies to tailor their product offerings to suit the consumer demand.
The strategic sales plan of perfume manufacturers, especially with luxury brands include use of online channels for marketing along with product promotion through sponsoring events and using other platform for promotion. Mid-priced and economy brands also focus on choosing right marketing strategies which gives out a clear to target audience and which is not aggressive to deliver anti-social message.
Today, perfumes are available with low concentration of fragrance oils such as eau de cologne and eau fraiche, aiming to increase the number of consumers who use perfumes on a daily basis. With increasing frequency of perfume use resulting in creating huge demand for perfume packaging in the coming years.
The leading market players in the global Perfume & fragrances market primarily are Elizabeth Arden, Inc. (U.S.), Loreal (France), Shiseido (Japan), IFF (U.S.), Chanel (France), Estee Lauder (U.S.), Avon (U.S.), Vivenza (Kuwait), Royal Beauty Group Co.(Kuwait), AlQuraishi Fragrances (Kuwait), Reehat Al Atoor (Bahrain), Asghar Ali Co. W.L.L.(Bahrain), Rasasi Perfumes Industry LLC (UAE), Arabian Oud (Saudi Arabia), Swiss Arabian Perfume Grp (UAE), Atyab Al Marshoud (Kuwait), Al Shaya (Kuwait), Ajmal Perfume (UAE), Abdulsamad Al Qurashi (Saudi Arabia).
Study Objectives of Perfume & fragrances Market Forecast to 2023
- Detailed analysis for individual micro and macro markets for Perfume & fragrances
- To estimate market size by Product Type, Ingredient, Consumer Group, Distribution Channel and Region
- To understand the supply and demand dynamics of Perfume & fragrances
- Company profiling of major players & competitive positioning for the Perfume & fragrances market
- Value chain analysis and supply chain analysis of perfume & fragrances
- Analysis of historical market trends, and technologies, and current government regulatory requirements related to Perfume & fragrances market
- Perfume manufacturers
- Fragrances manufacturers
- Food Service industries
- Retailers and wholesalers
- Traders, importers and exporters
- The Global perfume & fragrances market is projected to reach USD 64.6 billion by the end of 2023
- Among the product type, Eau de Parfum segment will dominate the Perfume & Fragrance market and is projected to reach USD 33.49 billion by 2023 at a CAGR of 6.33% in terms of value. Eau de Toilette segment is projected to grow at the substantial CAGR of 6.16% to reach USD 20.02 billion by 2023.
- Among the consumer group, women segment will dominate the Perfume & Fragrance market and is projected to reach USD 37.24 billion by 2023 at a CAGR of 5.67% in terms of value. Men segment is projected to grow at the substantial CAGR of 6.53% to reach USD 23.85 billion by 2023.
Regional and Country Analysis of perfume & fragrances market development and demand Forecast to 2022 Market
As per the MRFR analysis, the Global Perfume & Fragrance market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Europe region is accounting for 35.98% market proportion in the year of 2017 in the global Perfume & Fragrance market and it is estimated to retain its dominance throughout the forecast period of 2017-2023. However, Asia Pacific region is projected to expand at a high pace as compare to the other region and will register a healthy CAGR of 6.20% during the forecast period. Increasing middle income population group with more disposable income, continuous urbanization in developing economies are anticipated to fuel the sales of Perfume & Fragrance in Asia Pacific region. Also, perfumes have experienced significant product innovations over the last few years in Asia Pacific region which in turn accelerates the sales of Perfume & Fragrance in the near future.
The reports also cover country level analysis:
- North America
- ·Rest of Europe
- Asia – Pacific
- ·Australia & New Zealand
- ·ASEAN Countries
- ·Rest of Asia Pacific
- Latin America
- Middle East
- ·Rest of Middle East