The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Perfumes And Deodorants Market Growth & Trends
The global perfumes and deodorants market size is expected to reach USD 89.79 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% from 2020 to 2027. Market growth is attributed to rising global demand for high-end and premium branded perfumes and deodorants. At the macro level, rising consumer disposable income, along with their increasing willingness to pay a premium for perfumes and deodorants, is a key factor favoring market growth.
Recent years have witnessed a significant demand for organic and natural products worldwide, with consumers becoming increasingly aware of the contents in the personal care products they use, most notably in the perfumes space. Organic perfumes are manufactured using 100% naturally-sourced ingredients, typically plant-based. To be classed as organic, a natural perfume should contain at least 80% certified organic ingredients.
Prominent perfume and deodorant brands usually deploy the scent marketing strategy to influence customers’ buying decisions. Scent marketing (also called olfactory marketing or aroma marketing) refers to the technique of using a pleasant scent/aroma to improve the customer experience in retail outlets. Scent marketing is known to significantly increase customer foot traffic while influencing them to spend on the products they value.
Although perfume and deodorant brands have traditionally been introducing dissimilar products for men and women, recent years have witnessed rising instances of numerous brands launching genderless products to target both the male and female segments alike. For instance, in August 2019, Gucci, an Italian luxury fashion brand, launched its new line of genderless or unisex perfume under the label Mineral Aromatic. Such trends are likely to surface over the forecast period, given the increasing need among brands to innovate their products to stay competitive.
North America dominated the market for perfumes and deodorants in 2019, led by U.S. and Canada. Rising consumer awareness regarding hygiene, along with increasing availability of varied perfumes and deodorants across all distribution channels, is positively impacting the growth of the North America market. Furthermore, rising popularity of performance-driven or functional products, most notably among U.S. consumers, has been encouraging manufacturers to broaden their product portfolio to include antiperspirants that are effective on the human body for an extended period.
The market is characterized by intense competitive rivalry, with both domestic and international players sharing the market space. Product innovation and capacity expansion are among the key competitive strategies deployed by prominent market players over the years. In this regard, product innovation within the industry also includes development of products in convenient or user-friendly packages. For instance, in April 2020, Yardley, a U.K.-based personal care brand, introduced its new line of pocket-sized sanitizer perfumes under the label Eau De Cologne. These perfumes were designed to act both as a perfume and as a sanitizer. Other prominent brands are likely to follow suit, given the rising demand for hand sanitizers on account of the COVID-19 pandemic.
Perfumes And Deodorants Market Report Highlights
- In terms of distribution channel, the supermarkets and hypermarkets segment accounted for the largest share in 2019
- By type, the perfumes segment is expected to witness the fastest growth over the forecast period. The growth of this segment is attributed to rising demand for premium perfumes over the forecast period
- North America emerged as the largest regional market in 2019.