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 have significantly affected the composition of consumption basket of consumers and has influenced their buying behavior 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 the GCC region has further reinforced the potential of growth of the 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 centers and emulation of the Western culture have significantly resulted in growing demand for luxury goods such as perfumes.
The strategic sales plan of perfume manufacturers, especially with luxury brands include the use of online channels for marketing along with product promotion through sponsoring events and using other platforms 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 the anti-social message.
Today, perfumes are available with a 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 a 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).
- 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.
- Asia Pacific region is projected to expand at a high pace as compared 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 the Asia Pacific region.
- 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.
Category: Business Services Market Research
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