Pune, India, May 13, 2019 (GLOBE NEWSWIRE) -- According to the report found on Wise Guy Reports (WGR), the global perfume and fragrances market is launching ahead at an exhilarated pace, with analysts expecting it to reach the valuation of USD 64.6 billion by 2023. The report also adds that the market is expected to grow at a significant rate of 6% during the forecast period (2017-2023).
Personal Grooming Becomes Priority, Supports Market Growth
Perfumes have seamlessly become a huge part of day-to-day personal care, reflecting the growing popularity of personal grooming. Rising urban population along with the elevated living standards among middle-class income groups in the emerging countries like India, China, Thailand, Brazil, Argentina and Vietnam has helped to expand the market size to a large extent. Apart from this, the hike in the demand for exotic and floral scents, especially from the young and teenage consumers will push the market to greater heights in the years ahead.
A Hike in the Working Women Population to Benefit the Global Market
Growing disposable income levels of general population in developing countries such as India, Thailand, China, and Indonesia has led to high spending on personal care products aimed at improving health and hygiene. In addition, the surging number of working women coupled with the rising awareness regarding cosmetic products has augmented the demand for personal grooming products like perfumes and fragrances.
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Aromatherapy to be the Toast of the Hour
Growth in the spending on attractive packaging, in addition to advertisement as well as promotional activity by FMCG companies like Unilever and P&G is striving to raise the market visibility of fragrance products in the coming years. Fragrance products find widespread applications in candles, sprays, gels, and intense sticks in household, which will most likely open new avenues for the perfume and fragrances market in the long run. On top of that, the growing preference for aromatherapy among a large number of consumers will definitely expand the market size during the conjectured time frame.
Segmentation
Eau de Parfum Surges at a Lucrative Rate
Among the types of perfumes and fragrances, the Eau de Parfum segment is set to lead the global market and is bound to reach the valuation of USD 33.49 billion by 2023. Moreover, it will be moving ahead at a CAGR of 6.33% in terms of value. Following this, the Eau de Toilette segment comes a close second with the projected CAGR expected to be 6.16% and the estimated value of USD 20.02 billion by 2023.
Demand for Natural Ingredients Surpasses that of Synthetic Ingredients
Owing to the growing demand for better quality products among consumers, the segment of natural ingredients will experience more demand as compared to its synthetic counterpart.
Women beat Men as the Larger Consumer Base in the Global Market
Among the consumer groups, i.e., women and men, the women segment leads the pack in the global perfume and fragrance market with the estimations of it reaching roughly USD 37.24 billion by 2023. Further, the segment can generate revenue at a CAGR of 5.67% during the forecast period. On the other hand, the men segment is set to land at a value of USD 23.85 billion by 2023.
Store-based Distribution Channel Clinches the Top Position
The store-based distribution channel includes brand outlets, supermarkets and hypermarkets, direct selling, unorganized retail and drug stores, which are the primary way of selling perfumes and fragrances in developing countries like India, Thailand, and Japan among others.
Geographic Scope
Europe takes over as the supreme region in the global market
In 2017, the Europe region controlled about 35.98% share of the global perfume and fragrances market. It is also predicted that the region will retain its leading position throughout the assessment period on account of the growth of luxury brands and the prevalence of a high-end lifestyle.
Asia Pacific zooms ahead at the fastest growth rate
The report identifies Asia Pacific as the fastest growing regional market in the perfume and fragrances market, all set to register a robust CAGR of 6.20% in the next few years. The region is witnessing a rapid increase in the middle-income population characterized by growing disposable income as well as rising urbanization in developing countries like India, Japan, Thailand, and China. These factors are bound to fuel the sales of perfumes and fragrances in the forthcoming years. Additionally, perfumes and fragrances are undergoing constant innovation in the region, courtesy the marketing strategy of the numerous manufacturers operating in the region. Without a doubt, the sales of perfumes and fragrances are poised to accelerate in the region very soon.
Leading Companies
At present, the companies leading the global perfume and fragrance market include Shiseido (Japan), Ajmal Perfume (U.A.E.), Abdulsamad Al Qurashi (Saudi Arabia), Chanel (France), Estee Lauder (U.S.), Avon (U.S.), AlQuraishi Fragrances (Kuwait), Royal Beauty Group Co.(Kuwait), Vivenza (Kuwait), Reehat Al Atoor (Bahrain), Atyab Al Marshoud (Kuwait), Rasasi Perfumes Industry LLC (U.A.E.), Arabian Oud (Saudi Arabia), Swiss Arabian Perfume Grp (U.A.E.), IFF (U.S.), Al Shaya (Kuwait), Asghar Ali Co. W.L.L.(Bahrain), Elizabeth Arden Inc. (U.S.), Loreal (France), and others.
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Industry Update
May 2019 - ITC’s Engage On recently launched a range that consists of 2-in-1 perfume spray, combining two fragrances in one perfume pack. This will allow the consumers to make a switch between different fragrances for any occasion and at any time they want.
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