NEWARK, Del, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global perfume market is expected to grow at a moderate CAGR of 4% over the forecast period of 2021 to 2031. Valued at US$ 35 Bn in 2021, the perfume market is likely to be driven by the immense demand for the presence of natural and renewable ingredients within the product. Easy availability of travel sprays and rollerballs are expected to further expand the perfume market over the projected period.
Perfumes are formed by combining essentials oils and aroma compounds with alcohol and water. With rapid changes in consumer preferences and a growing inclination for natural and herbal products, the perfume industry is likely to be fueled by increasing usage of natural ingredients. Many major manufacturers are investing in product innovation and development with regards to naturals and renewable ingredients. In addition to this, the introduction of Eau de Cologne and Eau de Toilette have resulted in the easy availability of affordable perfumes with a wide range of prices at multiple distribution channels. This is pushing the sales of perfume in the global market.
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With swift urbanization in developing countries and rising disposable incomes, a surge in the spending on personal grooming products is to be expected. A large portion of the consumer base use perfume on a regular, daily basis. This propels the sales of low concentration fragrance oils like Eau Fraiche and Eau de Cologne which in turn reduces the recycle period and raises the orientation of perfumes.
However, even with positive future prospects, there are certain factors that may impede the overall market growth of perfumes. Lack of information regarding ingredients as well as the usage of multiple chemicals in the manufacturing process may hamper the market growth during the assessment period.
“Increasing spending on personal grooming products, especially by young consumers, is expected to boost the market prospects for perfume over the forecast period,” says an FMI analyst.
Key Takeaways:
- Expanding online retail to foster market opportunities for the perfume market.
- Skin issues like irritation and darkening will likely hinder market growth.
- The U.S. market is predicted to acquire 82% of the market share in North America.
- Luxury perfume to drive market sales in the U.K.
- The perfume market in Dubai is predicted to register a 5% CAGR.
- On the basis of product type, Eau Fraiche is expected to dominate the market with a 4% CAGR.
- Perfumes made from natural ingredients to witness a 3% CAGR.
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Competitive Landscape
Estee Lauder Companies Inc., LVMH Moet Hennessy Louis Vuitton, Coty Inc., L’Oréal S.A., Elizabeth Arden Inc., Shiseido Co. Ltd., Puig SL., Perfumania Holdings Inc., Avon Products Inc., Hermes International S.A., Natura Cosmetics S.A., Channel S.A., Clarins Cosmetics Company, Revlon Inc., and Givaudan among others are some of the major players in the perfume market that are profiled in the full version of the report.
Major market players are concentrating on advertising and marketing strategies to further increase their sales. Partnerships and collaborations are certain other strategies that these businesses are employing to gain a competitive edge.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
4. Impact of Covid-19 on Perfume Market
More Insights into the Perfume Market Report
In its latest report, FMI offers an unbiased analysis of the global perfume market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on product type (eau de parfum, eau de toilette, eau de cologne, eau fraiche), nature (natural, synthetic), end-use (men, women, unisex), sales channel (wholesalers/ distributors, hypermarkets/ supermarkets, specialty stores, multi-brand stores, independent drug stores, online retailers, others), and region.
According to the latest FMI reports, based on region, the perfume market in the United States is predicted to exhibit substantial growth over the forecast period. The market in this country is expected to account for 82% of the market share in North America. Heightened spending on personal care and cosmetics products along with a surge in the demand for luxurious and premium fragrances among women is likely to boost the market over the next few years.
Apart from the U.S., countries like the U.K., France and Dubai are anticipated to present impressive growth in the perfume market over the projected period. Again, based on segmentation, on the basis of product type, the Eau Fraiche segment will witness an upsurge in demand while most consumers are predicted to show an inclination for natural perfumes over synthetic ones. Based on end-use, the unisex segment is expected to grow at a 3% CAGR while online retail sales channels will lead the market growth over the forecast period.
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Have a Look at Related Reports of Consumer Product Domain
Luxury Perfume Market Growth: According to latest research by Future Market Insights, luxury perfume market is set to witness steady growth during 2021-2031.
Mini Refillable Perfume Bottles Market Type: The mini refillable perfume bottles market is set to witness steady growth during 2021-2031, with a CAGR of around 3.5-4.5%.
Pet Perfume Market Analysis Forecast: According to a recent report published by Future Market Insights, the pet perfume market size is estimated at US$ 1.4 Billion in 2022.
Fragrance Product Market Sale: By 2031, the fragrance product market value is estimated to reach US$ 99.2 billion, with a CAGR of 4.7%.
Fragrance Diffuser Market Value: Global Fragrance Diffuser demand is projected to be valued at nearly US$ 27.75 Billion in 2022, forecast to grow at a CAGR of 7.08% to be valued at approx. US$ 55 Billion from 2022 to 2032.
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