Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- The global perfume market size was valued at USD 45.85 billion in 2022 and is projected to grow from USD 48.05 billion in 2023 to USD 69.25 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period. Perfumes are pleasant-smelling solutions made by using oils, fragrances, and other ingredients to create a pleasing aroma. Increasing demand for high-quality beauty and grooming products globally is expected to boost market growth. Fortune Business Insights™ provides this information in its report titled "Perfume Market, 2023-2030."
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List of Key Players Profiled in the Perfume Market Report:
- L’Oréal S.A.(France)
- Unilever Plc (U.K.)
- Coty Inc. (U.S.)
- The Proctor and Gamble Co. (U.S.)
- The Estee Lauder Companies Inc. (U.S.)
- Natura & Co. (Brazil)
- Avon Products Inc. (U.S.)
- Puig SA (Spain)
- Revlon Inc. (U.S.)
- Chanel Limited (France)
- Shiseido Company Limited (Japan)
- Beiersdorf AG (Germany)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.36% |
| 2030 Value Projection | USD 69.25 Billion |
| Market Size in 2022 | USD 45.85 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 190 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Perfume Market Growth Drivers | Companies Announce Innovative Fragrances to Accelerate Market Progression |
| Rising Consumer Preferences Toward Online Shopping to Fuel Market Expansion |
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
Announcement of Innovative Solutions to Bolster Market Growth
Manufacturers focus on providing excellent and innovative fragrance solutions to consumers to enhance their experience. The incorporation of strong flavors and oils eliminates odors and boosts the scent's shelf-life. Companies launch different fragrance solutions utilizing artificial intelligence technology that satisfies the fragrance preferences of consumers. For example, SEPHORA, LVMH announced ‘MAISON 21G’ in April 2021. It is an innovative AI-powered solution aimed at satisfying consumer's fragrance preferences. Further, the adoption of online retail is likely to fuel product demand globally. Online retail offers consumers an enormous choice that shall satisfy their demand for aromatic fragrances and boost convenience. These factors are likely to drive the perfume market growth.
However, high research & development costs and uncertain consumer behavior may hinder market progress in the forecast period.
COVID-19 Impacts:
Halt on Manufacturing to Impede Market Progress Amid the Pandemic
This market is expected to be negatively affected during the COVID-19 pandemic due to stringent lockdown restrictions imposed by governments. As a result, halt on production and transport has led to the lack of raw materials and supplies. However, lockdown relaxations lead to the adoption of reduced capacities and part-time shifts to help manufacturers recover losses and regain market position. In addition, the rising demand for strong scent and beauty solutions may boost product demand. These factors are likely to boost market growth during the pandemic.
Segments:
Perfume Segment to Lead Owing to its High Fragrance Concentration
Based on type, the market is segmented into perfume, eau de perfume, eau de cologne, eau de toilette, and eau fraiche. Among these, the perfume segment accounted for the largest market share in 2022 owing to its durability, high fragrance concentration, and high percentage of essential oils as compared to alternatives.
Mass Segment to Dominate Due to Economical Price
As per product, it is bifurcated into premium and mass. Among these, the mass segment led the market in 2022 stoked by surging demand across various regions and economical costs of products.
Women Segment to Hold Major Share Backed by Rising Spending Power on Cosmetics
According to end-user, it is classified into women and men. Among these, the women segment captured the largest global market share owing to surging demand for organic and sustainable fragrances from women for grooming purposes. Moreover, rising expenditure on cosmetics by women will further propel segment growth.
Online Segment to Capture Significant Share Owing to Launch of Various Online Shopping Platforms
By distribution channel, it is categorized into offline and online. Among these, the online segment captured a significant market share in 2022 due to rising consumer inclination toward online shopping. Moreover, the introduction of the online shopping platforms such as Amazon, Parfumdreams, Flipkart, and others is attracting customers to buy the required products online, thus boosting segment proliferation.
Regionally, the global market is fragmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Rising Demand for Premium Products to Foster Market Growth in North America
North America is projected to dominate the perfume market share due to rising demand for premium consumer products. Evolving consumer preferences and rising spending capacity are likely to boost the product demand. In addition, increasing the standard of living in Canada, Mexico, and the U.S. is expected to boost the market growth.
In Asia Pacific, increasing disposable income, young population, and rising awareness regarding the benefits of the product are likely to fuel the product demand. Additionally, rising demand for premium brands is expected to boost market progress.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Perfume Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Perfume
- Eau de Perfume
- Eau de Toilette
- Eau de Cologne
- Eau Fraiche
- By Product (Value)
- Mass
- Premium
- By End-User (Value)
- Men
- Women
- By Distribution Channel (Value)
- Online
- Offline
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued...!
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Competitive Landscape:
Prominent Companies Incorporate Expansion Strategies to Expand their Market Reach
Several manufacturers globally aim to provide innovative products to consumers to satisfy their demand. For example, Givaudan introduced a creative scent technology named ‘VivaScentz’ in June 2020 to satisfy consumer demand for different scent categories.
Key Industry Development:
- January 2023: The Estee Lauder Companies Inc. recently launched Beautiful Magnolia L'Eau, a new fragrance for women. The newly launched product will increase the company's product depth and enhance the profit margin.
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