Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global perfume market size is projected to reach USD 43.2 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period. Robust demand for beauty products and accessories among consumers is expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled "Perfume Market, 2021-2028."
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 the market growth. 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. The demand for long-lasting scents is expected to boost its sales drastically. Further, the incorporation of strong fragrances, oils, and other materials is expected to attract consumer demand. Additionally, rising demand for waterless scent is expected to surge the product demand. These factors are likely to propel market progress.
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Perfume Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.0% |
| 2028 Value Projection | USD 43.2 billion |
| Base Year | 2020 |
| Perfume Market Size in 2020 | USD 29.8 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 150 |
| Segments Covered | By Type, By Product, By End-user, By Distribution Channel, By Region |
| Perfume Market Growth Drivers | Rising Consumer Preferences Toward Online Shopping to Fuel the Market |
| Companies Introduce Innovative Fragrance Solutions to Accelerate Market |
The Perfume Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2028.
How will you analyse the competitional analysis between top key players included in the report?
With the aim of clearly revealing the competitive state of the industry, we concretely analyse not only the leading plyers that have a voice on a global scale, but also the regional small and medium-sized players that play key roles and have plenty of potential growth.
Who are some of the key players operating in the Perfume Market and how high is the competition 2023?
- The Estee Lauder Companies Inc. (New York, U.S.)
- Natura & Co. (Sao Paulo, Brazil)
- Avon Products Inc. (New York, U.S.)
- Puig SA (Barcelona, Spain)
- Revlon Inc. (New York, U.S.)
- Chanel Limited (Paris, France)
- Shiseido Company Limited (Tokyo, Japan)
- Beiersdorf AG (Hamburg, Germany)
- L’Oréal S.A.(Clichy, France)
- Unilever Plc (London, U.K.)
- Coty Inc. (New York, U.S.)
- The Proctor and Gamble Co. (Ohio, U.S.)
What is a major information sources?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous Handbag industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Highlights of the Report
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.
Which are the driving factors of the Perfume Market?
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, huge research and development costs and uncertain consumer behavior may hinder market progress.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/perfume-market-102273
Which regions are dominating the Perfume Market growth?
North America is projected to dominate the perfume market share due to rising demand for premium consumer products. The market stood at USD 10.50 billion in 2020. 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, rising awareness regarding the benefits of the product is likely to fuel the product demand. Additionally, rising demand for premium brands is expected to boost market progress.
Which segment is expected to lead the global Perfume Market during the forecast period?
By Type
- Extrait de Perfume
- Eau de Perfume
- Eau de Toilette
- Eau de Cologne
- Eau Fraiche
By Product
- Mass
- Premium
By End-User
- Men
- Women
By Distribution Channel
- Online
- Offline
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
By type, the market is segmented into extrait de parfum, eau fraiche, eau de toilette, eau de cologne, and eau de perfume. By product, it is bifurcated into premium and mass. Based on the end-user, it is classified into women and men. As per the distribution channel, it is categorized into offline and online. Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Perfume Market Research Scope:
- Global Perfume Market size and growth projections (CAGR), 2021-2028
- COVID impact on the Handbag industry with future scenarios
- Perfume Market size, share, and outlook across 5 regions and 16 countries, 2021-2028
- Perfume Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
- Short and long-term Perfume Market trends, drivers, restraints, and opportunities
- Porter's Five forces analysis, Technological developments in the Perfume Market, Handbag supply chain analysis
- Handbag trade analysis, Perfume Market price analysis, Handbag supply/demand
- Profiles of Top leading companies in the industry overview, key strategies, financials, and products
- Latest Perfume Market news and developments analysis
Competitive Landscape
Prominent Companies Incorporate Expansion Strategies to Expand their Market Reach
The prominent companies operating in the market devise acquisition strategies to expand their market reach. For example, MINISO CO. LTD set up its fourth new store in India in December 2020. This strategy may enable the companies to boost their reach globally. The adoption of research and development enables companies to utilize effective ingredients and improve their product quality. This strategy enables companies to improve their brand image. Additionally, the adoption of technologically advanced production techniques can boost the companies' product quality, reduce labor costs, improve operational efficiency, and satisfy organizational efficiency. This strategy may enable companies to boost their market position.
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Detailed TOC of Perfume Market Research Report 2023 - Market Size, Current Insights, and Development Trends:
- 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, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Extrait de Perfum
- Eau de Perfume
- Eau de Toilette
- Eau de Cologne
- Eau Fraiche
- By Product (Value)
- Mass
- Premium
- By Distribution Channel (Value)
- Offline
- Online
- By End-User (Value)
- Men
- Women
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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Industrial Development
- April 2021- Scoots & Co. completed the acquisition of The Garden Fragrance Company for creating novel sales channels for brands, toiletries, and partner's cosmetics.
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