Consumer & Luxury Goods Market Research News

Recent research: Global perfume and fragrance market projected to hit USD 64.6 bn by 2023

Consumer Market Research

Perfume and Fragrance Market Information: by Type (Eau de Parfum, Eau de Toilette, Eau de Cologne, Eau Fraiche, others), Ingredients (Natural, Synthetic), Consumer Group (Man, Women, Unisex), Distribution Channel (Store based, Non-Store Based), and Region (North America, Europe, Asia Pacific, and Rest of the World) - Global Forecast till 2023

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.

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Market Scenario:

Perfume and fragrance are mixture of chemical compounds characterized by olfactive properties. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.

Fragrance is combined in order to impart peculiar and distinctive odorous into the preparations.

Perfume and fragrance products are used to get rid of unwanted body smell produced due to sweating. Perfume and fragrance products majorly include eau de parfum, eau de toilette, eau de cologne and eau fraiche.

Rapid pace of urbanization has positively impacted the development of global perfume & fragrance market. Lifestyle changes along with the rising standards of living have also played a positive impact in the sales of perfume & fragrance products.

Increase in the use of cosmetic & personal care products coupled with strong performance of personal care & wellness industry is considered to be one of the significant driving factor which is rising growth of perfume & fragrance market.

Most of the consumers’ consider pleasant smell and product packaging as the critical features before buying perfumes. Manufacturers have been watchful about these demand factors and indulge in well-organized and sustainable production while maintaining transparency at each step and comply with traceability standards to maintain consumer confidence.

Gifting culture includes buying for others which is an essential component to offer opportunities for market growth of perfumes and fragrance. The main aim of gifts is preserving harmony within one’s family, friends, colleagues, and society.

People are ready to invest on expensive commodities owing to the fact that higher price brings a better quality and those qualities properly suit their needs.

E-commerce has grown rapidly at the global level and still has a lot of growing potential, especially in the developing regions as there are high return rates in the e-commerce space. The trend of retail therapy – effortless, relaxing and ultimately enjoyable shopping is one of the major drivers boosting the sales of perfume and fragrance through e-commerce.

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Regional Analysis:

The global perfume & fragrance market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Among these, Europe is projected to retain its dominance throughout the forecast period owing to increasing disposable income and consumer awareness on personal hygiene.

Europe is estimated to reach USD 22331.08 million by 2023. However, Asia Pacific is projected to expand at a moderate CAGR of 8.00% during the forecast period 2017-2023.

Segments:

The global perfume & fragrance market has been segmented on the basis of type, which includes eau de parfum, eau de toilette, eau de cologne, eau fraiche and others. The eau de parfum segment is projected to account for the maximum market proportion at a CAGR of 6.33% during the forecast period.

On the basis of ingredients, the global perfume & fragrance market is segmented as natural and synthetic. Among both, the synthetic segment is estimated to witness the highest growth at a CAGR of 5.69% during the forecast period 2017-2023.

On the basis of consumer group, the global perfume & fragrance market is segmented into men, women and unisex. Among all the segments, the women segment is estimated to witness the highest growth at a CAGR of 5.67% during the forecast period 2017-2023.

On the basis of distribution channel, the global perfume & fragrance market is segmented into store based and non-store based. Among both, store based segment is estimated to witness the highest growth at a CAGR of 5.71% during the forecast period of 2017-2023.

Key Players:

The leading players in the global perfume & fragrance market 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).

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Target Audience:

  • Global perfume & fragrance product manufacturers
  • End users
  • Retailers and wholesalers
  • E-commerce companies
  • Traders, importers and exporters

Key Findings:

Europe is estimated to retain its dominance throughout the forecast period at a CAGR of 5.27%. Among the European countries, France is projected to witness a substantial growth at a CAGR of 5.50% during the forecast period of 2017-2023.

Global perfume & fragrance manufacturers find massive opportunities in India owing to the huge demand for perfume & fragrance products, especially, cosmetics and toiletries.

Regional and Country Analysis of the Global Perfume & Fragrance Market Development and Demand Forecast till 2023

As per the analysis, the global perfume & fragrance market is expected to reach USD 64690.27 million by 2023 at a CAGR of 6.00% during the forecasted period.

The reports also cover country level analysis:

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • Australia & New Zealand
  • Indonesia
  • Rest of Asia Pacific

Latin America

Middle East

  • U.A.E.
  • K.S.A.
  • Bahrain
  • Kuwait
  • Qatar
  • Oman
  • Rest of Middle East

Africa

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