The ‘Global Perfume Market Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global perfume market, assessing the market on the basis of its segments like products, gender, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Perfume Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 33 billion
• Forecast CAGR (2023-2028): 4%
|Market Size in 2022||USD 33 billion|
|Growth Rate CAGR||4%|
|Major Players||Avon Products Inc., Natura Cosméticos SA, Chanel SA, Chanel SA, Coty Inc.,
LVMH, and L’Oréal SA, among others.
The demand for perfumes has been driven by the increase in standards of living, rise in popularity of long-lasting high-quality perfumes, and robust urbanisation. Increase in the number of corporate workers is also fuelling the sale of perfumes. More men are also experimenting with various perfumes, supporting the growth of the market. The perfume market has been aided by the rise in disposable income and increase in demand for perfumes with high fragrance oil.
The increase in awareness about personal care and hygiene is another crucial driving factor for the market. The growing expansion of the fashion industry and increasing influence of celebrities are motivating millennials and youngsters to purchase perfumes.
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Applying perfume can change the mood of a person and decrease stress and anxiety. In this regard, the busy and hectic lifestyles led by the working-class population is further escalating the sale of perfumes.
The increasing incorporation of perfumes in cosmetic products to enhance the experience of cometic consumers is adding to the perfume market growth. Moreover, perfumes are also added to air fresheners which improve the atmosphere of a room. Hence, the increasing adoption of air fresheners in commercial spaces, public places, and households, is expanding the market opportunities for perfumes.
Perfume Industry Definition and Major Segments
A perfume is defined as a mixture of essential oils extracted from plants and other aromatic compounds which gives out pleasant odour. Modern perfumes contain many other compounds apart from aromatic compounds, for purposes such as stabilisation of the final product and scent longevity. Perfumes containing high amounts of specialised fragrances are generally more expensive. The classes of fragrance can be divided into floral, wood, and citrus.
On the basis of product, the market can be segmented into:
• Premium Product
• Mass Product
Based on gender, the market has been divided into:
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Perfume Market Trends
The key trends in the perfume market include the growing research and development activities by the major market players aimed towards producing world-class perfumes with superior fragrance and unique smell. Product engagement and branding of new innovations has become easy in the modern world owing to the increase in number of social media users which is another crucial market driving trend.
The availability of unisex perfumes is a growing trend in the market for perfumes, particularly amongst consumers that prefer neutral scents. Preference for natural perfumes is also a key trend, as consumers express interest in avoiding overtly chemical formulations. The availability of vast perfume brands of different shapes and sizes is further expanding the options for consumers who are selective. Subscription boxes and samples of perfumes help users in finding an ideal perfume that matches their taste.
In terms of region, Europe accounts for a significant share in the market due to the strong foothold of major perfume manufacturers. The increasing influence of the fashion industry in the region has been fuelling the demand for perfumes.
Key Market Players
The major players in the Global Perfume Market are :
- Avon Products Inc.
- Natura Cosméticos SA
- Chanel SA
- Coty Inc.
- L’Oréal SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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