The ‘Global Perfume Market Share, 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 type, product, end-user, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses 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 45.9 billion
• Forecast CAGR (2023-2028): 5.5%
The demand for perfumes is on a rise due to the increasing necessity of perfumes in order to smell fresh and feel confident in public, which is accelerating the growth of the perfume market. Rising disposable incomes of consumers and the increased expenditure on luxury items is a key factor driving the growth of this market. The mass product segment of the perfume market is expected to witness a significant growth due to the availability of high-quality products at a lower price.
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Men’s perfume is projected to witness a growing demand in the coming years, fuelled by the increasing popularity of perfumes among men, and due to their long-lasting nature and premium fragrances. Celebrity endorsements and promotional ads and campaigns by leading perfume brands are further accelerating the growth of this market.
Due to the growing number of working women and the wider availability of women fragrances in the market, the women segment is also expected to grow at a rapid rate in the forecasted period. Perfumes signify the styles and individuality of a person and possess the ability to influence the mood and perception of a person. These psychological benefits are expected to contribute greatly to the growth of the perfume market, owing to the rising mental health awareness.
Perfume Industry Definition and Major Segments
A perfume is a fragrant liquid which emits a pleasant odour. Perfumes are usually composed of essential oils and ingredients such as sandalwood, spices, fruits, and leaves. A liquid perfume is a mixture of water, alcohol and molecules that evaporate at room temperature. The life-cycle of a fragrance consists of three notes- the top note, the heart note, and the base note.
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On the basis of type, the market is segmented into:
• Eau De Cologne (EDC)
• Eau De Parfum (EDP)
• Eau De Toilette (EDT)
Based on product, the market is divided into:
• Premium product
• Mass product
On the basis of end-user, the market is bifurcated into:
Based on distribution channel, the market is differentiated into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
On the basis of region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Perfume Market Trends
The thriving e-commerce sector coupled with the rising investments towards social media marketing is a key market trend observed, which is leading to the steady growth of the perfume market. Attractive discounts and wide range of product availability in online stores is a compelling factor increasing the demand of perfumes. The increased trend of investing in multiple perfumes and the rising inclination of a sizeable population towards personal care are contributing significantly towards the expansion of this market. Development of innovative fragrances, to assist the consumers to personalise their fragrances as per their preferences, has created a boom in this market.
The introduction of waterless, natural essential oils-based fragrances in the market for perfumes is also likely to capture a sizeable share of the market due to their numerous benefits over chemical perfumes, and their hypo-allergenic properties. Furthermore, natural fragrances are skin and environment safe and are not tested on animals, which increases their appeal to those concerned with animal welfare. The growing spa-culture and changing lifestyles of the consumers have generated a surging demand for aromatherapy, thus leading to the growth of the perfume market.
Key Market Players
The major players in the global perfume market report are LVMH Moët Hennessy – Louis Vuitton, The Estée Lauder Companies Inc, L’Oréal S.A., Shiseido Co.,Ltd., Beiersdorf AG, Amorepacific Corporation, Calvin Klein Inc., Guccio Gucci S.p.A., Giorgio Armani S.p.A., Coty Inc., Yardley London, and Revlon Consumer Products Corporation, among others.
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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