Global Perfume Market, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, Eau Fraiche), Product (Mass, Premium), Ingredient (Natural, Synthetic), End User (Men, Women), Distribution Channel (Offline, Online) - Industry Trends and Forecast to 2029
Market Analysis and Insights
Perfumes are made up of fragrances or essential oils that are used to create a pleasant odor. Spices, woods, flowers, grasses, fruits, resins, leaves, roots, balsams, gums, and animal secretions are some of the common natural ingredients used in the production of perfumes. The growing use of premium products due to contribute to the market's growth.
- Volatile and constantly changing fashion trends primarily influence the fragrances and perfumes market. As a result, key market players are focusing on developing exciting, one-of-a-kind, and new fragrances to appeal to a variety of consumer groups around the world. The growing number of hypermarkets, supermarkets, clubhouse stores, convenience stores, and department stores is helping to drive the perfume market forward. Data Bridge Market Research analyses that the perfume market will grow at a CAGR of 4.10% during the forecast period of 2022 to 2029.
Perfume Market Dynamics
Increasing Consumer Spending
The increasing consumer spending on luxury fragrances on account of inflating income levels and improving standards of living which further increases its usage amongst various end use industries thus, accelerating the overall growth for the market.
The rise in the trend of personal grooming acts as a significant driver that will result in the expansion of the market's growth rate. Furthermore, the rapid urbanization along with the increasing population are the factors that will expand the perfume market. The rising consumer preference for the online shopping and the rising investments for the customization of the product expected to fuel the growth of the market.
Product Innovations and Research Activities generate Opportunities.
Furthermore, the product innovations based on customer needs and continuous research and development activities will create new opportunities for the perfume market in the forecast period mentioned above.
Restraints and Challenges
Availability of Counterfeit Products
The availability of counterfeit products is projected to create a hurdle for its adoption rate, thus further restricting the market's overall growth.
Moreover, the harmful chemical ingredients are basically included in the manufacturing of the perfume which can hamper the market’s growth. In addition to this, the suspension of several manufacturing and supply activities will hinder the perfume market growth, creating challenges for market in the forecast period mentioned above.
This perfume market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on perfume market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Perfume Market
The lockdown restrictions across the globe led to the major disruption in the supply chain which negatively affected the perfume market. Moreover, the slowdown as a result of the suspension of various manufacturing and the ban on international travel in order to contain the spread of the global pandemic has impeded the markets growth. Lockdowns and isolation during pandemics restricted the various industrial operations which created several complications for the market’s production and supply. The loss of revenue due to the suspended operations and the postponed activities across the industries led to the reduced deliveries of the perfume, thus further hampering the market’s growth.
However, the COVID-19 crisis is likely to accelerate market trends such as the rise of the global middle-class population and the use of e-commerce which can favor the market growth. Moreover, players are adopting various safety measures to propel the market growth on a large scale along with the new planning and strategies introduced by the fragrance market players.
- In January 2020, Ajmal & Sons, a family-owned perfume company based in the United Arab Emirates, has launched a new perfume line at Shoppers Stop in India. The two companies collaborated to launch the celebrated fragrance brand's new products. Prestige is the name of the company's luxurious and one-of-a-kind collection. It includes Aristocrat Eau De Parfum for Him & Her, a global best-seller.
- In October 2020, Marc Jacobs International and Marc Jacobs Fragrances, a division of Coty Inc., have announced the release of Perfect Marc Jacobs, the brand's latest women's fragrance.
Global Perfume Market Scope
The perfume market is segmented on the basis of type, product, ingredient, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Extrait de Parfum
- Eau de Perfume
- Eau de Toilette
- Eau de Cologne
- Eau Fraiche
On the basis of type, the perfume market is segmented into extrait de parfum, eau de perfume, eau de toilette, eau de cologne and eau fraiche. The Extrait de Parfum is expected to witness the highest market’s growth.
On the basis of product, the perfume market is segmented into mass and premium. The Premium product is estimated to hold the largest market share.
On the basis of ingredient, the perfume market is segmented into natural and synthetic.
On the basis of end user, the perfume market is segmented into men and women. The women fragrances is projected to lead the market, accounting for the majority of the market share.
On the basis of distribution channel, the perfume market is segmented into offline and online.
Perfume Market Regional Analysis/Insights
The perfume market is analyzed and market size insights and trends are provided by country, type, product, ingredient, end user and distribution channel as referenced above.
The countries covered in the perfume market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the perfume market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the increasing young population, growing working population and high disposable income within this region.
On the other hand, North America region is projected to exhibit the highest growth rate during the forecast period due to the increased demand for the premium products and high economic growth within the economies.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Perfume Market Share Analysis
The perfume market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to perfume market.
Some of the major players operating in the perfume market are Avon Products, Coty Inc., The Avon Company, Natura&Co., Chanel, LVMH, L’Oreal, Beiersdorf AG, Dior, Estée Lauder Inc, Giorgio Armani S.p.A, Elizabeth Arden, Inc., Lacoste, Puig, Unilever, Procter & Gamble, Raymond Limited, DOLCE&GABBANA s.r.l, REVLON, Burberry Group Plc, and Tommy Hilfiger licensing, LLC, among others.
Research Methodology : Global Perfume Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available : Global Perfume Market
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