Fragrance and Perfume Market Outlook
The Fragrance and Perfume Market size was USD 45.85 Billion in 2022 and is likely to reach USD 73.35 Billion by 2031, expanding at a CAGR of 5.36% during 2023 - 2031. Perfume and fragrance refer to a combination of aromatic and essential oils compiled in a liquid that primarily aim at providing exotic or fresh scent. Perfumes were earlier seen as a commodity bought by the affluent, but now these fragrances are purchased by the general public to attain an agreeable scent.
Fragrances and perfumes are made of various exotic smells such as floral, woody, fresh, and oriental. Perfumes come in a bottle that an be sprayed on the apparel or directly to the skin of the user and provide an appealing scent. These products are used to express individuality, self-reliance, and panache.
Market Trends, Drivers, Restraints, and Opportunities
- Dynamic fashion trends and the increasing adoption of perfumes primarily drive the market growth.
- Rise in consumer expenditure owing to the increase in standard of living and tendency to purchase high-end, premium quality perfumes, further spurs the growth of the market.
- Increasing awareness about aromatic therapy and the therapeutic benefits of fragrances can accelerate the growth of the market.
- The engagement of various luxury brands in perfume and fragrance manufacturing to cater to the premium requirements of end-users propels the market.
- Increasing penetration of the Internet, use of smartphones, and social media marketing by influencers has encouraged the millennial generation to purchase expensive perfumes.
- Growing counterfeiting issues and the adulteration of perfumes with chemical substances that are harmful for the body hamper the market growth.
- Heavy investments by key players toward promotion and advertisement activities, R&D, and new product innovation are some of the major factors projected to provide lucrative opportunities for the market growth in the coming years.
Scope of Fragrance and Perfume Market Report
The report on the global fragrance and perfume market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Fragrance and Perfume Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016 - 2021
|
|
Forecast Period
|
2023–2031
|
| Segmentation |
Types (Perfume, Deodorants, and Others), End-users (Male, Female, and Unisex), Distribution Channels (Multi-retail Stores, Specialty Retail Stores, Online, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
|
|
Report Coverage
|
Market Scope, Analysis, Share, Competitive Analysis, Growth Facts, Restraints, Opportunities, and Revenue Forecast
|
Global Fragrance and Perfume Market Segment Insights
Emphasis on quality, exclusivity, and customization drives the perfume segment
Based on types, the market can be segmented into perfume, deodorants, and others. The perfumes segment accounted for a significant market share in 2020 and is projected to expand at a robust CAGR during the forecast period. Increasing customization by premium brands toward perfumery and catering to the dynamic fashion trend drive the segment growth. Increasing demand for perfumes by the end-users accelerates the growth of the market.
The luxury brands engage in the making of premium quality perfumes, which influences the younger generation to purchase expensive perfumes manufactured by notable luxury brands such as Chanel, LVMH, and Gucci. Social media marketing toward the promotion and sale of perfumes and the launch of new and innovative perfumes also propels the demand for perfumes. Luxurious packaging of products by luxury brands such as premium glass bottles attract customers to buy perfumes.
Growing working population of women has accelerated the growth of the market
On the basis of end-users, the market can be classified as male, female, and others. The female segment is expected to account for a significant market expansion during the forecast period. The rise of working population of women, especially in developing countries such as India, China, and Japan has given women financial independence and stability, which influences the growth of the female segment in the perfume and fragrances market.
The preference for women to purchase a wide range of perfumes based on their customized choices has further driven the growth of the segment. The launch of innovative perfumes by various key players to adhere to the end-user requirements has significantly fueled the market expansion in terms of revenue. The unisex segment is projected to grow at a substantial rate due to the multipurpose use and diverse scent that can be used by both men and women.
Multi-retail stores segment to expand at a high CAGR during the forecast period
In term of distribution channels, the market can be categorized as multi-retail stores, specialty retailers, online, and others. The multi-retail stores segment held a significant share in the market in 2019 and is projected to grow at a robust rate during the forecast period. Multi-brand stores have a huge range of perfumes and fragrances for the customers to choose from. Brand specialty, originality, and excellent customer service are few of the factors that have led to the growth of the multi-retail stores segment.
Multi brand stores offer customer service to guide the customers toward the perfume of their choice or requirement, along with festive offers, incentives, and deals which has surged the growth of the retail market segment. The online segment is also projected to grow significantly due to the rising penetration of the internet and social media marketing by key players.
The market in Asia Pacific to expand at a robust CAGR during the forecast period
In terms of regions, the global fragrance and perfume market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to account a considerable share of the market during the forecast period owing to the high penetration of the Internet in developing countries such as India, China, and Japan, aided with the increase in per capita income and standard of living of the people in countries such as India and China. North America also contributes to a significant market share due to the rising working women.
Segments
By Types
- Perfume
- Deodorants
- Others
By End-users
By Distribution Channels
- Multi-retail Stores
- Specialty Retail Stores
- Online
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Kilian
- Coty UK
- Loreal
- LVMH,
- International Flavors & Fragrances
- Givaudan
- Procter & Gamble Prestige Beaut
- Estee Lauder Beautiful,
- Firmenich
- Symris
Competitive Landscape
Key players in the global fragrance and perfume market include Kilian, Coty UK, Loreal, LVMH, International Flavors & Fragrances, Givaudan, Procter & Gamble Prestige Beaut, Estee Lauder Beautiful, Firmenich, and Symris. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.
Request For Customization
Enquiry Before Buying
Speak With Analyst
