The global perfume market size was valued at USD 48.05 billion in 2023 and is projected to grow from to USD 69.25 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period. Perfumes are pleasant-smelling solutions made by using oils, fragrances, and other ingredients to create a pleasing aroma. Increasing demand for high-quality beauty and grooming products globally is expected to boost market growth. Fortune Business Insights™ provides this information in its report titled “Perfume Market, 2024-2030.”
Information Source:
https://www.fortunebusinessinsights.com/perfume-market-102273
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints:
Announcement of Innovative Solutions to Bolster Market Growth
Manufacturers focus on providing excellent and innovative fragrance solutions to consumers to enhance their experience. The incorporation of strong flavors and oils eliminates odors and boosts the scent’s shelf-life. Companies launch different fragrance solutions utilizing artificial intelligence technology that satisfies the fragrance preferences of consumers. For example, SEPHORA, LVMH announced ‘MAISON 21G’ in April 2021. It is an innovative AI-powered solution aimed at satisfying consumer’s fragrance preferences. Further, the adoption of online retail is likely to fuel product demand globally. Online retail offers consumers an enormous choice that shall satisfy their demand for aromatic fragrances and boost convenience. These factors are likely to drive the perfume market growth.
However, high research & development costs and uncertain consumer behavior may hinder market progress in the forecast period.
List of Key Players Profiled in the Perfume Market Report:
- L’Oréal S.A.(France)
- Unilever Plc (U.K.)
- Coty Inc. (U.S.)
- The Proctor and Gamble Co. (U.S.)
- The Estee Lauder Companies Inc. (U.S.)
- Natura & Co. (Brazil)
- Avon Products Inc. (U.S.)
- Puig SA (Spain)
- Revlon Inc. (U.S.)
- Chanel Limited (France)
- Shiseido Company Limited (Japan)
- Beiersdorf AG (Germany)
Segments:
Perfume Segment to Lead Owing to its High Fragrance Concentration
Based on type, the market is segmented into perfume, eau de perfume, eau de cologne, eau de toilette, and eau fraiche. Among these, the perfume segment accounted for the largest market share in 2022 owing to its durability, high fragrance concentration, and high percentage of essential oils as compared to alternatives.
Mass Segment to Dominate Due to Economical Price
As per product, it is bifurcated into premium and mass. Among these, the mass segment led the market in 2022 stoked by surging demand across various regions and economic costs of products.
Women Segment to Hold Major Share Backed by Rising Spending Power on Cosmetics
According to end-user, it is classified into women and men. Among these, the women segment captured the largest global market share owing to surging demand for organic and sustainable fragrances from women for grooming purposes. Moreover, rising expenditure on cosmetics by women will further propel segment growth.
Online Segment to Capture Significant Share Owing to Launch of Various Online Shopping Platforms
By distribution channel, is categorized into offline and online. Among these, the online segment captured a significant market share in 2022 due to rising consumer inclination toward online shopping. Moreover, the introduction of online shopping platforms such as Amazon, Parfumdreams, Flipkart, and others is attracting customers to buy the required products online, thus boosting segment proliferation.
Regionally, the global market is fragmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Rising Demand for Premium Products to Foster Market Growth in North America
North America is projected to dominate the perfume market share due to rising demand for premium consumer products. Evolving consumer preferences and rising spending capacity are likely to boost product demand. In addition, increasing the standard of living in Canada, Mexico, and the U.S. is expected to boost market growth.
In Asia Pacific, increasing disposable income, a young population, and rising awareness regarding the benefits of the product are likely to fuel the product demand. Additionally, rising demand for premium brands is expected to boost market progress.
Competitive Landscape:
Prominent Companies Incorporate Expansion Strategies to Expand their Market Reach
Several manufacturers globally aim to provide innovative products to consumers to satisfy their demand. For example, Givaudan introduced a creative scent technology named ‘VivaScentz’ in June 2020 to satisfy consumer demand for different scent categories.
Key Industry Development:
- January 2023: The Estee Lauder Companies Inc. recently launched Beautiful Magnolia L’Eau, a new fragrance for women. The newly launched product will increase the company’s product depth and enhance the profit margin.
