The global perfume market was valued at USD 45.85 billion in 2022 and is expected to grow from USD 48.05 billion in 2023 to USD 69.25 billion by 2030, registering a compound annual growth rate (CAGR) of 5.36% during the forecast period. Perfumes are aromatic solutions crafted from a blend of oils, fragrances, and other ingredients to create a pleasing scent. The rising global demand for high-quality beauty and grooming products is anticipated to fuel the market’s growth. This information is provided in the report titled “Perfume Market, 2021-2028” by Fortune Business Insights™.
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Key Players in the Perfume Market:
- L’Oréal S.A. (France)
- Unilever Plc (U.K.)
- Coty Inc. (U.S.)
- The Procter & Gamble Co. (U.S.)
- The Estée 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)
Market Segmentation:
Perfume Segment to Lead Due to High Fragrance Concentration
The market is segmented by product type into perfume, eau de parfum, eau de cologne, eau de toilette, and eau fraiche. Among these, the perfume segment held the largest market share in 2022 due to its long-lasting fragrance, high concentration of essential oils, and superior aroma compared to other variants.
Mass Segment to Dominate Due to Affordable Pricing
Based on product category, the market is divided into premium and mass products. In 2022, the mass segment led the market, driven by its affordable pricing and increased demand in various regions.
Women’s Segment to Hold the Largest Share Due to Increased Spending on Cosmetics
The market is also segmented by end-user into women and men. The women’s segment accounted for the largest share globally in 2022, driven by the growing demand for organic and sustainable fragrances, as well as an increase in spending on cosmetics and personal grooming among women.
Online Distribution to Capture Significant Market Share Due to E-Commerce Growth
The market is further segmented by distribution channel into offline and online. The online segment saw considerable growth in 2022, driven by increasing consumer preference for online shopping. E-commerce platforms like Amazon, Parfumdreams, and Flipkart are attracting customers, leading to the proliferation of online perfume sales.
Regional Market Insights:
The global perfume market is further divided into regions, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Overview:
This report provides an in-depth analysis of the key market segments, trends, and dynamics. It covers the driving and restraining factors affecting the market, as well as the influence of the COVID-19 pandemic on market performance. Additionally, it explores regional developments and key strategies implemented by major industry players.
Market Drivers and Challenges:
Innovative Solutions to Drive Market Growth
Manufacturers are increasingly focusing on offering unique and innovative fragrance solutions to enhance the consumer experience. The use of high-quality ingredients such as essential oils improves scent longevity, and the introduction of AI-driven fragrance solutions is gaining popularity. For example, in April 2021, SEPHORA and LVMH launched ‘MAISON 21G,’ an AI-powered fragrance solution that customizes scents according to consumer preferences. The growing popularity of online retail platforms is also expected to drive global demand by providing consumers with a wide selection of perfumes, boosting both convenience and variety.
However, high research and development costs, along with unpredictable consumer behavior, could pose challenges to market expansion during the forecast period.
Regional Insights:
North America to Lead Due to Demand for Premium Products
North America is expected to dominate the perfume market share due to increasing consumer demand for high-end products. Growing disposable incomes, evolving consumer preferences, and a rising standard of living in countries such as the U.S., Canada, and Mexico are likely to drive market growth.
In the Asia Pacific region, the growing disposable income, a youthful population, and increasing awareness about the benefits of premium fragrances are expected to fuel product demand. Additionally, the rising inclination toward luxury perfume brands is anticipated to further drive the market.
Competitive Landscape:
Global Players Expand Their Reach Through Innovation
Leading players in the perfume industry are constantly innovating to meet consumer demand. For instance, in June 2020, Givaudan launched a new scent technology called ‘VivaScentz,’ designed to meet consumer preferences for different fragrance categories.
Key Industry Developments:
- January 2023: The Estée Lauder Companies Inc. introduced Beautiful Magnolia L’Eau, a new fragrance for women, which aims to expand the company’s product portfolio and improve profit margins.
This detailed overview offers insights into the current trends, key market drivers, and challenges, as well as the competitive strategies shaping the future of the global perfume industry.
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