Perfume Market will Reach Nearly 46.93 Billion, Expanding at a CAGR of 4.1% during the Forecast Period of 2028
The global perfume market size was USD 34.44 Billion in 2020 and is expected to register a revenue CAGR of 4.1% during the forecast period. Increasing demand for perfume among young population, surging purchasing power, and rising demand for cosmetics products are key factors expected to drive market revenue growth over the forecast period. Increasing introduction of natural fragrance by market players are also expected to drive revenue growth in the upcoming years.
Perfumes are typically comprised of various fragrances and a wide range of chemicals to provide a pleasing smell. The cosmetics industry is growing due to rising global demand for cosmetics products, which, in turn, is expected to propel market growth. Perfumes have become more important for personal grooming. Various businesses across the world are working on bringing product development and innovation to fulfil customers’ demand. One of the most important customer needs is longevity of fragrances. As a result, providing a long-lasting fragrance is a key factor in generating a favorable response from customers. Demand for perfumes is expected to grow in the near future, owing to development of such innovative products by market players.
Consumers\’ income level in developing countries has increased, which, in turn, is leading to surging purchasing power on different personal care and cosmetics products for improving health and hygiene. Demand for perfumes is expected to grow due to increasing working-class population and rising usage of cosmetics products. However, adverse effects of perfumes due to presence of toxic ingredients and rising demand for alternatives to perfumes are key factors expected to restrain market growth to a certain extent over the forecast period.
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Some Key Highlights From the Report:
- Premium perfume segment is expected to account for largest revenue share during the forecast period, as a result of increasing desire for exotic and unique aromas. Demand for premium perfumes is projected to rise as producers nowadays are putting a higher emphasis on quality, customization, and exclusivity.
- Offline segment is expected to register robust revenue growth rate over the forecast period. Growth of this segment is projected to be driven by expansion of the organized retail sector. It has generated substantial opportunity and visibility for various manufacturers to market products.
- North America is expected to account for largest revenue share over the forecast period, owing to growing demand for high-end products and rapid economic development. Additionally, rising living standards in countries such as the United States, Canada, and Mexico are projected to drive market growth in this region.
- Some players in the market include L’Oréal S.A., Unilever plc, Coty Inc., Puig SL, Avon Products, Inc., The Procter & Gamble Company, Beiersdorf AG, The Estée Lauder Companies Inc., LVMH Moet Hennessy Louis Vuitton SE, and Elizabeth Arden, Inc.
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For the purpose of this report, Reports and Data has segmented the global perfume market on the basis of product, distribution channel, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Mass Perfume
- Premium Perfume
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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