ID: MRFR/CR/3325-CR | February 2021 | Region: Global | 195 pages
Aromas and perfumes have perfectly changed the personal hygiene habits of individuals. Once perceived as a commodity for the rich, they have gradually become the essential everyday products for the general public. These products are also used to express personal courage, individuality, and self-confidence. The growing importance of perfumes and the ever-changing fashion trends feed the growing demand for these products.
The Perfume & Fragrances Market of perfumes and perfumes is based on usage, type, distribution channel, and geography. By use, it consists of female, male and unisexual. Depending on the type, it is divided into perfumes, colognes, and other products. Based on the distribution channel, the market is segmented into multiple retail stores, specialized retail stores, online, and others. In terms of geography, it is studied in Asia-Pacific, North America, and Europe. According to the analysis, high fragrances continue to have problems to increase sales due to high prices, especially for global brands whose sales figures are expected to record a 5% growth rate during the forecast
Population growth, along with increased consumer spending on personal care and beauty products, increased awareness of the therapeutic benefits of fragrance and the strategy to accelerate innovative products by leading global players are the main drivers of the perfume and perfume market. However, the availability of counterfeit products and the use of chemical ingredients with likely side effects are expected to impede growth during the forecast.
Fragrance Market Analysis:
The size of the global Perfume & Fragrances Market market was estimated at $ 70.70 billion in 2018 and is expected to record a 3.7% growth rate during the forecast. It is expected that the growing importance of personal hygiene and appearance between men and women will continue to be one of the main factors. Besides, the increase in awareness of physical fitness in adults has increased the number of gyms and, thus, in turn, will promote the demand for body odor products, such as deodorants.
Deodorants and perfumes have become essential products for daily personal care, playing an important role in personal hygiene. Urban sprawl, as well as improving the lives of well-off people in developing countries, including Argentina, India, Brazil, Thailand, Vietnam, and China is expected to boost growth. Besides, it is expected that the growing demand for exotic and floral scents from young and adolescent consumers will continue to be a favorable factor for the industry.
The Perfume & Fragrances Market increase in disposable income of customers in developing countries, including China, India, Thailand, and Indonesia leads to increased spending on personal care products for better hygiene and health. Besides, the increase in the number of women workers and awareness of cosmetic products stimulates the demand for personal care products.
Also, increased spending on attractive promotional activities, packaging, and advertising by companies, including P&G and Unilever, has increased the market visibility for perfume products. The growth in the application of perfume products, including candles, sprays, gels, and incense, and the domestic industry, is expected to act as a major driver of the Perfume & Fragrances Market . Besides, the shift in consumer preference for aromatherapy is expected to increase the size of the Perfume & Fragrances Market.
Top perfume fragrances:
Perfume & Fragrances Market is expected to remain the fastest-growing product segment, growing at a 3.9% growth rate from 2019 to 2023. These products are gaining popularity due to the growing demand for exotic products, mainly from young customers. The growing awareness of personal hygiene, together with the availability of an extensive product portfolio in retail stores, are some of the prominent factors that are driving demand for perfumes.
Deodorants are also gaining popularity due to the characteristics of ease of use and the last lasting effect of the products. This product can be alcoholic or water-based or completely dry. Manufacturers are launching new products to gain a competitive advantage. for example, in February 2019, Unilever launched a new product called Deodorant Wipes, a non-alcoholic product, pre-moistened and packaged with built-in lids to ensure freshness until the last cleaning of the product. It is available in five Unilever brands, including Dove Men +, Degree Women, Ax, Dove, and Degree Men.
Personal care expects the fastest 3.9% growth rate from 2019 to 2023. The increase in the active population in developing economies, including India and China will promote the scope of personal care products, including deodorants and perfumes.
Also, changing preferences for natural products for better quality personal care increased sales. Manufacturers are launching new products to gain greater market share. For example, in December 2017, Unilever signed an agreement to acquire Schmidt Naturals to capture the organic personal care market. Schmidt’s Naturals was an American beauty and personal care company popular for its natural deodorants based on vanilla, lavender, rose, sage, magnesium, and charcoal.
The internet channel segment expects a 4.2% growth rate from 2019 to 2023. The increasing penetration of smartphones and fast internet users and is expected to expand the segment during the forecast period. Besides, the availability of a wide range of products, free purchase, and convenience in delivery also encourage the online sales segment.
North America was the largest market for Perfume & Fragrances Market, with a market share of 33.9% in 2018. The projection is to reach the US $ 30.27 billion in 2023. The main manufacturers are launching new products to obtain a competitive advantage. For example, in March 2019, Jo Malone London - a subsidiary of Estée Lauder Companies - launched a new perfume line called WILDFLOWERS & WEEDS. Besides, in October 2018, CHANEL International BV launched the limited edition of red bottles No. 5, available in five perfumes, namely Hemlock & Bergamot, Lupine & Patchouli, Cade & Cedarwood, Willow & Amber, and Nettle & Wild Achillea.
Asia-Pacific is the fastest-growing region, witnessing a 4.9% growth rate from 2019 to 2023. Many players are launching new products in developing countries like China and India to serve growing consumers.
Understanding the perfume markets:
Popular perfume fragrances producers are increasing their geographic reach, especially in developing countries, to obtain maximum product penetration. The establishment of strategic partnerships with major importers and buyers in the region to launch new products according to the customer's needs will be a critical success factor in the coming years. Given all these factors, manufacturers tend to focus on product innovations that primarily serve developing countries and unused application areas.
Storage of perfumes and aromas:
Even the cheapest and most expensive perfume can lose its energy due to exposure to light, heat, and air. That's why you need to keep your perfumes as far away from these elements as possible.
The first step in storing perfumes is to eliminate your exposure to the sun. Although it is easier to keep it on the dressing table to facilitate recovery, avoid this. Sunlight contains harmful ultraviolet rays that can not only change the scent but also change the color of the liquid and darken it for some time. Therefore, the best way to prevent sunlight from affecting your cheap or expensive perfume is to keep it in a drawer that prevents the sun's rays from coming into contact with it.
Regarding air, light, and heat, the latter is considered the biggest factor that causes the degradation of perfumes. Oxygen has the property of oxidizing aromas at molecular levels, which changes the odor of the perfume over time. The best way to combat this problem is to use a spray bottle for an open bottle or buy spray perfume bottles. With spray bottles, the cap should never be removed, as oxygen is prevented from coming into contact with the perfume. The other advantage of using a spray is that the perfume does not come into contact with the skin, which is known to cause contamination.
Perfume & Fragrances Market segmentation:
Perfume & Fragrances Market report predicts revenue growth at national levels, the global and regional and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2023. For this study, Research segmented the report on global perfumes. The application, product, region, distribution channel :
The Perfume & Fragrances Market is segmented by geography, usage, and type:
Frequently Asked Questions (FAQ) :
perfume & fragrances market is projected to grow at approximately 6.00% CAGR during the assessment period (2017-2023).
The value of the global perfume & fragrances market had reached USD 43,112.3 MN in 2016.
By type, the eau de parfum segment, by ingredients, the synthetic segment, by the consumer group, women segment, and by the distribution channel, store based segment holds majority shares in the global Perfume & fragrances market.
Europe holds the largest share in the global perfume & fragrances market, followed by North America and Asia Pacific, respectively.
Revlon, Inc. (the US), Shiseido Company, Limited (Japan), L'Oréal S.A. (France), International Flavors & Fragrances, Inc. (US), The Estée Lauder Companies Inc. (US), Chanel S.A. (France), Avon Products, Inc. (UK), PDC Brands (US), Oriflame Holding AG (Switzerland), Inter Parfums Holdings, S.A. (France), Vivenza (Kuwait), Abdul Samad Al Qurashi (Saudi Arabia), Royal Beauty Group Co. (Kuwait), Rasasi Perfumes Industry LLC (United Arab Emirates), and AlQuraishi Fragrances (Kuwait), are some of the top players in the global perfume & fragrances market.