Perfume Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global perfume market size was valued at USD 50.85 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030
Perfume Market Overview:
The growth of the market is attributed to the increasing trend in personal grooming coupled with the growing demand for luxurious and exotic fragrances. In addition, increasing consumer spending on premium and luxury perfumes by high-income class along with the improvement in living standards is driving the global market. In recent years, perfumery has developed into an important business in the cosmetics and personal care industry. Fragrance has become a necessity following personal care trends, forming part of pride and confidence.
Diversification of products by manufacturer is also expected to expand the customer base. Product innovation based on customer needs is further boosting sales in the perfume market. Lauder's Jo Malone store, for example, offers fragrance consultations to help shoppers develop custom products. Additionally, the brand's Tokyo location has an artist positioned near the checkout counter to outline cityscapes on the packaging boxes to create unique product packaging designs.
The company also bought artisan perfume company By Kilian, adding stores with trendy names like Le Labo and Editions de Parfums Frederic Malle. They offer in-store blending based on customer demand to provide a premium shopping experience of handmade products.
With growing concerns about allergens and toxins from synthetic ingredients, major players are focusing on introducing natural fragrances into the premium category. About 75% of millennial women prefer buying natural products, and more than 45% of them prefer natural-based, healthy fragrances. For example, the LUXE brand is positioning itself as a natural fragrance brand and is focused on working with celebrities to endorse its products.
Innovative promotional activities are also driving the market. Manufacturers are investing in advertising to influence purchasing decisions. The growing reach and influence of social media and celebrity endorsements is one of the newest advertising strategies players are implementing.
Businesses are investing heavily in advertising and promotions to attract consumers on digital platforms. For example, L'Oréal has developed a tool called Cockpit designed to measure real-time ROI and productivity levels of media investments. This technology enabled better decision-making while formulating a performance strategy.
Perfume Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Perfume Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In January 2020, Ajmal & Sons, a family-owned fragrance company based in the United Arab Emirates, launched a new fragrance line at Shoppers Stop in India. The two companies have teamed up to launch a new product from the famous perfume brand. Prestige is the name of the company's luxurious and unique collection. It includes her international bestseller, Him & Her's Aristocrat Eau De Parfum.
- In October 2020, Marc Jacobs Fragrances, a division of Marc Jacobs International and Coty Inc., announced the launch of the brand's latest women's fragrance, Perfect Marc Jacobs.
Major Market Segments Covered in Perfume Market Industry Research:
Market Key Players:
Chanel, Elizabeth Arden, Dior, Calvin Klein, Lancome, Burberry, Gucci, Versace, Bvlgari, Ferragamo, Ninaricci, Guerlain, Creed, Tom Ford, Penhaligon, Jomalone, Diptyque, Davidoff, Giorgio Armani, Kenzo, Fragonard, Lanvin, Avon, Estee Lauder, L'Artisan, And Others.
- Luxury Perfumes
- Ordinary Perfumes
Europe, North America accounted for the largest share in 2018. The US and European markets are still industry trendsetters. The major countries contributing to the growth of the European market include Germany, France and the United Kingdom, with Germany accounting for 16.3% in 2018. In 2017, Coty established itself as a leader in the German perfume market. Strong sales of premium products such as Jil Sander and Calvin Klein and the launch of new products from other brands such as Hugo Boss led the market growth.
France held a 25.9% share of the regional market in 2018. France is home to many major perfume brands such as Christian Dior, Chanel and Guerlain. The country has been leading the European market with the highest production and export values. In 2017, France exported approximately $4.8 billion worth of perfume products to the world market, accounting for more than 25.0% of global perfume exports in the same year.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Rising income levels and improving living standards are increasing consumer spending on luxury perfumes, which further increases their usage in various end-use industries, fueling the overall growth of the market.
Increase in personal grooming trends will act as a significant driver to expand the growth rate of the market. Moreover, rapid urbanization and population growth are factors that will expand the perfume market. Growing consumer preference for online shopping and increasing investment in product customization are expected to propel the market growth.
In addition, product innovation based on customer needs and continuous research and development activities will create new opportunities in the perfume market during the forecast period mentioned above.
Restraints and Challenges
Availability of counterfeit products is expected to create obstacles to the adoption rate further limiting the overall growth of the market.
Moreover, harmful chemical ingredients are inherently included in perfumery manufacturing, which may hamper the market growth. Apart from this, disruptions in several manufacturing and supply activities will hamper the growth of the perfume market which will cause problems to the market during the above-mentioned forecast period.
This Perfume Market report analyzes opportunities in terms of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market participants, emerging revenue pockets, and changes in market regulation. Provide details about. , strategic market growth analysis, market size, category market growth, application niches and advantages, product approvals, product launches, geographic expansion, technological innovations in the market. For more information on the perfume market, please contact Data Bridge Market Research for an Analyst Brief. Our team will help you make informed market decisions to achieve market growth.
Perfume Market report scope:
Crucial Points from this Perfume Market Report
- Estimate Perfume Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Perfume Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
- What is the CAGR of Perfume Market?
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- What are the key applications of Perfume Market?
- Who are the key players in Perfume Market?