Perfume & Fragrances Market Poised to Grow at A CAGR Over 6.00% during the forecast period
Market Overview:
Perfume &
fragrance products are used to get rid of unwanted body smell produced due to
sweating. Perfume is a blend of chemical compounds, fixatives and solvents.
Fragrance is combined in order to impart peculiar and distinctive odorous into
the preparations. Perfumes are formulated using a mixture of aroma chemicals
extracted from natural or synthetic ingredients.
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Market Forecast:
The global perfume and
fragrance market is observing a remarkable growth owing to factors such as
rapid urbanization, rise in disposable income and changing lifestyle of
consumers. With more and more consumers spending on personal care & beauty
products is expected to be one of the significant reasons for the rising growth
of perfumery products which in turn intensifies the sales of perfume &
fragrance products during the forecast period.
Moreover, e-commerce
has grown rapidly at the global level and still has a lot of growing potential,
especially in the developing regions as there are high return rates in the
e-commerce space. The trend of retail therapy – effortless, relaxing and
ultimately enjoyable shopping is one of the major drivers boosting the sales of
perfume and fragrance through e-commerce. Also, gifting culture has provided
opportunities for market growth of perfumes and fragrances. The main aim of
gifts is preserving harmony within one’s family, friends, colleagues, and
society. People are ready to invest on expensive commodities owing to the fact
that higher price brings a better quality and those qualities properly suit
their needs.
However, allergies and
intolerance caused by extensive use of synthetic fine perfume & fragrance,
owing to skin and respiratory organs is expected to have a negative impact on
the global perfume & fragrance market. Also, stringent regulations on
product certification and labelling for consumer safety has pushed the
manufacturers to change their production process which involves high
investments, putting the perfume and fragrance market on negative side.
Owing to increasing
health consciousness, consumers are found to have a high demand for natural
ingredients for perfume & fragrance products. Rising health worries among
the consumers about the disadvantages of synthetically manufactured perfume
& fragrances has an encouraging impact on the use of natural ingredients in
the perfume & fragrance market. The rising consumers’ inclination for
natural perfume & fragrances will be considered one of the major drivers
for perfume & fragrance products market. Nevertheless, all the factors are
augmenting perfume & fragrance market to grow at the CAGR of 6.00% during
the forecast period of 2017-2023.
Downstream Analysis:
Among the type,
includes eau de parfum segment is anticipated to retain its dominance
throughout the forecast period. Also, the segment is projected to register a
healthy CAGR of 6.33% during the given period due to increased use of perfumes,
spray deodorants, incense and body care products. Increase in the consumer
awareness for personal hygiene is primarily driving the growth of this segment.
Among the ingredients
of perfume & fragrance, synthetic segment is accounting for 76% followed by
natural ingredients accounting for 24% of the global perfume & fragrance
market. The segment is projected to register a healthy CAGR of 5.69% during the
forecast period 2017-2023. Furthermore, the demand for natural ingredients in
perfumes is increasing the growth of the perfume & fragrance market.
Among the consumer
group, women segment is anticipated to retain its dominance throughout the
forecast period. Also, the segment is projected to register a healthy CAGR of
5.67% during the given period. However, demand for perfume & fragrances is
expected to increase for the men’s category owing to introduction of new
perfumes & deodorants for men and also increasing consumer awareness
regarding beauty & cosmetics products.
Among the distribution
channel, store based segment is anticipated to retain its dominance throughout
the forecast period. Also, the segment is projected to register a healthy CAGR
of 5.71% during the given period.
Competitive Analysis:
This report includes a
study of strategies used in the market, mergers, and acquisitions and multiple
product launch by perfume
& fragrance market players. It further includes product portfolios
and developments of leading players, which includes
- Elizabeth Arden, Inc. (U.S.)
- Loreal (France)
- Shiseido (Japan)
- IFF (U.S.)
- Chanel (France)
- Estee Lauder (U.S.)
- Avon (U.S.)
- Vivenza (Kuwait)
- Royal Beauty Group Co. (Kuwait)
- AlQuraishi Fragrances (Kuwait)
- Reehat Al Atoor (Bahrain)
- Asghar Ali Co. W.L.L. (Bahrain)
- Rasasi Perfumes Industry LLC (UAE)
- Arabian Oud (Saudi Arabia)
- Swiss Arabian Perfume Grp (UAE)
- Atyab Al Marshoud (Kuwait)
- Al Shaya (Kuwait)
- Ajmal Perfume (UAE)
- Abdulsamad Al Qurashi (Saudi Arabia)
Major manufacturers
are also found to have high focus on strategic product launch in order to seek
consumers’ attention towards their product range. They are also involved in the
acquisition of small players which will further support the company to expand
and reach out to consumers across regions. Acquisitions are also done to mark
the company’s presence and expand their business line. Additionally, the
companies are inclined towards product promotions through social media,
magazines and other mediums in order to reach out to customers. The promotional
strategy aids in retaining the existing the customers and also to regenerate
new customer base.
Region Analysis:
The global perfume
& fragrance market is segmented into North America, Europe, Asia Pacific,
and rest of the world (ROW). Among these, Europe region is dominating the
market over the forecast period. The market is projected to grow at a CAGR of
5.27% during the review period. This is attributed to the high usage of
perfumes, cosmetics, incense, body care products. Among the European countries,
France is majorly driving the market of perfume & fragrances in this
region. However, Asia Pacific region is expected to grow with a CAGR of 8.0%
during the review period. In Asia Pacific region, India is expected to hold 17%
market share in the year 2017.
Market Segmentation:
The global perfume
& fragrance market is segmented by type, ingredients, consumer group,
distribution channel and region
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Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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