Perfume & Fragrances Market Size Worth USD 43,112.3 Mn by the end of 2023 | CAGR 6%: Market Research Future

Global Perfume & Fragrances Market Research Report: Information by Product Type (Eau De Parfum, Eau De Toilette, Eau De Cologne, Eau Fraiche and others), Ingredient (Natural and Synthetic), Category (Men, Women and Unisex), Distribution Channel (Store-Based, Non-Store-Based) and Region - Forecast till 2024

Perfumes & Fragrances Market Overview

Market Research Future (MRFR) has recently published an in-depth report on the Global Perfumes & Fragrances Market and has asserted that the market is anticipated to capture a CAGR of 6% over the forecast period of 2017-2023. After careful analysis, MRFR has further stated that the market is due to reach a valuation of USD 43,112.3 Mn by the end of 2023.


Rising spending capabilities and the tendency to spend on luxury items is primarily favoring the growth of the perfumes & fragrances market.  The developing countries have witnessed economic upturn, which has induced an urge to spend on luxury as well as personal care items. Women are more inclined towards such expenditure, and with a considerable number of women joining the workforce, the perfumes & fragrances market is witnessing additional demand. Moreover, due to growing urbanization, even the male demographic is encouraged to spend on such indulgences. Changing lifestyle, rapid product development, and celebrity endorsements are other factors supporting the growth of the market.


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Segmentation


The perfume & fragrances market has been segmented based on product type, ingredients, category, and distribution channel.


Byproduct type, the perfume & fragrances market has been segmented into Eau de parfum, eau de toilette, eau de cologne, Eau Fraiche, and others.


By ingredients, the perfume & fragrances market has been segmented into natural and synthetic. The consolidating trend towards the preference for natural ingredients is likely to augur the growth of the natural segment.


By category, the perfume & fragrances market has been segmented into men, women, and unisex. The women segment is the dominant one since women are more prone to spend on personal care and luxury items.


By distribution channel, the Perfume & Fragrances Market has been segmented into store-based, and non-store based. The store-based segment has been further segmented into supermarkets & hypermarkets, specialty stores, and others.


Industry Updates


July 2019 - Molton Brown, a British luxury brand dealing in body care and premium bath products, is due to launch its new unisex fragrance line in September 2019. The new Eau de Parfum and Eau de Toilette range is a collection of 27 fragrances.


August 2019 - DKNY, a New York-based fashion house, has joined forces with voice-led sampling and customer data acquisition business Send Me a Sample to promote its latest fragrance. The campaign is aimed at targeting Gen Y and Gen Z demographic.


Competitive Landscape



AlQuraishi Fragrances (Kuwait)
International Flavors & Fragrances Inc. (US)
L'Oréal S.A. (France)
Chanel S.A. (France)
Oriflame Holding AG (Switzerland)
Rasasi Perfumes Industry LLC (United Arab Emirates)
Shiseido Company Limited (Japan)
Inter Parfums Holdings
A. (France)
Abdul Samad Al Qurashi (Saudi Arabia)
Royal Beauty Group Co. (Kuwait)
PDC Brands (US)
Avon Products Inc. (UK)
The Estée Lauder Companies Inc. (US)
Revlon Inc. (the US)
Vivenza (Kuwait)

are the notable players in the perfume & fragrances market.


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Regional Analysis


Region-wise, the perfumes & fragrances market has been segmented into North America, rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).


Europe is domineering the global perfumes & fragrances market. The presence of various luxury cosmetic brands in the region and high affordability quotient of perfumes is likely to spur the growth of the market over the forecast period. Europe is anticipated to retain its lead and capture a CAGR of 5.27% over the forecast period. France is a key contributor to the Europe perfumes & fragrances market.


APAC perfumes & fragrances market is poised to exhibit noteworthy growth over the forecast period. Increasing disposable income and fast-track urbanization in the region has resulted in increased expenditure on luxury items such as perfumes, which has reflected positively on the growth of the market. Moreover, to capture the opportunities presented by the region, various manufacturers are foraying into the APAC market.


North America too accounts for an advantageous share of the market. High disposable income of consumers and an established cosmetics industry is boosting the growth of the market. Moreover, celebrity endorsements of various perfumes & fragrances are key in influencing sales of these products.


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