The global perfumemarket is likely to gain impetus from the rising initiatives by theindustry giants to create various innovative products. One of the main concernsof consumers today is perfume longevity. Therefore,renowned companies are investing huge sums in the research and development activities to provide long-lasting perfumes and attract more consumers. Fortune Business Insights™ provided this information in a recently published study, titled, “Perfume Market Size, Share & Industry Analysis, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, and Eau Fraiche), Product (Mass and Premium), End-User (Men and Women), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 – 2026.” As per the study, the perfume market size is projected to reachUSD 56,983 million by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, it stood at USD 39,406 million in 2018.
What Does This Report Contain?
· Significant transformations inmarket dynamics.
· A comprehensivebackdrop analysis consisting of the evaluation of the parent market.
· List of theemerging niche segments and regional analysis.
· In-depthinformation about the perfume market trends, growth drivers, barriers,opportunities, and challenges.
Browse Detailed Summary of Research Report with TOC:
Rising Disposable Income of Masses to Boost Growth
In emerging countries, the disposable income ofpeople is increasing day by day. It is further up surging their purchasingpower. They are thus, spending a lot of money on beauty and personal care products for maintaining hygiene and beautification. Apart from that, the number of awareness campaigns regarding cosmetics is increasing worldwide. Coupled with this, the rising working-classpopulaces would also affect the market positively. In the urban areas, the standard of living of the masses is rising. It is leading to increasing demand for various scents andfragrances from the younger generation. As per one of our lead analysts, “Approximately 600 million people in India were under the age group of 25 years in January 2018. It proves that India houses the largest number of young population in the entire world.” All these factors are setto accelerate the perfume market growth during the forthcoming years.
Increasing Demand for Premium Quality Perfumes to FavorGrowth in Asia Pacific
In terms ofregion, the market is grouped into AsiaPacific, Europe, the Middle East and Africa, North America, and South America. Outof these, Asia Pacific is anticipated toexhibit the fastest growth stoked by rising working-class populaces, increasing awareness programs about personal hygiene, high levels of disposable incomes, and surging young population. Apart from these, several existing companies present in this region are working persistently to create new products in developing countries, such as China and India,to gain traction.
Amongst allthe countries in this region, China is likely to experience huge growth potentialin the coming years. This growth is attributable to the rapid shift of consumers towards premium quality perfumes. NorthAmerica, on the other hand, held USD 13,720 million perfume market share in the year 2018. The region would showcase a steady growth owing to the skyrocketing demand for high-end perfume and flourishing economy.
Ajmal Launches Aristocrat in India While L'Oréal Unveils YSLLibre Perfume
Key playerspresent in the market are constantly engaging in R&D activities to launch state-of-the-artproducts and attract consumers. Through this, they are not only gaining more fragrances and scent market revenue but also expandingtheir product portfolio. Below are a couple of the latest industry developments:
· January2020: Ajmal & Sons, a family-owned perfume businessbased in the U.A.E., launched its new range of perfumes at Shoppers Stop inIndia. The company teamed up with the latter to put up the celebrated fragrance brand’s new products. The company’s luxurious and unique collection is called Prestige. It includes one of the global bestsellers named Aristocrat Eau De Parfum for Him & Her.
· September2019: L'Oréal, a personal care company headquartered inFrance, unveiled Libre, its latest Yves Saint Laurent (YSL) perfume. It tookeight years to develop the perfume. The company would grow at a fast pace in Western Europe through the launch of this innovative product. Libre is made by utilizing orange blossom, vanilla,and diva lavender. The latter is a plant from Provence. The perfume is available across travel retail outlets in the Middle East and Africa, Europe, America, and India.
FortuneBusiness Insights™ profiles some of the most prominent companies operating inthe perfume market. They are as follows:
· Procter & Gamble
· Coty
· Unilever
· Natura Cosméticos SA
· Estee Lauder
· Chanel SA
· Puig SL
· J&J
· Avon Products Inc.
· Beiersdorf
· Elizabeth Arden, Inc.
· Other key market players