The global Perfume Market size is expected to reach USD 40.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period. Growing awareness about personal grooming, along with increasing demand for premium fragrances, is expected to drive the demand for global market. Furthermore, high purchasing power among the millennials is expected to spur the growth of the global market.
Soaring
population and increasing consumer spending on personal and beauty care
products are the key factors driving the market. Perfume suppliers are becoming
more innovative and are offering better products at discounted prices as a
definite marketing strategy. This, in turn, is helping the mass product segment
to expand at a CAGR of 3.8% over the forecast period. Additionally, popularity
of purchasing premium brands is increasing due to increase in customer
spending, which could be attributed to rise in disposable income per household.
This is expected to augment the demand for premium brands during the forecast
period. For instance, Victoria Secret launched its body mist collection in
India ranging from USD 18 to 25 such as VC Rush, Bombshell, Vanilla Lace, and
Love Spell.
Women
accounted for the largest share of 60.1% in 2018. It is observed that women in
U.S. purchase a new perfume as often as once a month, in comparison to men who
buy it on an average of 1-2 times per year, mainly for the purpose of
replenishment. As per a survey, around 41.0% of the females in U.S. use
perfumes everyday as compared to men.
The
online channel is expected to expand at the highest CAGR of 3.9% over the
forecast period. It provides a wide variety of products for the consumers all
over the world, coupled with several discounts and offers for its first-time
and regular users. For instance, Nykaa provides special discounts on women’s
day, especially on perfumes of premium brands like Avon, to celebrate womanhood
every year.
Europe,
followed by North America, accounted for the largest market share in 2018. The
U.S. and Europe market remain the industry trendsetters. Major countries
contributing to the growth of the Europe market include Germany, France, and
U.K, wherein France accounted for 25.9% share in 2018. France serves as the
home of numerous leading perfumes brands such as Christian Dior, Chanel, and
Guerlain. The country has been driving the Europe market with the highest
production and export values.
Asia
Pacific is expected to expand at a CAGR of 5.1% over the forecast period. The
region is witnessing high demand, particularly in countries like China and
India due to increasing disposable income that allows customers to spend more
on luxury products. This, in turn, is boosting the growth of the regional
market. For instance, Vini Cosmetics, an Indian company popularly known for its
brand Fogg, launched its premium perfumes for both men and women.
Some
of the major players in the global market are Avon Products Inc.; Natura
Cosmticos SA; Chanel SA; Coty Inc.; LVMH; L’Oreal Groupe; Estee Lauder;
Elizabeth Arden, Inc.; and Puig SL. Companies are focusing on offering
customized products to meet the specific requirements of the customers. For
instance, Lauder’s Jo Malone stores offer fragrance consultations so that shoppers
can develop a customized product.
Moreover,
a Tokyo location of this brand had an artist placed near checkout to outline
cityscapes on packaged boxes to create a unique product packaging design.
Furthermore, the company purchased the artisan perfume house By Kilian, thereby
adding to its store of trendy names such as Le Labo and Editions de Parfums
Frederic Malle. They offer in-store blending on customer demand with an aim to
provide a premium shopping experience of hand crafted products.
Request
a sample copy or view summary of this report @ https://www.grandviewresearch.com/industry-analysis/perfume-market
Further key findings from the study suggest:
- North
America is projected to generate a revenue of USD 13.2 billion by 2025
- The men
segment accounted for 39.9% share of the total revenue in 2018 and is
projected to witness a slight decline in the next few years
- Perfume
Market for Asia Pacific is projected to expand at the highest CAGR of 5.1%
over the next few years due to rise in disposable income of people in
developing countries like India, China, and Sri Lanka.
- Due to
increased benefits of various essential oils, countries like U.K. and
Germany have shown a positive trend in adapting these as a main ingredient
in the production of a wide range of premium perfumes across the region.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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