Perfume & Fragrance Market| Global, by Value, is Projected to Grow at a CGAR of over 6.00 % by 2024

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Perfume Fragrances Market Outlook

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 to impart peculiar and distinctive odorous into the preparations. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.

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.

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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 because 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.

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Segmental Analysis:

Among the type, includes eat 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 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 Perfume 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 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 to reach out to customers. The promotional strategy aids in retaining the existing the customers and to regenerate new customer base.

Regional 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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