New York, US, April 04, 2023 (GLOBE NEWSWIRE) -- Perfume and Fragrance Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Perfume and Fragrances Market Information by Product Type, Ingredient Type, Category, Distribution Channel, and Region - Forecast till 2030”, Perfume and Fragrances Market could thrive at a rate of 4.50% between 2023 and 2030. The market size will reach around USD 99.5 Billion by the end of the year 2030
Market Synopsis
Perfumes are aromatic liquids made from essential oils, which are themselves derived from aromatic compounds or plants. With an increasing focus on hygiene, the effects of urbanization, and shifts in consumer preferences, combining of industrial and e-commerce firms are the drive market growth. Perfumes and fragrances serve various purposes, including aromatherapy, self-esteem enhancement, and general cleanliness. Perfumes and other fragrances used for personal grooming have evolved into ubiquitous items due to their widespread impact on people's enhanced hygiene. Perfumes are useful for persons in the fashion industry, the workplace, and daily life since they increase self-assurance, mask bad body odor and express one's unique personality.
Businesses need help to break into new markets because of consumers' erratic hygiene product spending. Overusing these products also stifles the market because it causes health problems for consumers, such as headaches and skin irritation.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 99.5 Billion |
| CAGR | 4.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Ingredient Type, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | increased consumer spending on personal care and beauty product |
| increased awareness of the therapeutic benefits of fragrance |
Market Competitive Landscape:
The affluent companies in the Perfume and Fragrances industry include
- Revlon Inc. (the US)
- Shiseido Company Limited (Japan)
- L’Oréal S.A. (France)
- International Flavors & Fragrances Inc. (US)
- The Estée Lauder Companies Inc. (US)
- Chanel S.A. (France)
- Avon Products Inc. (UK)
- PDC Brands (US)
- Oriflame Holding AG (Switzerland)
- LInter Parfums Holdings S.A. (France)
- Vivenza (Kuwait)
- Abdul Samad Al Qurashi (Saudi Arabia)
- Royal Beauty Group Co. (Kuwait)
- Rasasi Perfumes Industry LLC (United Arab Emirates)
- AlQuraishi Fragrances (Kuwait)
March 2021
MINISO CO. LTD, a Chinese manufacturer of fragrances and other beauty items, announced the opening of its fourth new store in India.
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Market USP Covered:
Market Drivers:
Businesses are launching cutting-edge, touchless scent devices and AI-based solutions. These solutions include giving each user a unique smell profile and recommending a perfume based on their culinary preferences. This will encourage customers to purchase these goods, boosting the growth of the perfume sector. For instance, in April 2021, the Hong Kong-based beauty merchants of SEPHORA, a multinational retailer owned by LVHM, debuted "MAISON 21G," a cutting-edge, touchless perfume bar and an AI-powered application. This will encourage customers to purchase fragrant goods in Hong Kong.
Market Restraints:
Industries spend much on research and development to supply the premium perfume market worldwide with new and exciting fragrances. This adds expenses to the operations of the leading companies, slowing the expansion of the industry as a whole.
In addition, companies need help introducing novel products in emerging markets due to consumers' unpredictability in their purchases of hygiene products. In addition, people's health problems, like headaches and skin irritation, are stifling the market because people use these products too much.
COVID 19 Analysis
COVID-19's impact has given way to numerous repercussions for people worldwide. The aftermath is linked with the significant social and economic burden on people worldwide. Global product sales have been damaged by the COVID-19 pandemic's shutdown of food stores and beauty salons. Also, during such crises, businesses encounter difficulties running their production, sales, and R&D operations due to a lack of workers and raw materials, affecting the key players' businesses. For instance, the creator of beauty products, Lalique Group SA, reported a 25% drop in the sales of its range of fragrant essential oils in 2020.
Consumers are, however, moving towards sanitary & safer personal care products to avoid coronavirus infection. Also, customers like flavors and package styles that promote their emotional well-being. During crises, these elements help to sustain product revenues.
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Market Segmentation
By Product Type
The wine types in the market include Eau De Perfume, Eau De Toilette& Eau De Cologne, Eau Fraiche, and others.
By Ingredient Type
Natural and Synthetic as the top packaging type outlook in the worldwide market.
By Category
Men, Women, and unisex have been listed as the top category in the study.
By Distribution Channel
Store-Based and Non-Store-Based are the major distribution channels available in the worldwide market.
Regional Insights
In 2022, the market in North America was worth USD 73.1 billion. North America held a considerable market share because of its expanding economy and rising demand for high-end goods. Additionally, it is anticipated that the improved standard of living in the United States, Canada, and Mexico will increase market revenue in this area.
Asia Pacific market's rapid expansion over the forecast period of 2021–2028 due to the rising young population, high disposable income levels, growing consumer knowledge of the product's benefits, and expanding working-class population. India to satisfy the client's needs for fragrance in these nations. For instance, in November 2020, the manufacturer of perfumed items MATIERE PREMIERE grew its clientele by launching pop-up shops and online stores in Shanghai.
The European market is anticipated to grow at a significant rate. Europe is one of the most dynamic places in the cosmetics industry. The market for high-end fragrances and perfumes has been booming. As a result, several foreign firms have set up shops in the market. It is a significant market trend expected to speed up the market’s growth in the upcoming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
