Description
The global perfume and fragrance market has witnessed a continued demand during the last few years and is projected to reach USD 64.6 billion at a CAGR of 6.00% by 2023 in terms of value. The perfume and fragrance market has witnessed substantial innovation in terms of new product launches along with research and development and collaboration by the industrial players. The overall increasing disposable income of the consumers and their evolving buying pattern over the past few years has also led to a surge in the sales of perfumes and fragrances during the forecast period.
Globalization and urbanization have significantly affected the composition of the consumption basket of consumers and have influenced their buying behavior. The urban life also encourages the consumers to segregate the priority and non-priority goods for themselves. In developing economies especially India and China, major factors such as growing number of affluent and middle class, rising household disposable income, and higher luxury spending have also contributed to the increasing sales of perfumes in these economies. The emergence of consumer-oriented societies along with the spread of consumerism and evolving consumerist attitudes in the GCC region has further reinforced the potential growth of the perfume industry. For instance, the spread of consumerism in Saudi Arabia is a result of a complex of global and local factors and the emergence and spread of commercial television and the internet, innovative marketing strategies, relentless and manipulative advertising, urbanization, and proliferating shopping centers, and emulation of the Western culture have significantly resulted in the growing demand for luxury goods such as perfumes.
Niche fragrances continue to dominate and gain attention majorly from the millennial population. There is a continuous upsurge in demand for niche scents and aroma, and the personalization trend is also fueling the sales of perfumes as younger consumers are demanding a more personalized shopping experience. Personalization is a critical trend to capture the minds and wallets of consumers as they want to opt for unique and more personalized products which can make them stand out in the crowd.
Multinational beauty conglomerates such as Shiseido, Estée Lauder, L’Oréal, Revlon, Coty, and Interparfums produce perfumes under license whereas, few luxury consumer goods companies, including Hermès and Balmain, produce fragrances in-house. Most of the market players focus on innovation and navigating their offerings and make it more diversified. Strategic investments in in-store technology by industrial players are also helping the companies to tailor their products offering to suit the consumer demand.
The strategic sales plan of perfume manufacturers, especially with luxury brands includes the use of online channels for marketing along with product promotion through sponsoring events and using other platforms for promotion. Mid-priced and economy brands also focus on choosing right marketing strategies which gives out a clear message to the target audience without delivering any aggressive anti-social message.
Today perfumes are available with a low concentration of fragrance oils such as eau de cologne and Eau Fraiche, aiming to increase the number of consumers who use perfumes daily. With the increasing frequency of the use of perfumes, the demand for perfume packaging is expected to increase in the coming years.
Key Players
The leading market players in the global perfume and fragrance market primarily are 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 Perfumes Industry LLC (U.A.E.), Arabian Oud (Saudi Arabia), Swiss Arabian Perfume Grp (U.A.E.), Atyab Al Marshoud (Kuwait), Al Shaya (Kuwait), Ajmal Perfume (U.A.E.), Abdulsamad Al Qurashi (Saudi Arabia).
Study Objectives of the Perfume and Fragrance Market, Forecast to 2023
• Detailed analysis of individual micro and macro markets for perfumes and fragrances
• To estimate the market size, by product type, ingredient, consumer group, distribution channel, and region
• To understand the supply and demand dynamics of perfumes and fragrances
• Company profiling of major players and competitive positioning for the perfume and fragrance market
• Value chain analysis and supply chain analysis of perfumes and fragrances
• Analysis of historical market trends and technologies and current government regulatory requirements related to the perfume and fragrance market
Target Audience
• Perfume manufacturers
• Fragrances manufacturers
• Foodservice industries
• Retailers and wholesalers
• Traders, importers, and exporters
Key Findings
• The global perfume and fragrance market is projected to reach USD 64.6 billion by the end of 2023
• Among the product type, the Eau de Parfum segment will dominate the perfume and fragrance market and is projected to reach USD 33.49 billion by 2023 at a CAGR of 6.33% in terms of value. The Eau de Toilette segment is projected to grow at a substantial CAGR of 6.16% to reach USD 20.02 billion by 2023.
• Among the consumer group, the women segment will dominate the perfume and fragrance market and is projected to reach USD 37.24 billion by 2023 at a CAGR of 5.67% in terms of value. The men segment is projected to grow at a substantial CAGR of 6.53% to reach USD 23.85 billion by 2023.
Regional and Country Analysis of the Perfume & Fragrances Market, Development & Demand Forecast to 2023
As per the MRFR analysis, the global perfume and fragrance market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The European region accounted for 35.98% market proportion in 2017 in the global perfume and fragrance market and is estimated to retain its dominance throughout the forecast period of 2017–2023. However, the Asia Pacific region is projected to expand at a high pace as compared to other regions and will register a healthy CAGR of 6.20% during the forecast period. The increasing middle-income population group with more disposable income and continuous urbanization in developing economies are anticipated to fuel the sales of perfumes and fragrances in the Asia Pacific region. Perfumes have also experienced significant product innovations over the last few years in the Asia Pacific region which in turn is expected to accelerate the sales of perfumes and fragrances in the near future.
Country-Level Analysis
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN Countries
o Rest of Asia Pacific
• Latin America
• Middle East
o U.A.E.
o K.S.A.
o Bahrain
o Kuwait
o Oman
o Qatar
o Rest of the Middle East
• Africa
Table of Contents:
1 Report Prologue
2 Introduction
2.1 Definition
2.1.1 Perfumes & fragrances
2.1.2 History of Fragrances
2.2 Scope of the Study
2.2.1 Research Methodology
2.3 Assumptions
2.4 Limitations
2.5 Market Structure
2.5.1 Global Perfumes & Fragrances Market, By Product Type
2.5.2 Global Perfumes & Fragrances Market, By Ingredient
2.5.3 Global Perfumes & Fragrances Market, By Consumer Group
2.5.4 Global Perfumes & Fragrances Market, By Distribution Channel
2.5.5 Global Perfumes & Fragrances Market, By Region
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Forecast Model
4 Premium Insights
4.1 Global Perfumes & fragrances Market: Market Mapping & Research Methodology
4.2 Market Overview: Global Perfumes & fragrances Market
4.3 Industry Trends and Market Environment: Global Perfumes & fragrances Market
4.4 Perfumes & Fragrance Industry Analysis: Data Points Considered For GCC
5 Market Dynamics
5.1 Introduction
5.2 Drivers
5.2.1 Urbanization and changing lifestyle
5.2.2 Strong Performance of Retail Sector
5.2.3 Industrial Players partnering with e-commerce companies
5.2.4 Trend of product traceability and concerns over product safety
5.2.5 Gifting Culture
5.3 Restraints
5.3.1 Stringent Regulations
5.3.2 Huge investment in marketing
5.3.3 Continuous product development with changing consumer preference
5.4 Opportunities
5.4.1 Value proposition (Personalized and unique fragrances)
5.4.2 Huge investments in R&D leading to innovation and new product developments
5.4.3 Explosion of social media and use of right marketing strategies
5.4.4 Attractive packaging to attract consumers
5.5 Challenges
5.5.1 Certification and product labelling
5.5.2 Close competition from other brands
5.5.3 Allergies & intolerance
6 Mega Trends
6.1 Trade (Import-export) Analysis
6.1.1 Perfumes & Toilet Waters Export Analysis
6.1.2 Perfumes & Toilet Waters Import Analysis
6.2 Trends in Perfumes & Fragrances Market
6.3 Macroeconomic indicators analysis
7 Market Factor Analysis
7.1 Introduction
7.2 Value Chain Analysis
7.3 Supply Chain Analysis
7.4 Porter’s Five Forces
7.4.1 Porter’s 5 Forces Analysis: Perfumes & Fragrances Market
7.4.2 Threat of New Entrants
7.4.3 Threat of Substitutes
7.4.4 Bargaining Power of Buyers
7.4.5 Bargaining Power of Suppliers
7.4.6 Intensity of Rivalry
8 Global Perfume & Fragrance Market, By Type
8.1 Introduction
8.2 Global Perfume & Fragrance Market Segmentation, By Type
8.2.1 Eau de Parfum
8.2.2 Eau de Toilette
8.2.3 Eau de Cologne
8.2.4 Eau Fraiche
8.2.5 Others
9 Global Perfume & Fragrance Market, By Ingredients
9.1 Introduction
9.2 Global Perfume & Fragrance Market Segmentation, By Ingredients
9.2.1 Natural
9.2.2 Synthetic
10 Global Perfume & Fragrance Market, By Consumer Group
10.1 Introduction
10.2 Global Perfume & Fragrance Market- By Consumer Group
10.2.1 Men
10.2.2 Women
10.2.3 Unisex
11 Global Perfume & Fragrance Market, By Distribution Channel
11.1 Introduction
11.2 Global Perfume & Fragrance Market Segmentation, By Distribution Channel
11.2.1 Store based
11.2.2 Non-Store based
12 Global Perfume & Fragrance Market, By Region
12.1 Global Perfume & Fragrance Market, By Region
13 North America Perfume & Fragrance Market Analysis
13.1 North America Perfume & Fragrance Market, By Country
13.2 North America Perfume & Fragrance Market, By Product Type
13.3 North America Perfume & Fragrance Market, By Ingredient
13.4 North America Perfume & Fragrance Market, By Consumer Group
13.5 North America Perfume & Fragrance Market, By Distribution Channel
13.6 U.S.
13.7 Canada
13.8 Mexico
14 Europe Perfume & Fragrance Market Analysis
14.1 Europe Perfume & Fragrance Market, By Country
14.2 Europe Perfume & Fragrance Market, By Product Type
14.3 Europe Perfume & Fragrance Market, By Ingredient
14.4 Europe Perfume & Fragrance Market, By Consumer Group
14.5 Europe Perfume & Fragrance Market, By Distribution Channel
14.6 U.K.
14.7 Germany
14.8 France
14.9 ITALY
14.1 Spain
14.11 Rest of Europe
15 Asia Pacific Perfume & Fragrance Market Analysis
15.1 Asia Pacific Perfume & Fragrance Market, By Country
15.2 Asia Pacific Perfume & Fragrance Market, By Product Type
15.3 Asia Pacific Perfume & Fragrance Market, By Ingredient
15.4 Asia Pacific Perfume & Fragrance Market, By Consumer Group
15.5 Asia Pacific Perfume & Fragrance Market, By Distribution Channel
15.6 China
15.7 India
15.8 Japan
15.9 Australia & New Zealand
15.1 ASEAN Countries
15.11 Rest of Asia Pacific
16 Latin America Perfume & Fragrance Market Analysis
16.1 Introduction
16.2 Latin America Perfume & Fragrance Market, By Product Type
16.3 Latin America Perfume & Fragrance Market, By Ingredient
16.4 Latin America Perfume & Fragrance Market, By Consumer Group
16.5 Latin America Perfume & Fragrance Market, By Distribution Channel
17 Middle East Perfume & Fragrance Market Analysis
17.1 Middle East Perfume & Fragrance Market, By Country
17.2 Middle East Perfume & Fragrance Market, By Product Type
17.3 Middle East Perfume & Fragrance Market, By Ingredient
17.4 Middle East Perfume & Fragrance Market, By Consumer Group
17.5 Middle East Perfume & Fragrance Market, By Distribution Channel
17.6 U.A.E.
17.7 K.S.A.
17.8 Bahrain
17.9 Kuwait
17.1 Oman
17.11 Qatar
17.12 Rest of Middle East
18 Africa Perfume & Fragrance Market Analysis
18.1 Introduction
18.2 Africa Perfume & Fragrance Market, By Product Type
18.3 Africa Perfume & Fragrance Market, By Ingredient
18.4 Africa Perfume & Fragrance Market, By Consumer Group
18.5 Africa Perfume & Fragrance Market, By Distribution Channel
19 Competitive Landscape
20 Major Manufacturers Analysis of Perfumes & fragrances
20.1 Elizabeth Arden, Inc.
20.1.1 Company Overview
20.1.2 Financials
20.1.3 Products
20.1.4 Strategy
20.1.5 Key Developments
20.2 Loreal
20.2.1 Company Overview
20.2.2 Financials
20.2.3 Products
20.2.4 Strategy
20.2.5 Key Developments
20.3 Shiseido
20.3.1 Company Overview
20.3.2 Financials
20.3.3 Products
20.3.4 Strategy
20.3.5 Key Developments
20.4 IFF
20.4.1 Company Overview
20.4.2 Financials
20.4.3 Products
20.4.4 Strategy
20.4.5 Key Developments
20.5 Chanel
20.5.1 Company Overview
20.5.2 Financials
20.5.3 Products
20.5.4 Strategy
20.5.5 Key Developments
20.6 Estee Lauder
20.6.1 Company Overview
20.6.2 Financials
20.6.3 Products
20.6.4 Strategy
20.6.5 Key Developments
20.7 Avon
20.7.1 Company Overview
20.7.2 Financials
20.7.3 Products
20.7.4 Strategy
20.7.5 Key Developments
20.8 Vivenza
20.8.1 Company Overview
20.8.2 Financials
20.8.3 Products
20.8.4 Strategy
20.8.5 Key Developments
20.9 Royal Beauty Group Co.
20.9.1 Company Overview
20.9.2 Financials
20.9.3 Products
20.9.4 Strategy
20.9.5 Key Developments
20.1 AlQuraishi Fragrances
20.10.1 Company Overview
20.10.2 Financials
20.10.3 Products
20.10.4 Strategy
20.10.5 Key Developments
20.11 Reehat Al Atoor
20.11.1 Company Overview
20.11.2 Financials
20.11.3 Products
20.11.4 Strategy
20.11.5 Key Developments
20.12 Asghar Ali Co. W.L.L.
20.12.1 Company Overview
20.12.2 Financials
20.12.3 Products
20.12.4 Strategy
20.12.5 Key Developments
20.13 Rasasi Perfumes Industry LLC
20.13.1 Company Overview
20.13.2 Financials
20.13.3 Products
20.13.4 Strategy
20.13.5 Key Developments
20.14 Arabian Oud
20.14.1 Company Overview
20.14.2 Financials
20.14.3 Products
20.14.4 Strategy
20.14.5 Key Developments
20.15 Swiss Arabian Perfume Grp
20.15.1 Company Overview
20.15.2 Financials
20.15.3 Products
20.15.4 Strategy
20.15.5 Key Developments
20.16 Atyab Al Marshoud
20.16.1 Company Overview
20.16.2 Financials
20.16.3 Products
20.16.4 Strategy
20.16.5 Key Developments
20.17 Al Shaya
20.17.1 Company Overview
20.17.2 Financials
20.17.3 Products
20.17.4 Strategy
20.17.5 Key Developments
20.18 Ajmal Perfume
20.18.1 Company Overview
20.18.2 Financials
20.18.3 Products
20.18.4 Strategy
20.18.5 Key Developments
20.19 Abdulsamad Al Qurashi
20.19.1 Company Overview
20.19.2 Financials
20.19.3 Products
20.19.4 Strategy
20.19.5 Key Developments
