USD 49.28 billion
Report ID: SQMIG30L2075 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 60 | Figures: 78
Perfume Market size was valued at USD 49.28 billion in 2021 and is poised to grow from USD 50.85 billion in 2022 to USD 80.16 billion by 2030, growing at a CAGR of 5.9% in the forecast period (2023-2030).
Perfumes have been around for centuries and are an essential part of personal grooming. The perfume market has grown significantly over the years and has become a multi-billion-dollar industry. With the increasing demand for perfumes, manufacturers have come up with a wide range of fragrances that cater to different preferences and tastes. The market is primarily driven by the rising disposable income of consumers, changing lifestyles, and the growing trend of personal grooming. With the increase in urbanization and the growing awareness of personal hygiene, the demand for perfumes is expected to increase further. The report states that the United States is the largest market for perfumes in North America, accounting for the majority of the market share. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, owing to the increasing disposable income of consumers, changing lifestyles, and the growing awareness of personal grooming.
US Perfume Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 49.28 billion
Eau de parfum
Eau de parfum
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Global Perfume market is segmented by, type, and gender. Based on type, the market can be segmented into eau de parfum, eau de toilette. Based on gender, the market is segmented into women and men. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type the market can be segmented into eau de parfum, eau de toilette. the eau de parfum segment dominates the global perfume market in terms of market share. This is due to the higher price point of eau de parfum, as well as its longer-lasting scent compared to eau de toilette. Additionally, many luxury and designer fragrance brands offer eau de parfum as their signature scent, contributing to its dominance in the market.
However, the eau de toilette segment is also experiencing significant growth, as consumers are increasingly seeking out lighter, fresher fragrances. Eau de toilette is also more affordable than eau de parfum, making it accessible to a wider range of consumers. With the growing trend towards sustainable and eco-friendly products, eau de toilette is also becoming more popular as it generally has a lower environmental impact than its more concentrated counterpart.
Analysis by Gender
By gender, the market can be segmented into women and men. Women's fragrances have traditionally dominated the market due to a larger consumer base and a wider range of product offerings. Women's fragrances are often marketed as more complex and varied, with a focus on floral, fruity, and sweet scents.
However, the men's fragrance segment has been experiencing significant growth in recent years. This growth can be attributed to a growing awareness among men about personal grooming and the increasing acceptance of fragrance as an important part of grooming. Men's fragrances are often marketed as musky, woody, and spicy, with a focus on bold and masculine scents.
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North America is currently the dominating the global perfume market. This can be attributed to the high disposable income of consumers in the region, the presence of numerous luxury and designer fragrance brands, and the growing demand for niche and natural fragrances. The United States is the largest market in North America and is home to some of the leading fragrance manufacturers and retailers.
On the other hand, the APAC region is the fastest-growing market for perfumes due to a growing consumer base, rising disposable income, and increasing awareness of personal grooming and fragrances. The market in the region is driven by the large populations of countries such as China and India, which have a rising middle class and a growing demand for luxury and premium fragrances. Additionally, the rise of e-commerce and social media has made it easier for consumers in the region to access a wider range of fragrance products.
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Rising disposable income of consumers
Growing trend of natural and organic fragrances
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The market is highly competitive, with players focusing on product innovation, brand building, and mergers and acquisitions to gain a competitive edge. Players are also focusing on expanding their distribution channels, with the increasing popularity of online channels. Furthermore, the market is also witnessing the entry of new players, with the increasing demand for personalized fragrances and the growing trend of natural and organic perfumes. These new players are focusing on offering unique fragrances and targeting niche markets.
Top Player’s Company Profiles
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According to our global perfume market analysis, women’s fragrances have traditionally dominated the market, but there is significant growth potential in the men's fragrance segment. North America is currently the dominating region, while Asia Pacific is the fastest-growing market due to a growing consumer base and rising disposable income. There is also a growing trend towards sustainable and eco-friendly fragrances as consumers become more environmentally conscious. Many fragrance brands are responding to this trend by introducing new product lines with natural and ethically sourced ingredients.
|Market size value in 2021
|USD 49.28 billion
|Market size value in 2030
|USD 50.85 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Perfume Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Perfume Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Perfume Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Perfume Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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