The global perfume market was valued at US$ 47.0 billion in terms of revenue, in 2019 and is expected to exhibit a CAGR of 5.9% over the forecast period (2020-2027).
Key Trends and Analysis of the Global Perfume Market:
The global perfume market has witnessed rapid growth in terms of revenue in the past few years, owing to the increasing disposable income and consumer spending on luxury grooming products across the globe. Disposable income is a major macroeconomic factor affecting growth of the global perfume market. According to Government of China, China's per capita disposable income rose by 5.8% year-on-year and was valued at US$ 4,461.95. This is expected to fuel the growth of the global perfume market during the forecast period.
Key Market Takeaways:
The global perfume market is expected to exhibit a CAGR of 5.9% over the forecast period (2020-2027). Among regions, Asia Pacific has witnessed a surge in online retail penetration in the recent past owing to factors such as rising disposable income, increasing demand from middle-class, low cost of delivery, and others. Various local and foreign perfumes brands are easily available through online portals. Global players are entering into partnerships with leading e-commerce players or have their own e-commerce sites to capitalize on this lucrative sales channel. This in turn, is expected to foster demand for perfumes in the region during the forecast period. For instance, COTY INC., a major player in the industry, markets 39 brands of perfumes through a dedicated online website for each brand. Of these, 12 brands are also available across various e-commerce websites.
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Manufacturers of fragrance ingredients across the globe are using natural resources such as plant extracts for producing ingredients. Research and development in the field of biotechnology is providing an effective alternative as microbial process to produce fragrances in large quantities. The microbial process involves the use of micro-organisms as bio-factories to produce bio-fragrances. The advantage of this process is that large quantities of fragrances can be produced, irrespective of climatic conditions.
Furthermore, several key companies are focused on developing and launching products to expand their product portfolio. For instance, in July 2019, CavinKare, a consumer goods company, launched its premium perfume in a sachet under its flagship personal care brand ‘Spinz’ in India. The company plans to adopt LUP (low unit pack) strategy and launch the single use pack (2 ml sachet) of perfume in two fragrances.
Major players operating in the global perfume market are Estee Lauder Companies Inc., LVMH, Coty Inc., L’Oreal, Elizabeth Arden, Inc., Shiseido Co., Ltd., Puig, Perfumania Holdings Inc., Avon Products, Inc., and Hermes.
Leading producers and distributors of perfume are focusing on strategies such as celebrity endorsements to increase their product visibility and consumer base. Moreover, celebrity endorsed perfumes is favoring purchasing decisions of consumers. For instance, Perfumania Holdings Inc., a company involved in production and distribution of perfumes and other fragrance products, currently collaborates with various celebrities such as Sofia Vergara, PITBULL, Paris Hilton, Michael Jordan, Jessica Simpson and others to endorsed their brands.
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Global Perfume Market, By Product Type:
Eau de Parfum
Eau de Toilette
Eau de Cologne
Global Perfume Market, By Demographics:
Global Perfume Market, By Ingredient Type:
Global Perfume Market, By Distribution Channel:
Modern Trade Stores
Global Perfume Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210120005445/en/
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Coherent Market Insights
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