Perfume which was earlier considered to be a trivial commodity, has now turned into an everyday personal grooming product. It provides pleasant smell which adds to one’s personality and boosts confidence.
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Perfume also offers aromatherapeutic benefits such as relieving stress, easing out mind and increasing energy levels. According to a new report by Expert Market Research, the global perfume market reached a value of US$ 37 Billion in 2016 and is further expected to reach US$ 49 Billion by 2022.
Over the past few years, the market for perfumes has witnessed several changes with increasing competition and fluctuating consumers’ preferences. Consumers have become extra conscious about their personal appearance and grooming in order to fit in today’s society. This has led to the trend of a higher spending on products like perfumes which enhances one’s personality. A high demand for premium perfumes with exotic and unique fragrances has also been observed. Further, manufacturers are venturing into the use of natural and renewable ingredients in order to reach a wide consumer base. Keeping in mind the convenience, the packaging methods of perfumes have also improved as they are now available in the form of rollerballs, travel sprays, etc. Increasing global population, rising urbanisation rates, aggressive marketing by manufacturers and a growing demand from emerging markets such as Asia-Pacific are some of the other forces that have broadened the growth aspects of the global perfume market.
Key findings from the report:
The two different types of perfumes are premium products and mass products. Premium products dominated the market with a share of more than a half of the global perfume market in 2016.
Region-wise, North America represented the biggest market for perfumes in 2016. Some of the other major markets include South America, Europe, Asia-Pacific and Middle East and Africa.
Some of the key players operating in the global perfume market are Avon Products Inc., Natura Cosméticos S.A., Chanel S.A., Coty, Inc., LVMH, L’Oréal Groupe, Estée Lauder Comapanies Inc., Procter & Gamble Co., Botica Comercial Farmacêutica Ltda, and others.
These players are coming up with new and different fragrances along with convenient packaging methods so as to meet consumers’ fluctuating demands.
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Expert Market Research has analysed the global perfume market according to type, major regions and top players:
Market breakup by Type
Market breakup by Region
Middle East and Africa
Avon Products, Inc.
Natura Cosméticos S.A.
Estée Lauder Companies Inc.
Procter & Gamble Co.
Botica Comercial Farmacêutica Ltda
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