Perfume Market By Fragrance Type (Citrus, Oriental, Fruity), By Price Range (Mass Market, Premium, Luxury), By Distribution Channel (Online Retail, Duty-Free Outlets, Direct Sales), And Region for 2024-2031
Report ID: 144529|No. of Pages: 202
Perfume Market By Fragrance Type (Citrus, Oriental, Fruity), By Price Range (Mass Market, Premium, Luxury), By Distribution Channel (Online Retail, Duty-Free Outlets, Direct Sales), And Region for 2024-2031
Perfume Market Valuation – 2024-2031
The global Perfume Market is expanding rapidly, fueled by increasing consumer demand for luxury and designer scents. Innovative marketing methods, such as collaborations with celebrities and influencers, are increasing brand recognition and attracting younger populations who value personal expression through scent. This is likely to enable the market size surpass USD 32.44 Billion valued in 2023 to reach a valuation of around USD 40.78 Billion by 2031.
The growing popularity of niche and artisanal fragrances is changing market trends. Consumers are flocking towards unique, individualized scents, resulting in an increase in independent brands. E-commerce platforms improve access to a wide range of scent options, making it easier for customers to discover and buy their favored items. The rising demand for Perfume is enabling the market grow at a CAGR of 2.90% from 2024 to 2031.
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Perfume Market: Definition/ Overview
Perfume is a blend of aromatic essential oils, aroma chemicals and solvents intended to produce a pleasing scent. It improves personal grooming, builds confidence and fosters unforgettable experiences. Perfume concentrations vary, allowing for a wide range of applications in daily life.
Perfume is utilized extensively in personal care products, home scents and cosmetics. It has an important part in cultural rites and celebrations, representing identity and status. The fragrance industry is always innovating, creating distinctive fragrances to suit to a wide range of preferences and seasonal trends.
In the future, perfume may use technology for individualized experiences, such as using artificial intelligence to generate unique scents. Demand for environmentally friendly ingredients and packaging will increase as the world becomes more sustainable. Enhanced marketing methods will also emphasize emotional ties in order to create consumer brand loyalty.
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Will Growing Disposable Income and Changing Lifestyle Preferences Boost the Perfume Market Growth?
Growing disposable wealth and shifting lifestyle tastes contribute considerably to Perfume Market growth. increasing discretionary income, especially in emerging nations, allows customers to spend more on luxury things. The World Bank said that worldwide GDP per capita increasing from $10,925 in 2015 to $11,433 in 2019. China’s National Bureau of Statistics reported a 9.0% growth in per capita disposable income in 2019, indicating increasing purchasing power.
This economic shift increases people’s willingness to invest in high-end beauty goods, such as perfume. Euromonitor International said that the global market for premium beauty and personal care products, including high-end perfumes, increasing by 5.3% in 2019, reaching USD 142 Billion. As people increasingly seek distinctive and expensive smells, demand for perfumes will continue to grow, driven by rising lifestyle preferences and heightened disposable income.
Will Increasing Prevalence of Fragrance Allergies and Sensitivities Hamper the Perfume Market?
The growing number of scent allergies and sensitivities poses a serious challenge to the perfume industry. According to research published in the Journal of Clinical and Aesthetic Dermatology, around 30% of the general population is sensitive to perfumes, with 19% experiencing unfavorable health consequences from items such as air fresheners. The American Academy of Dermatology identified perfumes as the leading cause of cosmetic contact dermatitis, which affects up to 4% of the population. This increasing awareness and concern has prompted many businesses and public venues to create fragrance-free regulations, potentially limiting the usage and sale of perfumes. As customers prioritize health and wellbeing, manufacturers may need to adjust by providing hypoallergenic and fragrance-free options, which could impact market growth. As a result, increasing sensitivity to smells may challenge traditional perfume sales and necessitate innovation in product offerings.
Category-Wise Acumens
Will Increasing Consumer Preferences for Sustainable and Eco-Friendly Products Drive the Growth of the Floral Fragrance Segment in the Perfume Market?
Consumer preferences for sustainable and eco-friendly items are growing as people become more conscious of environmental challenges and want to purchase responsibly. This transition is mirrored in the increasing demand for natural and organic materials in flower scents. As consumers become more aware about their purchasing decisions, firms are urged to implement sustainable practices such as eco-friendly packaging and ethically produced goods. Furthermore, consumers prioritize transparency in sourcing and production processes, which influences their purchase decisions.
The floral fragrance area of the perfume business is likely to benefit greatly from this trend. Brands that fit with sustainability values can attract eco-conscious consumers, resulting in greater sales and market growth. As more businesses adopt eco-friendly strategies, perception of floral fragrances as luxurious yet responsible options are likely to enhance their appeal, driving further growth in this segment.
Will Increasing Investment in E-Commerce Technologies Drive the Growth of the Online Retail Segment in the Perfume Market?
Rising demand for online shopping and the desire for improved consumer experiences are driving increasing investment in e-commerce technologies. As more consumers make purchases through digital platforms, improvements in website functionality, mobile applications and payment security are highlighted. The incorporation of sophisticated technology, such as artificial intelligence and personalized marketing methods, is also being prioritized to improve client engagement and satisfaction.
These advances are projected to drive significant expansion in the Perfume Market’s online retail segment. Brands may attract tech-savvy customers by providing a more simplified and personalized buying experience. Consequently, the convenience and accessibility provided by e-commerce platforms will likely drive increasing sales and expand market share in the perfume sector.
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Country/Region-wise Acumens
Will E-Commerce Growth and Direct-To-Consumer Sales Drive the Market in North America?
The Perfume Market in North America is being driven mostly by e-commerce and direct-to-consumer (D2C) sales. Online retail platforms have increasing consumer access to a wide choice of fragrances, allowing niche and independent brands to gain market share. According to the US Census Bureau, e-commerce sales in the United States will reach USD 870.8 Billion in 2021, up 14.2% from 2020. Within this industry, the health and personal care category, which includes perfumes, saw an impressive 13.9% year-over-year increase in online sales in 2021. This trend demonstrates a high consumer preference for easy online buying and customized purchasing possibilities. As more customers embrace digital platforms for fragrance buying, the North American Perfume Market is expected to rise further, boosted by advancements in e-commerce strategies and targeted marketing campaigns.
Will Rapid Economic Growth and Rising Middle Class Drive the Market in Asia Pacific Region?
Rapid economic expansion and the rise of the middle class are key drivers of the Asia Pacific Perfume Market. This region is seeing considerable economic growth, with the East Asia and Pacific region’s GDP increasing by 7.2% in 2021, the highest rate globally. According to the Brookings Institution, the increasing middle class is expected to reach 3.5 billion people by 2030, accounting for 65% of the global middle class.
As disposable incomes improve, people in this region have a greater need for luxury things, such as perfumes. This growing spending power and shifting lifestyle tastes drive demand for varied scent options, moving the market forward. Brands are likely to capitalize on this trend by producing premium items customized to local tastes, further enhancing the Perfume Market’s expansion in Asia Pacific.
Competitive Landscape
The Perfume Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the Perfume Market include:
The Avon Company, CHANEL, Coty, Inc., LVMH Moet Hennessy-Louis Vuitton, The Estée Lauder Companies, Revlon, Puig, L’Oréal Groupe, Shiseido Company, Ltd., Givaudan, Hermès, KERING.
Latest Developments
- In May 2024, L’Oreal will launch a new fragrance line inspired by sustainable sourcing processes, with an emphasis on eco-friendly packaging and natural components.
- In April 2024, Estée Lauder Companies announced a limited-edition perfume partnership with a well-known fashion designer, mixing premium fragrance with couture expertise.
- In March 2024, Chanel launched a new gender-neutral fragrance brand emphasizing inclusivity and diversity in scent development and marketing.
- In February 2024, Coty, Inc. announced the acquisition of a niche fragrance brand noted for its unique and artistic approach to perfume design, therefore expanding its collection of premium scents.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~2.90% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Perfume Market, By Category
Fragrance Type:
- Floral
- Woody
- Citrus
- Oriental
- Fruity
Price Range:
- Mass Market
- Premium
- Luxury
Distribution Channel:
- Retail Stores
- Online Retail
- Duty-Free Outlets
- Direct Sales
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL PERFUME MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL PERFUME MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL PERFUME MARKET, BY FRAGRANCE TYPE
5.1 Overview
5.2 Floral
5.3 Woody
5.4 Citrus
5.5 Oriental
5.6 Fruity
6 GLOBAL PERFUME MARKET, BY PRICE RANGE
6.1 Overview
6.2 Mass Market
6.3 Premium
6.4 Luxury
7 GLOBAL PERFUME MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.2 Retail Stores
7.3 Online Retail
7.4 Duty-Free Outlets
7.5 Direct Sales
8 GLOBAL PERFUME MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
8 GLOBAL PERFUME MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 The Avon Company
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 CHANEL
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Coty Inc.
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 LVMH Moet Hennessy-Louis Vuitton
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 The Estée Lauder Companies
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Revlon
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Puig
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 L’Oréal Groupe
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Shiseido Company, Ltd.
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Givaudan
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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- Market drivers and restraints, along with their current and expected impact
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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