The global Perfume Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global perfume market is expected to grow with a CAGR of 3.9% throughout the forecast period to reach USD 40.9 billion, by 2025, according to a new report released by Million Insights. Increasing focus on personal care and rising demand for premium and high-end fragrance are fueling the market growth. Further, the increasing popularity of these products among millennials is supplementing the online sales, which in turn proliferate the market growth.
Key Players:
- Avon Products Inc.
- Chanel SA
- Coty Inc.
- LVMH
- Estee Lauder
- Elizabeth Arden Inc.
- Puig SL
- Christian Dior
- Calvin Klein
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Growth Drivers:
Increasing focus on personal care and rising demand for exotic and luxury fragrances are driving the market growth. Further, increasing consumers’ purchasing power and their growing spending on premium brands are fueling the growth of the market. The demand for perfume has increased significantly in the recent past as it gives a different dimension to individuals’ fashion statement and considered as a means of personal pride that boost the self-confidence.
Product Outlook:
- Mass
- Premium
End User Outlook:
- Women
- Men
Distribution Channel Outlook;
- Offline
- Online
The online segment is anticipated to exhibit the highest CAGR over the forecast years. Rise in e-commerce platforms such as Amazon, Flaconi and others have significantly boosted online sales. Ease in purchasing, availability of a wide range of products and doorstep delivery is the prime reason supplementing the online sales of perfumes. Further, the growing popularity of fragrance products among millennials is boosting online sales.
Regional Outlook:
Europe occupied the largest market share, in 2018, followed by North America. in Europe. In Europe, Germany alone held 16.3% of the market share in the same year. On the other hand, in 2018, France contributed to 25.9% of the market share in Europe's overall market. The presence of leading brands such as Guerlain and Christian Dior contribute to this growth. France exported fragrance worth USD 4.8 billion across the globe, accounting for over one-fourth of total export, in 2017.
The Asia Pacific is projected to grow with the highest growth rate owing to increasing demand from countries such as India and China. The increasing trend of western culture, rapid urbanization and the rise in the millennial’s population are set to fuel the demand in this region. Further, consumers prefer to rent the clothes instead of buying them owing to a lack of budgets in this region.
COVID-19 Impact Insights
The global perfume market has been adversely affected owing to the outbreak of COVID-19. Perfumes are mostly sold through offline retail stores. Following the pandemic outbreak, most of the retail stores were forced to close, which led to significantly low sales of the product. In addition disruptions in the supply chain caused further affected the production of perfumes. Various public functions and weddings were either cancelled or postponed due to the pandemic, which, in turn, led to low demand for perfumes. Nonetheless, online sales have witnessed an increment in the past few months and this trend is estimated to be continued over the next few years. Introduction of cost-effective products and improving the online presence are anticipated to play a crucial role in the market growth going forward.
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