The North America perfume market reached a value of US$ 7.1 Billion in 2018. A perfume is a combination of essential oils and aroma compounds which gives a pleasant smell to an individual’s body. Plants such as sandalwood, rosemary, jasmine, cinnamon and rose are the primary sources of essential oils that provide a distinctive aroma to the perfume. Apart from this, various natural ingredients like flowers, grasses, spices, fruits, woods, roots, resins, balsams, leaves, gums and animal secretions are also used in the perfume production.
The North America perfume market is currently being driven by several factors. The market growth can primarily be attributed to an increase in consumer spending on beauty and personal care items in the region. Moreover, one of the major trends in the region is the growing preference for a variety of fragrances as opposed to a single signature scent. Being witnessed particularly among the younger generation, this trend has encouraged consumer spending on both mass as well as premium products. Moreover, the rising demand for on-the-go, natural and value-added products is also contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 8.5 Billion by 2024, registering a CAGR of more than 3% during 2019-2024.
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