The GCC perfume market was worth more than US$ 2.2 Billion in 2017. The market is further projected to reach a value of nearly US$ 3.7 Billion by 2023, at a CAGR of approximately 8.9% during 2018-2023. Perfume is a fragrant liquid which is prepared by combining water, alcohol, aroma compounds, essential oils, solvents and fixatives. Perfumes are formulated on the basis of different scent families such as green, oriental, musk, floral, woody, amber, herbaceous, etc. As compared to earlier, perfumes have, nowadays, become a necessity and are used on a daily basis. They help in improving the overall personality of a person by offering a pleasant scent to the human body. As a result, perfumes have gained immense traction in the GCC region.
GCC Perfume Market Drivers
- Over the past few years, the tourism sector of the GCC region has experienced a significant growth which has triggered the surge in the duty-free sales. This acts as a major factor which has been boosting the perfume market in the region.
- In the GCC region, the disposable income of the consumers has been increasing owing to which they are able to afford premium categories of different fragrances and perfumes. This has contributed towards a propelling demand for good-quality perfumes across the region.
- As majority of the people in the GCC region follow Islamic beliefs, manufacturers have started producing fragrances and perfumes according to halal regulations which has positively influenced the growth of the market.
Market Breakup by Price:
Premium products currently represent the largest category of perfumes in the GCC region. These products are followed by mass products.
Market Breakup by Gender:
The perfume market in the GCC region has been segmented on the basis of categories which include unisex, female and male. Currently, unisex represents the most popular category.
Market Breakup by Product
Based on the product type, the market has been segregated into Arabic and French perfumes. Arabic perfumes dominate the market, holding the majority of the market share.
Market Breakup by Region
On a geographical front, Saudi Arabia enjoys the leading position in the GCC perfume market. Some of the other major markets include UAE and Kuwait.
The perfume market is fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Arabian Oud
- Abdul samad Al qurashi.
This report provides a deep insight into the GCC perfume market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the perfume market in any manner.
Key Questions Answered in This Report:
- How has the GCC perfume market performed so far and how will it perform in the coming years?
- What are the key regional markets in the GCC perfume industry?
- What are the key product types in the GCC perfume industry?
- What has been the performance of the premium segment versus the mass segment?
- What are the various stages in the value chain of the GCC perfume market?
- What are the key driving factors and challenges in the GCC perfume market?
- What is the structure of the GCC perfume market and who are the key players?
- What is the degree of competition in the GCC perfume market?