According to the latest report by IMARC Group, titled “GCC Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC perfume market reached a value of US$ 2.44 Billion in 2018. Perfumes refer to fragrant products made of essential oils, aroma compounds, and fixatives and solvents. Apart from providing a pleasant smell, they help in improving mood and reducing stress, and are even used for therapeutic applications. Consumers in the GCC countries spend a significant portion of their incomes on perfumes as they form an important part of their tradition. For instance, gifting perfumes on Ramadan and other special occasions is a popular custom. The demand for halal products is also high in the region owing to the Arabic and Islamic cultures.
Over the years, the GCC countries have emerged as a hub of innovative perfume products with the local manufacturers focusing on Arabian fragrances such as amber, oud, bukhoor and rose. They have also started developing innovative perfumes with natural oils like mint and lavender, and incorporating traditional oriental notes with contemporary fragrances preferred by the consumers. On the other hand, the leading international perfume brands are combining traditional oriental blends with Western fragrances to expand their reach into the markets. Apart from this, the online retail sector is witnessing rapid growth in the GCC countries on account of easy access to international brands and regular offers. Looking forward, the market is projected to reach a value of US$ 3.87 Billion by 2024, expanding at a CAGR of 7.8% during 2019-2024.
- Based on the price, the market has been segmented as premium and mass products. Currently, premium products dominate the market, holding the largest share.
- On the basis of categories, unisex perfumes represent the most popular category, accounting for the majority of the market share. The other major categories include female and male perfumes.
- The perfume market in the GCC region has been segregated on the basis of products into Arabic and French perfumes. Amongst these, Arabic perfumes dominate the market, holding the majority of the market share.
- Region-wise, Saudi Arabia enjoys the leading position in the GCC perfume market. Some of the other major markets include the UAE and Kuwait.
- The competitive landscape of the market has also been examined with some of the key players being Ajmal, TFK, Rasasi, Arabian Oud and Abdul Samad Al Qurashi.
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