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 size reached US$ 2.44 Billion in 2018. Perfume is a fragrant product which is prepared from a heterogeneous mixture of fragrant essential oils, aroma compounds, and fixatives and solvents. Usually available in a liquid form, it is widely used to impart a pleasant aroma to the user’s body. Along with this, perfumes aid in improving mood and reducing stress. The perfume market in the GCC region has been flourishing over the past few years. The natives of the region have been traditionally using perfumes and incense made from Agarwood, a resin-embedded wood, for its distinctive fragrance. It forms a dominant ingredient in various locally manufactured perfumes.
GCC Perfume Market Trends:
Rising disposable income is one of the key factors driving the market in the region. With rapid urbanization and increasing western influences, consumers in the region are now inclining toward premium quality products. Apart from the already preferred perfumes with amber, oud, bukhoor and rose, manufacturers are constantly investing to bring innovative fragrances in the market which are infused with natural oils like lavender or mint. This, along with an increase in the expatriate population in the region, has aided the manufacturers to expand their consumer base. Moreover, the thriving tourism industry in the GCC region has triggered the surge in the duty-free sales which is spurring the growth of the export market. A flourishing e-commerce industry along with increasing lifestyle expenditure is also significantly contributing to the market growth. Additionally, keeping with the Islamic belief of the majority of the population in the region, international manufacturers are now launching products which are produced in accordance with halal regulations, which is creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of nearly US$ 3.87 Billion by 2024, expanding at a CAGR of around 8.9% during 2019-2024.
- On the basis of the price, premium products exhibit a clear dominance in the market, followed by mass products.
- Based on the gender, the market has been divided into unisex, female and male segments, wherein unisex represents the most popular segment.
- On the basis of the product type, the market has been bifurcated into Arabic and French perfumes. Amongst these, Arabic perfumes account for the majority of the total market share.
- On the geographical front, Saudi Arabia holds the leading position in the market. Other major regions include the UAE and Kuwait.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market.
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