Global Perfume Market to Grow at 6.1% During 2022-2027, Catalyzed by Growing Popularity of Personalized Products

June 23, 2020

According to the latest report by IMARC Group, titled "Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global perfume market size reached US$ 33.5 Billion in 2021. Perfumes refer to the combination of essential oils and aroma compounds that attribute a pleasant fragrance to the user. They are used by both men and women to signify their style, personality and individuality. They can also be utilized as a stimulant to influence the mood, emotions and thoughts of the individual while inducing relaxation. These products are largely obtained from natural sources that include the flowers, leaves, bark, fruits, balsams, roots, resins and seeds of various aromatic plants, such as sandalwood, rose and cinnamon. They can also be prepared using animal secretions, including musk, ambergris, castoreum, civet, hyraceum, and honeycomb. Several synthetic ingredients, such as alcohol and water, are also added to the aroma compounds.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Perfume Market Trends:

The global market is primarily driven by the rising trend of personal grooming among the majority of the population. This is further supported by rapid urbanization and the shifting lifestyle preferences of the masses. Moreover, there has been a growing demand for exotic and youth-oriented fragrances. This, along with the expansion of organized retail and e-commerce platforms across the globe, is providing a boost to the market growth. The market is further driven by the shifting preference toward luxury fragrances and perfumes, facilitated by inflating disposable income levels of the consumers. The trend of personalized perfumes is expected to gain prominence among the masses. These personalized variants allow the consumers to fashion their perfumes by combining multiple aromas, spices and essential oils from a vast assortment of fragrances. Manufacturers are also continually investing in the development of innovative packaging solutions to offer convenience to the users. As a result, they have introduced rollerballs and mini spray bottles that are facilitating the uptake of these products. On account of the aforementioned factors, the market is projected to grow at a CAGR of 6.1% during 2022-2027.

Market Summary:

  • On the basis of the perfume type, the market has been bifurcated into premium and mass perfume products, wherein the premium perfume products represent the most popular segment.
  • Based on categories, female fragrances exhibit a clear dominance in the market. Other major categories include male and unisex fragrances.
  • On the basis of distribution channels, the market has been divided into specialty stores, departmental stores, online stores, hypermarkets and supermarkets, and others. Amongst these, specialty stores account for the majority of the total market share.
  • On the geographical front, Brazil holds the leading position in the market. Some of the other key regions include the United States, France, Germany and Russia.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Avon Products, Inc., NATURA COSMÉTICOS S/A, Chanel S.A., Coty Inc., LVMH Group and L’Oréal S.A.

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Global Perfume Market to Grow at 6.1% During 2022-2027, Catalyzed by Growing Popularity of Personalized Products
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