The latest report by IMARC Group, titled “Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global perfume market reached a value of around US$ 39 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 like sandalwood, rosemary, jasmine, cinnamon and rose are the primary sources of essential oils which provide a distinctive aroma to a 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 perfume production. In addition to this, several synthetic compounds, alcohol and water are employed as additives.
A rise in the trend of personal grooming amongst the young generation has been witnessed which is increasing the demand for exotic and youth-oriented fragrances. Additionally, inflating disposable incomes and increasing urbanization have led to rapid changes in the lifestyles of the urban population. These factors are propelling the sales of luxury goods including perfumes. Moreover, several manufacturers are offering high-quality products at affordable prices to target the mass market which is catalyzing the growth of the perfume industry across the globe. They are also improving the product packaging by introducing fragrances in rollerballs and mini bottle sprays. Further, the capital investment required for setting up a perfume manufacturing plant is relatively low which is attracting new entrants. Due to these factors, the global perfume market value is projected to reach US$ 48 Billion by 2024, at a CAGR of 3.6% over the forecast period.
- On the basis of types, the market has been bifurcated into premium and mass perfume products. Presently, the perfume market is dominated by premium perfume products.
- Based on categories, female fragrances is the most popular category, accounting for the majority of the total market share. Other major categories include male and unisex fragrances.
- On the basis of distribution channels, the market has been segregated into specialty stores, departmental stores, online stores, hypermarkets and supermarkets, and others. Amongst these, specialty stores represent the biggest distribution channel.
- On a geographical front, the global perfume market has been classified into Brazil, United States, France, Germany and Russia. Currently, Brazil holds the majority of the global market share.
- The competitive landscape of the market has also been examined with some of the key players being Avon Products Inc., Natura Cosméticos S.A., Chanel S.A., Coty Inc., LVMH and L’Oreal S.A.
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