Perfumes are composed of fragrances or essential oils which are used to provide a pleasant smell. Some of the common natural ingredients utilised in the production of perfumes include spices, woods, flowers, grasses, fruits, resins, leaves, roots, balsams, gums and animal secretions. Perfumes signify a person’s style, individuality and personality and a good scent can influence mood, behaviour, perception, emotions and human thoughts. Nowadays, the manufacturing of perfumes has evolved into a mainstream business in the personal care and cosmetics industry. According to the latest report by IMARC Group, titled “Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global perfume market reached a value of US$ 40.4 Billion in 2019.
The global perfume market is gaining traction owing to the rising trend of personal grooming along with the increasing demand for youth-oriented as well as exotic fragrances. Moreover, the product diversification by manufacturers is attracting a larger consumer-base. Apart from this, increasing consumer spending on luxury fragrances on account of inflating income levels and improving standards of living are further boosting the sales of perfumes. Other major factors propelling the demand for perfumes worldwide are rapid urbanisation, increasing population and aggressive advertising by the manufacturers. However, the availability of counterfeit products represents one of the major challenges faced by the market. Looking forward, the market is expected to witness moderate growth during the forecast period.
This report provides a deep insight into the global perfume industry 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. The report also provides a comprehensive analysis for setting up a perfume manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, 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 industry in any manner.
Key Questions Answered in This Report:
The global perfume market was worth around US$ 40.4 Billion in 2019.
According to the estimates by IMARC Group, the global perfume market will exhibit moderate growth during the next five years.
Rapid urbanization and changing lifestyles, along with the rising trend of personal grooming among individuals, are some of the significant factors impelling the global perfume market growth.
Due to inflating disposable incomes, there is a rise in the demand for luxury and exotic perfume variants. This, in confluence with the growing trend of personalized perfumes, represents one of the major trends in the market.
Due to the spread of the coronavirus disease (COVID-19), governing agencies of several countries have imposed lockdowns, and are generating awareness about social distancing to prevent the spread of the pandemic. As a result, disruptions in the supply chain, along with the temporary halt of operations at the manufacturing units of different companies, has negatively impacted the market.
On the basis of the type, the market has been bifurcated into premium and mass perfume products.
Based on the category, the market has been categorized into female, male and unisex fragrances.
The market has been analyzed on the basis of the distribution channel into specialty stores, departmental stores, online stores, hypermarkets and supermarkets, and others.
On the geographical front, the market has been classified into the United States, Brazil, France, Germany and Russia.
Leading industry players are Avon Products, Inc., Natura Cosméticos S.A, Chanel S.A., Coty Inc., LVMH Group and L’Oréal S.A.
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