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 2019-2024”, the global perfume market reached a value of US$ 38.8 Billion in 2018.
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 value is projected to reach US$ 48.0 Billion by 2024, at a projected CAGR of 3.6% over 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.
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