Global Perfume Market Influenced by Emergence of Unisex Fragrances

Perfume is a mixture of fragrant essential oils or extracts which are used to provide a pleasant smell. It is usually made with synthetic chemicals or natural ingredients, such as flowers, woods, spices, grasses, animal secretions, fruits, roots, resins, balsams, leaves, gums, etc. Perfume plays an important role in personal grooming as it signifies a person’s individuality, personality and style. It is also known to influence mood, physiology and behavior, and balance hormones and body energy. Over the years, the manufacturing of perfumes has evolved into a mainstream business in the personal care and cosmetics industry. According to IMARC Group, the global perfume market size was estimated to be more than US$ 37 Billion in 2017.

Launch of exotic fragrances is stimulating the market growth

One of the major perfume market trends is the increasing concern regarding personal appearance and grooming among the consumers. This is further supported by their rising purchasing power owing to which the consumers are more willing to spend on beauty and luxury products, such as perfumes. Nowadays, some brands also provide sample products to beauty experts and bloggers for reviewing which creates a positive brand image among their viewers and encourages them to use these products. Moreover, the manufactures are innovating in terms of product packaging by providing perfumes in designer glass bottles, mini bottle sprays, rollerballs, etc. They are also introducing exotic and unisex fragrances so as to diversify their product portfolio and target premium consumers. As a result of these factors, the market is expected to grow at a CAGR of nearly 4% during 2018-2023, exceeding US$ 46 Billion by 2023.

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Premium perfume products: The most popular segment

On the basis of type, the market has been segmented as premium and mass perfume products. Amongst these, premium perfume products are the most popular type, accounting for the majority of the global perfume market share. These perfumes offer greater emphasis on exclusivity, quality and personalization which are not offered by mass products. Moreover, the availability of premium brands through online retail channels also provides opportunities for market expansions. On the other hand, the demand for mass perfume products is sustained by their affordability and easy availability which attract consumers from the low-income groups.

Female perfumes represent the dominant category

Based on category, female perfumes represent the largest segment of the market. The increased focus on personal appearance and growing number of working women, particularly in the developing nations, have resulted in a huge demand for female’s perfumes and fragrances. However, there has been a surge in the demand for male perfumes as they are now willing to spend more on perfumes as a result of changing male grooming patterns and introduction of perfumes with new fragrances. In recent years, major innovations have been witnessed in unisex perfumes category which can be used both by males and females. This can be attributed to the changing gender norms and the trend of expressing individual personality among the young consumers.

Brazil is the largest market for perfumes worldwide

Currently, Brazil enjoys the leading position in the global perfume market. This can be attributed to the important role fragrances play in the Brazilian culture where they are perceived as a sign of personal care, beauty and enhanced self-esteem. Other major regions are the United States, Germany, France and Russia.

The market is fragmented with the presence of a large number of both small and large players. Some of the key players operative in the market include Coty Inc., Avon Products Inc., Natura Cosméticos SA, Chanel SA, Coty Inc., LVMH and L'Oréal SA. 

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Created on Sep 13th 2018 05:22. Viewed 362 times.

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