Perfume Industry Statistics and Trends
The global perfume market size is expected to reach USD 40.9
billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 3.9% over the forecast period. Growing awareness about
personal grooming, along with increasing demand for premium fragrances, is
expected to drive the demand for global market. Furthermore, high purchasing
power among the millennials is expected to spur the growth of the global
market.
Soaring population and increasing consumer spending
on personal and beauty care products are the key factors driving the market.
Perfume suppliers are becoming more innovative and are offering better products
at discounted prices as a definite marketing strategy. This, in turn, is
helping the mass product segment to expand at a CAGR of 3.8% over the forecast
period. Additionally, popularity of purchasing premium brands is increasing due
to increase in customer spending, which could be attributed to rise in
disposable income per household. This is expected to augment the demand for
premium brands during the forecast period. For instance, Victoria Secret
launched its body mist collection in India ranging from USD 18 to 25 such as VC
Rush, Bombshell, Vanilla Lace, and Love Spell.
Women accounted for the largest share of 60.1% in
2018. It is observed that women in U.S. purchase a new perfume as often as once
a month, in comparison to men who buy it on an average of 1-2 times per year,
mainly for the purpose of replenishment. As per a survey, around 41.0% of the
females in U.S. use perfumes everyday as compared to men.
The online channel is expected to expand at the
highest CAGR of 3.9% over the forecast period. It provides a wide variety of
products for the consumers all over the world, coupled with several discounts
and offers for its first-time and regular users. For instance, Nykaa provides
special discounts on women’s day, especially on perfumes of premium brands like
Avon, to celebrate womanhood every year.
Europe, followed by North America, accounted for the
largest market share in 2018. The U.S. and Europe market remain the industry
trendsetters. Major countries contributing to the growth of the Europe market
include Germany, France, and U.K, wherein France accounted for 25.9% share in
2018. France serves as the home of numerous leading perfumes brands such as
Christian Dior, Chanel, and Guerlain. The country has been driving the Europe
market with the highest production and export values.
Asia Pacific is expected to expand at a CAGR of 5.1%
over the forecast period. The region is witnessing high demand, particularly in
countries like China and India due to increasing disposable income that allows
customers to spend more on luxury products. This, in turn, is boosting the
growth of the regional market. For instance, Vini Cosmetics, an Indian company
popularly known for its brand Fogg, launched its premium perfumes for both men
and women.
Some of the major players in the global market are
Avon Products Inc.; Natura Cosmticos SA; Chanel SA; Coty Inc.; LVMH; L’Oreal
Groupe; Estee Lauder; Elizabeth Arden, Inc.; and Puig SL. Companies are
focusing on offering customized products to meet the specific requirements of
the customers. For instance, Lauder’s Jo Malone stores offer fragrance
consultations so that shoppers can develop a customized product.
Moreover, a Tokyo location of this brand had an
artist placed near checkout to outline cityscapes on packaged boxes to create a
unique product packaging design. Furthermore, the company purchased the artisan
perfume house By Kilian, thereby adding to its store of trendy names such as Le
Labo and Editions de Parfums Frederic Malle. They offer in-store blending on
customer demand with an aim to provide a premium shopping experience of hand
crafted products.
Request a Sample Copy
of the Global Perfume Market Research Report @
www.grandviewresearch.com/industry-analysis/perfume-market/request/rs1
Further
key findings from the report suggest:
- North America is projected to generate a revenue of USD 13.2 billion
by 2025
- The men segment accounted for 39.9% share of the total revenue in
2018 and is projected to witness a slight decline in the next few years
- Perfume Market for Asia Pacific is projected to expand at the
highest CAGR of 5.1% over the next few years due to rise in disposable
income of people in developing countries like India, China, and Sri Lanka.
- Due to increased benefits of various essential oils, countries like
U.K. and Germany have shown a positive trend in adapting these as a main
ingredient in the production of a wide range of premium perfumes across
the region.
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