Perfumes are made from the mixture of fragrant essential oils or aroma compounds, fixatives and solvents, used to give human bodies, animals, objects, and living spaces a pleasing scent. The natural ingredients used to manufacture perfumes include flowers, grasses, spices, fruits, woods, roots, resins, balsams, leaves, gums, and animal secretions. A new research report by IMARC Group, titled “Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 36 Billion in 2017. The report further anticipates the market to cross US$ 49.6 Billion by 2023, at a projected CAGR of 5.5% over the forecast period.
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Global Perfume Market Drivers/Constraints:
- The rising trend of personal grooming along with a growing demand for youth-oriented as well as exotic fragrances are the major factors driving the growth of the global perfume market.
- The increasing customer spending on luxury fragrances owing to inflating disposable incomes and improving standards of living are bolstering the demand for perfumes worldwide.
- The product diversification by manufacturers, growing urbanization, aggressive advertising and rising population are some of the other major factors impelling the demand for perfumes across the globe.
- However, the side effects of the chemical materials used in the manufacturing of perfumes are anticipated to hinder the growth of global perfume market.
Product Type Insights:
On the basis of product type, the market has been segmented into premium and mass perfume products. Currently, premium perfume products are the most popular type dominating the global perfume market. This can be attributed to the greater emphasis on quality and personalization which are not offered by mass products.
Based on perfume categories, female fragrances dominate the perfume market, accounting for nearly two-thirds of the total share. Female fragrances are followed by male fragrances and unisex fragrances.
Region-wise, Brazil represents the world’s largest market for perfumes. The important role of fragrances in the Brazilian culture as a sign of personal care, beauty and enhanced self-esteem has contributed to the market growth in the country. It is followed by the United States, Germany, France and Russia.
The global perfume market is fragmented in nature with a large number of small and big players operating in the industry. The premium perfume market, however, is driven by strong brand recognitions with some of the larger players controlling a significant share of this market. Some of the leading players operating in the market are:
- Avon Products Inc.
- Natura Cosméticos SA
- Chanel SA
- Coty Inc.
- L’Oreal Groupe
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