USD 33.9 billion
Perfume Market Size, Share, Growth Analysis, By Type(Eau de parfum, and Eau de toilette), By Gender(Women and Men), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2075 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
60
|Figures:
79
Perfume Market Insights
Global Perfume Market size was valued at USD 33.9 billion in 2022 and is poised to grow from USD 35.12 billion in 2023 to USD 46.61 billion by 2031, growing at a CAGR of 3.60% in the forecast period (2024-2031).
Perfumes have been around for centuries and are an essential part of personal grooming. The perfume market has grown significantly over the years and has become a multi-billion-dollar industry. With the increasing demand for perfumes, manufacturers have come up with a wide range of fragrances that cater to different preferences and tastes. The market is primarily driven by the rising disposable income of consumers, changing lifestyles, and the growing trend of personal grooming. With the increase in urbanization and the growing awareness of personal hygiene, the demand for perfumes is expected to increase further. The report states that the United States is the largest market for perfumes in North America, accounting for the majority of the market share. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, owing to the increasing disposable income of consumers, changing lifestyles, and the growing awareness of personal grooming.
US Perfume Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Eau de parfum
Fastest Growth
Eau de toilette
Growth Rate
3.60% CAGR
Global Perfume Market ($ Bn)
Country Share for North America Region (%)
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Perfume Market Segmental Analysis
Global Perfume market is segmented by, type, and gender. Based on type, the market can be segmented into eau de parfum, eau de toilette. Based on gender, the market is segmented into women and men. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type the market can be segmented into eau de parfum, eau de toilette. the eau de parfum segment dominates the global perfume market in terms of market share. This is due to the higher price point of eau de parfum, as well as its longer-lasting scent compared to eau de toilette. Additionally, many luxury and designer fragrance brands offer eau de parfum as their signature scent, contributing to its dominance in the market.
However, the eau de toilette segment is also experiencing significant growth, as consumers are increasingly seeking out lighter, fresher fragrances. Eau de toilette is also more affordable than eau de parfum, making it accessible to a wider range of consumers. With the growing trend towards sustainable and eco-friendly products, eau de toilette is also becoming more popular as it generally has a lower environmental impact than its more concentrated counterpart.
Analysis by Gender
By gender, the market can be segmented into women and men. Women's fragrances have traditionally dominated the market due to a larger consumer base and a wider range of product offerings. Women's fragrances are often marketed as more complex and varied, with a focus on floral, fruity, and sweet scents.
However, the men's fragrance segment has been experiencing significant growth in recent years. This growth can be attributed to a growing awareness among men about personal grooming and the increasing acceptance of fragrance as an important part of grooming. Men's fragrances are often marketed as musky, woody, and spicy, with a focus on bold and masculine scents.
Global Perfume Market By Type
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Perfume Market Regional Insights
North America is currently the dominating the global perfume market. This can be attributed to the high disposable income of consumers in the region, the presence of numerous luxury and designer fragrance brands, and the growing demand for niche and natural fragrances. The United States is the largest market in North America and is home to some of the leading fragrance manufacturers and retailers.
On the other hand, the APAC region is the fastest-growing market for perfumes due to a growing consumer base, rising disposable income, and increasing awareness of personal grooming and fragrances. The market in the region is driven by the large populations of countries such as China and India, which have a rising middle class and a growing demand for luxury and premium fragrances. Additionally, the rise of e-commerce and social media has made it easier for consumers in the region to access a wider range of fragrance products.
Global Perfume Market By Region
- Largest
- Fastest
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Perfume Market Dynamics
Drivers
Rising disposable income of consumers
- One of the major drivers of the perfume market is the rising disposable income of consumers. With increasing disposable income, consumers are willing to spend more on personal grooming products, including perfumes. Moreover, perfumes have become an essential part of daily grooming routines, contributing to the growth of the market. The increasing popularity of premium and luxury fragrances, especially among the younger population, is also expected to drive the demand for perfumes in the coming years.
Restraints
Growing trend of natural and organic fragrances
- One of the significant restraints of the perfume market is the growing trend of natural and organic fragrances. Consumers are becoming more conscious about the harmful effects of synthetic fragrances, leading to a shift towards natural and organic perfumes. This shift towards natural fragrances is expected to impact the sales of synthetic fragrances in the coming years. Furthermore, the high cost of raw materials and the stringent regulations related to the use of certain chemicals in perfumes are also hindering the growth of the market.
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Perfume Market Competitive Landscape
The market is highly competitive, with players focusing on product innovation, brand building, and mergers and acquisitions to gain a competitive edge. Players are also focusing on expanding their distribution channels, with the increasing popularity of online channels. Furthermore, the market is also witnessing the entry of new players, with the increasing demand for personalized fragrances and the growing trend of natural and organic perfumes. These new players are focusing on offering unique fragrances and targeting niche markets.
Top Player’s Company Profiles
- L'Oreal Group
- Coty Inc.
- Shiseido Co. Ltd.
- Puig Beauty & Fashion Group S.L.
- Estee Lauder Companies Inc.
- LVMH Moet Hennessy Louis Vuitton SE
- Inter Parfums Inc.
- Chanel SA
- Revlon Inc.
- Gucci Group NV
- Procter & Gamble Co.
- Bulgari SpA
- Parfums Christian Dior
- Elizabeth Arden Inc.
- Hermès International SA
- Giorgio Armani SpA
- Cartier SA
- Ferragamo Parfums
- Versace
- Clarins SA
Recent Developments
- In April 2024, St.Botanica, a prominent direct-to-consumer (D2C) beauty brand under the umbrella of Good Glamm Group, South Asia's largest beauty and personal care conglomerate, is expanding its offerings into the rapidly growing fragrance market. The brand has unveiled a new line of perfumes, meticulously crafted from the finest ingredients sourced worldwide. This launch is accompanied by the captivating campaign titled 'Indulge Your Travel Spirit'.
- In March 2024, Kylie Jenner expands her business portfolio by venturing into perfumery. The reality TV personality and founder of Kylie Cosmetics revealed her inaugural fragrance, COSMIC, which will be exclusively available for purchase on the Kylie Cosmetics website starting March 7.
- In February 2024, Baccarose, a prominent name in the fragrance and beauty distribution sector, proudly welcomes Dr Irena Eris to its esteemed beauty portfolio. Renowned for its prestige, innovation, and commitment to enhancing women's beauty and preserving their youthful radiance, Dr Irena Eris has solidified its position as a trusted and influential presence in the skincare industry.
- In December 2023, Kimirica introduced Vivah, India's inaugural fragrance dedicated to weddings.
Perfume Key Market Trends
- One market trend in the perfume industry is the growing demand for sustainable and eco-friendly fragrances. Consumers are increasingly concerned about the environmental impact of their purchases and are seeking out products that are produced with sustainable ingredients and packaging. Many fragrance brands are responding to this trend by introducing new product lines that are made with natural, organic, and ethically sourced ingredients, as well as using eco-friendly packaging. Additionally, some brands are experimenting with innovative techniques such as biotechnology and synthetic biology to develop sustainable fragrance ingredients.
Perfume Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global perfume market analysis, women’s fragrances have traditionally dominated the market, but there is significant growth potential in the men's fragrance segment. North America is currently the dominating region, while Asia Pacific is the fastest-growing market due to a growing consumer base and rising disposable income. There is also a growing trend towards sustainable and eco-friendly fragrances as consumers become more environmentally conscious. Many fragrance brands are responding to this trend by introducing new product lines with natural and ethically sourced ingredients.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 33.9 billion |
| Market size value in 2031 | USD 46.61 billion |
| Growth Rate | 3.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Perfume Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Perfume Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Perfume Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Perfume Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Perfume Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Perfume Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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