Perfumes are a mixture of essential oils and aroma compounds with water or alcohol. The industry has witnessed significant product innovations over the last few years, with the use of natural and renewable ingredients gaining traction.
According to a recent report by Future Market Insights (FMI), the perfume market is expected to reach a valuation of US$ 35 Bn in 2021, expanding at a steady 4% CAGR through 2031.
Shifting consumer preference towards natural ingredients in perfumes that offers a unique and soothing aroma is encouraging product developments by manufacturers, thereby augmenting growth of the market.
Rapid urbanization, along with increasing adoption of smartphones has led to more awareness regarding various side effects caused by the undisclosed chemical used in perfumes. In addition to this, rising adoption of perfumes among old-age customers is encouraging manufacturers to use natural ingredients with a pleasant aroma.
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The aforementioned factors are spurring demand for renewable ingredients in perfume manufacturing. Moreover, players are initiating the use of microbial-based natural ingredients in perfumes to increase the spray quality and cater to the demand from environment and health-conscious consumers.
Key Takeaways:
Who is winning?
Leading players operating in the perfume market are Estee Lauder Companies Inc., LVMH Moet Hennessey Louis Vuitton, Coty Inc., L’Oréal S.A., Eliabeth Arden Inc., Shiseido Co Ltd., Puig SL., Perfumania Holdings Inc., Avon Products Inc., Hermes International S.A., Natura Cosmetics S.A., Channel S.A., Clarins, Revlon Inc., and Givaudan among others.
As per FMI, top 5 players are projected to account for 15-20% of the total market share.To gain a competitive edge, are investing in promotional strategies marking techniques. For instance:
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Future Market Insights, in its new offering, provides an unbiased analysis of the global perfume market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the perfume market based on the product type (Eau de Parfum, Eau de Toilette, Eau de Cologne, and Eau Fraiche), nature (natural & synthetic), by end-use (men, women, & unisex), sales channel (wholesalers/ distributors, hypermarkets/ supermarkets, specialty stores, multi-brand stores, independent drug stores, online retailers and others), across each of the seven major regions.
Global Perfume Market by Category
By Product Type:
By Nature:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 29, 2022