Market Forecast:
The global perfume and fragrance market is observing a remarkable growth owing to factors such as rapid urbanization, rise in disposable income and changing lifestyle of consumers. With more and more consumers spending on personal care & beauty products is expected to be one of the significant reasons for the rising growth of perfumery products which in turn intensifies the sales of perfume & fragrance products during the forecast period.
Perfume & fragrance products are used to get rid of unwanted body smell produced due to sweating. Perfume is a blend of chemical compounds, fixatives, and solvents. Fragrance is combined to impart peculiar and distinctive odorous into the preparations. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.
COVID-19 has not just negatively impacted the fragrances and perfumes market across the world, but its impact has resulted in a generation of opportunities for many private players to emerge in the markets to cater to the inflated demand. Furthermore, COVID-19 has led to a major consumer shift, as customers are no more brand loyal in developing countries and are trying new brands in the low-stock environment.
According to LâOrĂ©al, the consumption of beauty and personal care products, including fragrance and perfume, was strongly impacted by the closure of millions of points of sale (specialty stores, perfumeries, department stores, airport stores, etc.), which caused a real crisis of supply, rather than demand, with consumers temporarily unable to purchase products and services.
The COVID-19 crisis is likely to accelerate trends that were already shaping the market, such as the rise of the global middle-class population and the use of e-commerce. Online distributors are recording an increased interest, as home-bound consumers explore retail alternatives. Some beauty product brands and retailers with inventory and shipment operations are reporting e-commerce sales twice as high as their pre-COVID-19 levels. For instance, Sephoraâs US online sales are reportedly up by 30% versus 2019.
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Competitive Analysis:
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by perfume & fragrance market Size players. It further includes product portfolios and developments of leading players, which includes
Elizabeth Arden, Inc. (U.S.), Loreal (France), Shiseido (Japan), IFF (U.S.), Chanel (France), Estee Lauder (U.S.), Avon (U.S.), Vivenza (Kuwait), Royal Beauty Group Co. (Kuwait), AlQuraishi Fragrances (Kuwait), Reehat Al Atoor (Bahrain), Asghar Ali Co. W.L.L. (Bahrain), Rasasi Perfume Industry LLC (UAE), Arabian Oud (Saudi Arabia), Swiss Arabian Perfume Grp (UAE), Atyab Al Marshoud (Kuwait), Al Shaya (Kuwait), Ajmal Perfume (UAE), Abdulsamad Al Qurashi (Saudi Arabia),
Segmental Analysis:
Among the type, includes eat de parfum segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 6.33% during the given period due to increased use of perfumes, spray deodorants, incense, and body care products. Increase in the consumer awareness for personal hygiene is primarily driving the growth of this segment.
Among the ingredients of perfume & fragrance, synthetic segment is accounting for 76% followed by natural ingredients accounting for 24% of the global perfume & fragrance market Size. The segment is projected to register a healthy CAGR of 8.78% during the forecast period 2020-2027. Furthermore, the demand for natural ingredients in perfumes is increasing the growth of the perfume & fragrance market.
Among the consumer group, women segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.67% during the given period. However, demand for perfume & fragrances is expected to increase for the menâs category owing to introduction of new perfumes & deodorants for men and increasing consumer awareness regarding beauty & cosmetics products.
Among the distribution channel, store-based segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.71% during the given period.
Regional Analysis:
The global perfume & fragrance market Size is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 5.27% during the review period. This is attributed to the high usage of perfumes, cosmetics, incense, body care products. Among the European countries, France is majorly driving the market of perfume & fragrances in this region. However, Asia Pacific region is expected to grow with a CAGR of 8.0% during the review period. In Asia Pacific region, India is expected to hold 17% market share in the year 2017.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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