The global perfume market was valued at around US$ 47.0 billion in 2019, in terms of revenue, according to Perfume Market Report, by Product Type (Eau de Parfum, Eau de Toilette, Eau de Cologne, and Eau Fraiche), by Demographics (Men’s Perfume, Women’s Perfume, and Unisex Perfume), by Ingredient Type (Natural and Synthetic), by Distribution Channel (Online Retail and Physical Retail), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights.
The global perfume market is expected to surpass US$ 74.1 billion by 2027, in terms of revenue, exhibiting a CAGR of 5.9% over the forecast period (2020-2027).
Perfumes are composed of fragrances or essential oils and are used for providing a pleasant smell. Various natural ingredients such as fruits, flowers, grasses, spices, balsams, leaves, gums, resins, roots, animal secretions and woods are used for production of perfumes. Perfumes can be indicative of a person's individuality, style, and personality and the ever-changing fashion trends fuel are expected to fuel demand for these products.
To know the latest trends and insights prevalent in this market, click the link below:
*Browse 45 market data tables and 30 figures* on "Perfume Market” – Global forecast to 2027.
Key trends and analysis of the global perfume market:
- The global perfume market has witnessed substantial growth in the recent past owing to increasing demand for premium classic and niche perfumes. Demand for these perfumes is increasing in mature markets such as Europe and North America. Initially, the development and production of niche perfumes was popular among smaller perfumeries. However, with an increase in demand, global key players are shifting their focus on development of classic and niche perfumes through acquisitions of luxury and classic brands. This scenario is expected to drive the growth of global perfume market.
- However, rapid growth of the global deodorant market is posing a threat to the perfume market. Deodorants are play a significant role in daily hygiene routine. Perfumes are gradually being substituted by deodorants for daily use due to the latter’s antiperspirant properties, low cost, and ease of availability, which is expected to hamper growth of the global perfumes market.
Key takeaways of the market:
- Among regions, Asia Pacific witnessed a significant growth and eventually surpass US$ 13.8 billion in terms of revenue in 2019. Easy availability of products owing to availability of different sales channels is driving demand for these products. According to Indian Brand Equity Foundation’s (IBEF) report, in 2019, Indian Home Fragrance industry was estimated to witness a CAGR of 20%, outstripping the global average of 4.6%. This scenario is expected to drive growth of the global perfume market during the forecast period.
- Major players operating in the global perfume market are Estee Lauder Companies Inc., LVMH, Coty Inc., L’Oreal, Elizabeth Arden, Inc., Shiseido Co., Ltd., Puig, Perfumania Holdings Inc., Avon Products, Inc., and Hermes.