The global perfume market revenue was valued at USD 48.05 billion in 2023 and is expected to expand from USD 50.45 billion in 2024 to USD 77.52 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.51% over the forecast period. Perfumes are fragrant solutions crafted with oils, fragrances, and various ingredients to create appealing scents. The rising demand for premium beauty and grooming products worldwide is anticipated to drive market growth. This information is presented in Fortune Business Insights™'s report titled "Perfume Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/perfume-market-102273
List of Key Players Profiled in the Report
- L’Oréal S.A.(France)
- Unilever Plc (U.K.)
- Coty Inc. (U.S.)
- The Proctor and Gamble Co. (U.S.)
- The Estee Lauder Companies Inc. (U.S.)
- Natura & Co. (Brazil)
- Avon Products Inc. (U.S.)
- Puig SA (Spain)
- Revlon Inc. (U.S.)
- Chanel Limited (France)
- Shiseido Company Limited (Japan)
- Beiersdorf AG (Germany)
Segments:
Perfume Segment Leads Due to High Fragrance Concentration
By type, the market is divided into perfume, eau de perfume, eau de cologne, eau de toilette, and eau fraiche. Among these, the perfume segment held the largest share in 2022, driven by its long-lasting scent, high fragrance concentration, and higher essential oil content compared to other options.
Mass Segment Dominates with Economical Pricing
In terms of product type, the market is split into premium and mass segments. The mass segment led in 2022, largely due to growing demand across various regions and the affordability of these products.
Women’s Segment Holds Major Share Supported by Increased Spending on Cosmetics
Based on end-user, the market is segmented into women and men. The women’s segment held the largest share globally, as demand for organic and sustainable fragrances among women continues to grow for grooming needs. Additionally, increased cosmetic spending by women is expected to further drive this segment’s growth.
Online Segment Gains Significant Share with the Expansion of E-Commerce Platforms
In terms of distribution channel, the market is categorized into offline and online segments. The online segment held a substantial share in 2022, fueled by consumers’ shift toward e-commerce. The launch of online shopping platforms like Amazon, Parfumdreams, Flipkart, and others has encouraged more consumers to purchase products online, boosting this segment’s growth.
Regionally, the global market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers an in-depth analysis of key market segments and emerging trends. It thoroughly covers the factors driving and restraining market growth, along with the effects of COVID-19 on the industry. Additionally, it explores regional developments and strategic initiatives by leading market players.
Drivers and Restraints:
Announcement of Innovative Solutions to Bolster Market Growth
Manufacturers are prioritizing innovative fragrance solutions to enhance consumer experiences. By incorporating strong oils and fragrances, companies extend the scent's longevity and improve odor elimination. Some brands are also utilizing artificial intelligence to tailor scents to consumer preferences; for example, SEPHORA and LVMH launched "MAISON 21G" in April 2021, an AI-powered solution designed to personalize fragrances. Additionally, the growth of online retail is expected to drive global demand, offering consumers a vast selection of aromatic products and added convenience. These trends are anticipated to support perfume market expansion.
Nevertheless, high R&D expenses and unpredictable consumer preferences may pose challenges to market growth during the forecast period.
Regional Insights:
Rising Demand for Premium Products to Foster Market Growth in North America
North America is expected to lead the perfume market share, driven by growing demand for premium products. Shifts in consumer preferences and higher spending capacity are anticipated to increase product demand. Furthermore, a rising standard of living in countries like Canada, Mexico, and the U.S. is projected to support market growth.
In the Asia Pacific region, factors such as increasing disposable income, a large young population, and heightened awareness of product benefits are likely to fuel demand. Additionally, the rising popularity of premium brands is expected to further drive market expansion in this region.
Competitive Landscape:
Prominent Companies Incorporate Expansion Strategies to Expand their Market Reach
Many manufacturers worldwide are focused on offering innovative products to meet consumer demand. For instance, Givaudan launched an advanced scent technology called "VivaScentz" in June 2020, designed to cater to consumer preferences across various scent categories.
Key Industry Development:
January 2023: The Estee Lauder Companies Inc. recently launched Beautiful Magnolia L'Eau, a new fragrance for women. The newly launched product will increase the company's product depth and enhance the profit margin.
