The global perfume market is likely to be driven by the growing initiatives of industry giants to create a variety of innovative products. One of the main concerns of consumers is the longevity of perfume. Therefore, well-known companies are investing huge sums in research and development to provide sustainable fragrances and attract more consumers. Fortune Business Insights ™ provided this information in a recently published study entitled “Perfume market size, stock and industry analysis, by type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne and Eau Fraiche), product (Massa and premium), end user (men and women), distribution channel (online and offline) and regional forecasts, 2019-2026. ”The study estimates that the size of the perfume market is expected to increase to $ 56,983 million by 2026, however, it was $ 39,406 million in 2018.
What does this report contain?
• Significant changes in market dynamics.
• Comprehensive background analysis consisting of an assessment of the parent companies’ markets.
• List of emerging narrow segments and regional analysis.
• In-depth information on perfume market developments, growth factors, barriers, opportunities and challenges.
Browse a detailed summary of the research report with TOC:
Increase in disposable income of growing troops
In developing countries, people’s disposable incomes are increasing day by day. It increases their purchasing power. So they spend a lot of money on beauty and personal care products to maintain hygiene and beauty. In addition, the number of information campaigns related to cosmetics is growing worldwide. Together with this, the growth of the working class population would also have a positive impact on the market. In urban areas, the standard of living of the masses is rising. It leads to a demand for different youth fragrances and fragrances. According to one of our leading analysts, “About 600 million people in India were under the age of 25 in January 2018. It shows that India is home to the largest number of young people in the world.” All of these factors will accelerate the growth of the perfume market in the coming years.
Demand for high-quality perfumes is growing to drive growth in the Asia-Pacific region
By region, the market is divided into Asia-Pacific, Europe, the Middle East and Africa, North America and South America. Of these, the Asia-Pacific region is expected to grow the fastest thanks to a growing working-class population, raising awareness programs about personal hygiene, high disposable incomes, and a growing young population. Apart from these, many companies operating in this region are constantly striving to create new products in developing countries such as China and India to gain attraction.
All the countries in this region are likely to have huge growth potential in China in the coming years. The growth is due to the rapid transition of consumers to high quality perfumes. North America, meanwhile, owned a perfume market share of $ 13,720 million in 2018. The region showed steady growth due to growing demand for high-end perfumes and a booming economy.
Ajmal launches aristocrat in India, while L’Oréal introduces YSL Libre perfume
Key market players are constantly involved in R&D in order to bring the latest products to market and attract consumers. As a result, they will not only get more fragrances and fragrance market revenue, but will also expand their product range. Below are a couple of the latest developments in the industry:
• January 2020: Ajmal & Sons, a family-owned perfume company based in the United Arab Emirates, announced its new perfume range at Shoppers Stop in India. The company collaborated with the latter to launch new products for the famous fragrance brand. The company’s luxurious and unique collection is called Prestige. It features one of the world’s bestsellers called Aristocrat Eau De Parfum for Him & Her.
• September 2019: L’Oréal, a personal care company headquartered in France, unveils Libre, the latest Yves Saint Laurent (YSL) perfume. The development of the perfume took eight years. The company would grow rapidly in Western Europe with the launch of this innovative product. Libre is made using orange blossom, vanilla and diva lavender. The latter is a plant of Provence. Perfumes are available from travel stores in the Middle East and Africa, Europe, America and India.
Fortune Business Insights ™ describes profiles of the major companies in the perfume market. They are as follows:
• Procter & Gamble
• Natura Cosméticos SA
• Estee Lauder
• Chanel SA
• Puig SL
• Avon Products Inc.
• Elizabeth Arden, Inc.
• Other key market players