Perfumes Market Overview, Product Overview and Market Segmentation (Edition 2020-2023)
The global perfumes market was worth $30.6 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10.8% and reach $46.1 billion by 2023.
Coty Inc., Shiseido Company Limited, L'Oral SA, LVMH Mot Hennessy Louis Vuitton SE, Revlon Inc., Avon Products Inc., Abdul Samad Al Qurashi, Este Lauder Companies Inc., Oriflame Holding AG, Chanel SA, request sample for a complete list of companies.
The leading players of the industry, their market share, product portfolio, company profiles are covered in this report. The competitive market scenario among players will help the industry aspirants in planning their strategies.
The perfumes market covered in this report is segmented by product into mass and premium. The perfumes market in this report is segmented by the end-user into women and men. The perfumes market in this report is segmented by distribution channel into offline and online.
Rapid growth in the millennial population is expected to drive the perfumes market. As of 2016, there were approximately 2 billion millennials globally. Young people tend to spend more than old on cosmetics, to improve looks and quality of life. For instance, sales of cosmetics products in millennials, increased by around 25% between 2015 and 2017. By 2025, millineals are expected to constitute nearly three-quarters of the global workforce. As millennials will represent a large part of the global workforce and play a major role in driving the current economy, their preferences and shopping habits will be an important driving factor for the perfumes market.
Counterfeits are made to look like known brands; consumers find it difficult to distinguish genuine products from the counterfeit products, thereby damaging the brand's reputation and devaluing the investment made by the brand, resulting in loss of revenues. For instance, statistics published by the European Commission states that over 40 million counterfeit articles were confiscated. Therefore, rising instances of counterfeiting limit the growth of the perfumes market.
There is a growing preference by consumers for natural fragrances in the perfumes market. According to the survey conducted by Kari Gran, 75% of millennial women prefer buying a natural product and 44% prefer natural ingredient perfumes. Perfume manufacturing companies are focusing on the development of natural fragrances for perfumes due to rising concerns of allergic reactions and toxins in synthetic ingredients. For instance, IME Natural Perfumes are made up of 100% natural ingredients and are also certified as toxin-free perfumes.
1) By Product: Mass; Premium
2) By End User: Women; Men
3) By Distribution Channel: Offline; Online
Market Segment by Regions:
Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia
These segments are thoroughly evaluated on an individual basis and a team of analysts has ensured to give a crystal clear idea about various lucrative segments of the industry. This detailed analysis using segmentation by providing precise results on industry-related markets.
The report also analyzed the evolution of industry trends. Several macroeconomic factors such as Gross domestic product (GDP) and the increasing inflation rate is expected to affect directly or indirectly in the development of the industry.
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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or 3 countries or nearly 40 analyst hours.
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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