Latest Report on: Perfume Market 2020 Industry Share, Segment, Types, Trend, Growth Assessment and Research Forecast by Top Key Companies

The Global Perfume Market Size is expected to gain momentum backed by increasing preference for premium products across the globe. Fortune Business Insights, in its latest report, titled “Perfume Market Size, Share & Industry Analysis, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, and Eau Fraiche), Product (Mass and Premium), End-User (Men and Women), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 – 2026.”

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The market is likely to hit USD 56.98 billion by 2026 while exhibiting a CAGR of 4.8% between 2019 and 2026. The report further mentions that the market was worth USD 39.40 billion in 2019.

The novel coronavirus, COVID-19, has cast an unprecedented effect on several businesses across industries. While some industries are experiencing significant loss owing to the lockdown announced by the federal governments globally, collective efforts from the government as well as the industries will ensure that the testing times may soon pass away.

List of the Companies Operating in the Market:
• L'Oréal
• Unilever
• Coty
• Procter & Gamble
• Estee Lauder
• Natura Cosméticos SA
• Avon Products Inc.
• Puig SL
• Elizabeth Arden, Inc.
• Chanel SA
• Beiersdorf
• J&J

What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. The report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. In addition to this, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as introduction of new products, partnerships, merger and acquisition, and collaboration adopted by the companies to maintain market stronghold between 2019 and 2026.

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DRIVING FACTORS
High Demand for Premium Products to Bolster Growth
Increasing disposable incomes of the working population and increasing demand for cosmetics is driving the demand for premium perfume products. The emergence of ecommerce is facilitating the purchase of premium products at reasonable rates owing to the increasing promotional activities and attractive discounts offered by the companies. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), 1.3 billion people preferred online shopping in 2019. The increasing demand for premium products along with increasing online purchase is anticipated to contribute to the global perfume market growth during the forecast period.

REGIONAL INSIGHTS
High Disposable Incomes in Asia-Pacific to Augur Growth
Among all regions, the market in Asia-Pacific is likely to witness significant growth and register highest global perfume market revenue during the forecast period. This is attributable to factors such as high disposable incomes of the working population and younger generation inclined towards premium perfume products. In addition to this, major companies such as Unilever and L’Oreal launching new products in the region will bode well for market growth. North America, on the other hand, is anticipated to witness steady growth in the forthcoming years. This is attributable to factors such as growing economy and high demand for premium products.

COMPETITIVE LANDSCAPE
Puig Announces its Acquisition of Charlotte Tilbury
In June 2020, Puig, a Spanish perfume company, announced its acquisition of Charlotte Tilbury, a celebrity makeup brand. According to the official statement, Puig is set to acquire a majority of stake in the private label.

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According to Fortune Business Insights, the market comprises of several companies striving to gain major global perfume market share by adopting strategies such as merger and acquisition, partnership, collaborations, and introduction of new products.

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