Middle East Fragrances Market Size: Gross Margin, Cost, And Revenue Forecasts For 2023-2031

The Middle East fragrances market size was valued at $2,852.9 million in 2019, and is projected to reach $4,414.1 million by 2027, registering a CAGR of 7.4% from 2020 to 2027. The Middle East fragrances market exhibit high growth potential, owing to the constantly increasing consumer demand for personal care products. Previously perceived as a commodity of the affluent population, fragrances have gradually become the essential day-to-day products for general public. Fragrance is a mixture of essential oils or aromatic compounds, solvents, and fixatives, which are used as long-lasting perfumes.

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Over the years, people used spices and herbs such as coriander, almonds, conifer resin, or bergamot as well as flowers to impart pleasant scent to the products. These products are used to express personal panache, self-reliance, and individuality. Increase in importance of fragrances and the ever-changing fashion trends fuel the growth in demand for these products. With rise in internet penetration, the number of social media users has increased considerably.

Taking this into consideration, most of the key players in the Middle East fragrances market strategize on promoting their products and services on these social media platforms. This is attributed to the fact that social media marketing is one of the major strategies adopted by various companies and industries to increase awareness about their product offerings among target customers on social media channels. Thus, through social media marketing strategy, the Middle East fragrances market sights critical opportunity in gaining traction and increasing its customer reach among its target segments

Increase in population coupled with rise in consumer expenditure on personal and beauty care products, surge in awareness about the therapeutic benefits of fragrances, and innovative product push strategy by key players are the major drivers for the global fragrance and perfume market. However, availability of counterfeit products and use of chemical ingredients with probable side-effects are expected to hamper the growth during the forecast period.

KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market from 2019 to 2027 to identify the prevailing market opportunities.
- The market report provides information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Middle East fragrances market segmentation assists to determine the prevailing opportunities.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the Middle East fragrances market trends, key players, market segments, application areas, and market growth strategies.

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KEY MARKET SEGMENTS
- By Demographics
o Men
o Women
o Unisex

- By Country
o Kingdom of Saudi Arabia
o United Arab Emirates
o Jordan
o Iraq
o Rest of Middle East

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