Press release
Rising Millennial Population Fuels Growth In The Perfume Market Driver: Leading Transformation in the Perfumes Market in 2025
Perfumes
The projection of the perfume market is looked upon to be positively influenced by a substantial increase in the millennial population. Cosmetics are bought more by young individuals since they place great value in upgrading their appearances and way of living. An ESW global voices poll suggested that in 2023, the intention of over a quarter of millennials was to increase their online spending specifically in areas such as health and beauty, luxury, clothing and shoes, and consumer electronics. As we look to 2025, it is anticipated that about 75% of the global workforce will be made up of millennials. Given their huge representation and economic influence, millennials' preferences and buying patterns will heavily impact the trajectory of the perfume market.
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What is the projected compound annual growth rate (CAGR) of the perfumes market from 2025 to 2034, and what factors influence it?
Recent years have seen a quick expansion of the perfume market. Starting from $96.33 billion in 2024, it is expected to rise to $110.71 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.9%. Factors such as vigorous marketing and promotional initiatives, robust economic development in burgeoning markets, and an increase in expendable income have contributed to the growth in the historical period.
The size of the perfumes market is predicted to experience swift expansion over the forthcoming years, reaching a value of $187.74 billion in 2029, with a consistent annual growth rate (CAGR) of 14.1%. The reasons behind this growth during the forecast period include the increasing global population, urbanization, and the fast-paced development of e-commerce. Key trends anticipated during this period include the creation of new technologies, the application of artificial intelligence in perfume manufacturing, launching new products, a focus on heightened mergers and acquisitions, and the formulation of tailored perfumes.
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What are the most significant trends transforming the perfumes market today?
The perfume market is experiencing an increasing inclination from consumers towards organic scents. Kari Gran conducted a survey which showed that 75 percent of millennial women have a preference for purchasing naturally sourced products, with 44 percent particularly keen on perfumes made from naturals. Due to concerns over allergies and toxins associated with synthetic ingredients, perfume manufacturers are now prioritizing the exploration and development of natural scents. IME Natural Perfumes, for example, are crafted wholly from natural components and have been certified free of toxins.
What are the major segments of the perfumes market and their role in driving growth?
The perfumes market covered in this report is segmented -
1) By Product: Mass, Premium
2) By Distribution Channel: Offline, Online
3) By End-User Sex: Women, Men, Unisex
Subsegments:
1) By Mass: Designer Mass Fragrances, Celebrity-Endorsed Mass Fragrances, Drugstore and Value Brand Fragrances
2) By Premium: Luxury Fragrances, Niche and Artisan Fragrances, High-End Designer Fragrances
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Which regions are key players in the growth of the perfumes market?
Asia-Pacific was the largest region in the perfumes market in 2024. Western Europe was the second-largest region in the global perfumes market. The regions covered in the perfumes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the perfumes market?
Major companies operating in the perfumes market include LVMH, Givaudan, Shiseido Co. Ltd., Avon Products Inc., L'oréal S.A, PUIG, Revlon Inc., PVH Corp., Elizabeth Arden Inc., Hermes International, Kanha Nature Oils, CKC Fragrances, Deon Pro Corporation, Flavaroma, Ningbo Equator Import & Export Co., Ltd., Guangzhou Phero Perfume Co., Ltd., Shandong Yingyang Flavors & Fragrances Co. Ltd, Firmenich SA, Kao Chemicals, Robertet Group, Symrise AG, Takasago International Corporation, Famille Grasse Parfums, Dina Cosmetics France, Mikrocaps D.O. O, International Flavors & Fragrances Inc, BASF SE, Eleutere-Parfum. Ltd, ATLANTIC Cosmetics, Tereza-Inter LLC, DANKOFF TRADE COMPANY, VERONA PRODUCTS PROFESSIONAL SP. Z O.O, Independent Distributor Of Fm Group, BINALEX, Fragrances For Perfumes, Gabriella Salvete S.R.O, Paul's Bohemia Trading S.R.O., EB Holdings Inc, Semaj' R-Tistic Dezignz, Flowerbox Perfumery, Global Interlace Corporation, Scentura Creations, Petite Perfumes, AKL Trading LLC, Parmarperfume Inc., Stereoplasm., Pulp Fragrance, Lurker And Strange, Zoologist Perfumes, Libertine Fragrance, Biomara, Perfumes Class, Simran Herrera Hernandez., Roseto Perfumes S.A., Meroar, The Fragrance Group, Aromas M&M, Malbec, Natura Ekos, Hinode (Larru ́S Industria E Comércio De Cosméticos Ltda), Floratta (Grupo Boticário), Natura Humor (Natura & Co, Perfumes Unlimited LLC, AL WARA PERFUMES INDUSTRY LLC, SS GLOBAL FRAGRANCES, AL NOORAN TR. LLC, IYVA INTERNATIONAL, Ajmal, Rasasi, Arabian Oud, Abdul Samad Al Qurashi, The Fragrance Kitchen (TFK), Glowhite Industries Nigeria Limited, Fragrance Bar Studio, Esteem Royale Cosmetics, Doyin Industries Limited, Beneks Manufacturing Nigeria Limited, B. J. Cosmetics. Co. Ltd, Avroy Shlain Cosmetics (Pty) Ltd, Benwood Manufacturing And Packaging Co (Pty) Ltd, Boardman Brothers (Pty) Ltd, Brunational (Pty) Ltd, Conway (Pty) Ltd, Azochem Laboratories (Pty) Ltd, Cape Town Toiletry Company (Pty) Ltd
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What Is Covered In The Perfumes Global Market Report?
• Market Size Forecast: Examine the perfumes market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the perfumes market for a structured understanding.
• Key Players Overview: Analyze major players in the perfumes market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the perfumes market.
• Segment Contributions: Evaluate how different segments drive overall growth in the perfumes market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the perfumes market.
• Industry Challenges: Identify potential risks and obstacles affecting the perfumes market.
• Competitive Landscape: Review strategic developments in the perfumes market, including expansions, agreements, and new product launches.
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