Global Perfume Market Expected to Reach US$ 47 Billion by 2022, Driven by Product Innovation and Improving Standards of Living

The global perfume market has witnessed a significant growth in recent years. Some of the factors which have been influential in the growth are innovation in packaging, advertising, rising standards of living, economic conditions, etc.

According to a recently published report by IMARC Group entitled “Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global perfume market exhibited a CAGR of 5% during 2009-2016, reaching a value of US$ 36 Billion in 2016. Perfume refers to an aromatic and sweet-smelling liquid which is prepared from essential oils commonly used to sooth the olfactory system. Perfumes represent one’s personality, style and individuality. They can also stimulate the conscious mind and influence human thoughts, emotions and perceptions of people. Currently, perfumes represent a popular segment of the cosmetics and personal care industry. The market is further expected to grow at a rapid rate with the sales values reaching US$ 47 Billion by 2022.

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The report has analysed various factors which have influenced the demand for perfumes at the global level. Currently, the increasing trend of personal grooming coupled with a rising demand for youth oriented as well as exotic fragrances are pushing the sales of perfumes at a fast rate. Moreover, manufacturers are introducing innovation in packaging methods and better designs of perfume bottles in order to attract a wider consumer-base by offering high standards of quality. Apart from this, advertising also plays a significant role in developing a company’s brand value as it helps in reaching and targeting potential customers. Along with this, improving standards of living has helped in bolstering the demand of perfumes both in developed and developing regions alike. Other factors which have contributed in the growth of the market include increasing population, growing urbanization and rising disposable income, economic conditions, government regulations and policies, product innovation, etc.

The report has segmented the market on the basis of types and major regions. The market can be divided into two groups: premium and mass products. Presently, premium products exhibit a clear dominance in the global perfume market and account for the majority of the total global sales. Region-wise, Brazil represents the world’s largest market for perfumes. Brazil is followed by the United States, Germany, France, Russia, Spain, United Kingdom, Mexico, Italy and Saudi Arabia. The report has also provided a comprehensive analysis of the competitive landscape, listing the major players operating in the market. Some of the key players included in the report are Chanel SA, Coty Inc., L’Oréal Groupe, Estée Lauder, Avon Products Inc., Natura Cosméticos SA, LVMH, Procter & Gamble, Botica Comercial Farmacêutica Ltda., etc.

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The report provides a comprehensive analysis for setting up a perfume manufacturing plant. The study covers all the requisite aspects of the perfume market and provides an in-depth analysis of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the perfume industry in any manner.

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