Press release
Global Fragrances Market to Pegged At CAGR of 5.9% During 2016 – 2026
Increasing demand for perfumes from the millennial population is likely to boost the growth of the global perfumes market during the forecast period. Other factors fuelling demand for perfumes are increasing online retail penetration, product push strategy by key global players, and increasing consumer spending on luxury grooming.
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Regional projections
The global perfumes market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle East & Africa. The Western Europe market is estimated to dominate the global perfumes market, accounting for a maximum revenue share of the market by 2016 end. Collectively, Europe and North America markets are expected to account for over 50.8% revenue share of the global perfumes market by 2016 end. Among emerging markets, Asia Pacific excluding Japan is estimated to exhibit a significant CAGR of 10.2% over the forecast period, followed by the Middle East & Africa and Latin America markets, due to recent expansion by key players in these regions.
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Vendor insights
The report profiles some of the leading companies operating in the global perfumes market. Top market players featured in the report are Estee Lauder Companies Inc., LVMH, Coty Inc., L’Oreal International, Elizabeth Arden Inc., Shiseido Co. Ltd., Puig, Perfumania Holdings Inc., Avon Products Inc., and Hermes. A key trend defining the global perfumes market is that larger players are focussing on enhancing their geographical presence and expanding their customer base by entering into strategic brand acquisitions. Product innovation such as travel sprays and rollerballs, celebrity and youth oriented perfumes, and increasing demand for premium perfumes are the other key trends driving the perfumes market. Furthermore, perfume manufacturers are also increasingly investing in digital platforms and e-commerce sites to keep pace with the ever-changing consumer behaviour.
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