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Fragrance and Perfume Market - Global Industry Size, Share, Growth, Trends and Forecast Analysis For 2017 - 2025
Fragrance and perfumes have seamlessly improved the grooming habits of individuals and have become important products of day-to-day life. Perfumes are a combination of essential oils and aroma compounds and are used to improve body odor. These products are also used to express personal elegance, individuality, and self-confidence. Consumers are preferring fragrance and perfume products than luxury items such as bags or shoes as they are more affordable.Custom-made and natural and eco-friendly perfumes are some of the most recent trends in the global fragrance and perfume market. Increase in population especially young population, changing lifestyle, and growing awareness of beauty care products are some of the key factors driving the global fragrance and perfume market. With increase in population there is increasing consumer expenditure on personal and beauty care products. Hence, the global fragrance and perfume market is growing rapidly.
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Fragrance and perfume providers are becoming more innovative and offering better products at reasonable prices. This is expected to increase the penetration rate of perfumes over the forecast period. The popularity of various premium brands is increasing rapidly among consumers. Increasing customer spending on luxury products due to the increasing disposable income is boosting the growth of the global fragrance and perfume market. Furthermore, usage of scented products for the home is expected to provide a growth opportunity for the global fragrance and perfume market in future. Nonetheless, the usage of chemical materials which may have some side effects and fake cosmetics and toiletry products are expected to hinder the growth of the global fragrance and perfume market during the forecast period.
The global fragrance and perfume market can be segmented on the basis of usage, type, product, distribution channels, and geography. On the basis of usage, the market can be segmented by female, men, and unisex perfumes. The unisex perfume segment is anticipated to grow significantly over the forecast period owing to the growth in the number of unisex perfume products. On the basis of type, the market can be segmented by premium products and mass products. Premium products are dominating the global fragrance and perfume market owing to the availability of various brands at affordable cost. On the basis of product, the fragrance and perfume market can be segmented by perfume, deodorant, roll-on, and other. On the basis of distribution channels, the market can be segmented by online, retail, departmental stores, physical retail, and others. Various cosmetic and toiletry companies are entering into partnerships with the e-commerce players in order to expand the product portfolio and hence the online retail distribution channel is anticipated to grow at a significant rate during the forecast period. Geographically, the global fragrance and perfume market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America region is expected to dominate the market during the forecast period due to factors such as growing economy and growth in sales of premium products.
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The global fragrance and perfume market is highly saturated with large number of players. Some of the key players are Coty Inc., Bvlgari, Gucci, Procter & Gamble, Prestige Beauty, L’Oreal International, Firmenich, LVMH, Elizabeth Arden Inc., Perfumania Holdings Inc., Estee Lauder Beautiful, Avon Products Inc. and Calvin Klein Inc. Players are investing in expansion of product portfolio in developing regions such as Asia Pacific and Middle East & Africa.
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