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Global Perfume Market to Reach US$ 45 Billion by 2024

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"Perfume which was earlier considered to be a trivial commodity, has now turned into an everyday personal grooming product. It provides pleasant smell which adds to one’s personality and boosts confidence. "

Perfume also offers aromatherapeutic benefits such as relieving stress, easing out mind and increasing energy levels. According to a new report by Expert Market Research, the global perfume market reached a value of US$ 36 Billion in 2018 and is further expected to reach US$ 45 Billion by 2024.

Over the past few years, the market for perfumes has witnessed several changes with increasing competition and fluctuating consumers’ preferences. Consumers have become extra conscious about their personal appearance and grooming in order to fit in today’s society. This has led to the trend of a higher spending on products like perfumes which enhances one’s personality. A high demand for premium perfumes with exotic and unique fragrances has also been observed. Further, manufacturers are venturing into the use of natural and renewable ingredients in order to reach a wide consumer base. Keeping in mind the convenience, the packaging methods of perfumes have also improved as they are now available in the form of rollerballs, travel sprays, etc. Increasing global population, rising urbanisation rates, aggressive marketing by manufacturers and a growing demand from emerging markets such as Asia-Pacific are some of the other forces that have broadened the growth aspects of the global perfume market.

Global Perfume Market

Key findings from the report:

  • The two different types of perfumes are premium products and mass products. Premium products dominated the market with a share of more than a half of the global perfume market in 2018.
  • Region-wise, North America represented the biggest market for perfumes in 2018. Some of the other major markets include South America, Europe, Asia-Pacific and Middle East and Africa.
  • Some of the key players operating in the global perfume market are Avon Products Inc., Natura Cosmeticos SA, Chanel S.A., Coty Inc., LVMH Moët Hennessy-Louis Vuitton, L’Oréal, The Estée Lauder Companies Inc., The Procter & Gamble Company, and others.
  • These players are coming up with new and different fragrances along with convenient packaging methods so as to meet consumers’ fluctuating demands.

Click here for view the summary of report: https://www.expertmarketresearch.com/reports/perfume-market

Expert Market Research has analysed the global perfume market according to type, major regions and top players:

Market breakup by Type

  • Premium Products
  • Mass Products

Market breakup by Region

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Top players

  • Avon Products Inc.
  • Natura Cosmeticos SA 
  • Chanel S.A.
  • Coty Inc.
  • LVMH Moët Hennessy-Louis Vuitton
  • L’Oréal 
  • The Estée Lauder Companies Inc.
  • The Procter & Gamble Company
  • Others

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"Perfume Market: By Region: North America, South America, Europe, Asia Pacific, Middle East and Africa; By Perfume Type: Premium Products, Mass Products; Historical Demand and Supply (2014-2018), Demand and Supply Forecast (2019-2024); SWOT Analysis; Value Chain Analysis; Imports and Exports; Competitive Landscape; Setting Up a Perfume Manufacturing Plant; Capital Investments; Operating Expenditures; Project Economics"

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