South Korea Fragrances and Perfume Market to Grow at a CAGR of 6.3% During 2024-2032, Aided by a Rise in Consumer Expenditure towards Personal Grooming

Fragrances and perfumes have evolved beyond their purely cosmetic purpose. They have emerged as a pivotal tool for individuals to express personal style and character. This increasing demand for unique and personalised scents has significantly driven the South Korea fragrances and perfume market growth in recent years.

In South Korea, the fragrance landscape has witnessed a significant shift in recent years. Niche brands like Byredo, Le Labo, Diptyque, and Jo Malone have carved out a substantial position within the market. This surge in popularity can be attributed to a growing consumer desire for a more personalised and intimate fragrance experience.  Consequently, established players in the market are facing increased competition from these creative and aspirational niche houses.

Niche fragrances are crafted using a selection of natural or rare ingredients. These elements often require meticulous extraction processes to obtain their purest essence. Consequently, the resulting perfumes tend to command a significantly higher price point compared to mass-produced brands.

A heightened focus on personal grooming and presentation has led to a notable rise in fragrance and perfume utilisation. This consumer demand is fuelled by an increased interest in incorporating perfumes and colognes into daily routines.  Secondly, the growing emphasis on cultivating a fashionable lifestyle and building a strong personal brand further underscores the importance of fragrance and perfume.

 
Burberry Group (OTCMKTS: BURBY), boasts a luxurious fragrance collection for both men and women. These coveted scents are housed in bottles adorned with the brand's iconic tartan pattern, adding a touch of British heritage. The men's fragrances feature aromatic notes, perfect for the distinguished gentleman.  For women, Burberry offers a range of elegant perfumes that blend floral, fruity, and woody notes, catering to a variety of preferences.

Besides, The Estée Lauder Companies Inc. (NYSE: EL) manufactures, markets, and sells high-quality skincare, makeup, fragrance, and hair care products.  The company fosters a portfolio of globally recognised luxury and prestige brands, including Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown Cosmetics, La Mer, Aveda, Jo Malone London, TOM FORD, Too Faced, Dr.Jart+, and The Ordinary.  These coveted products reach consumers in approximately 150 countries and territories. Additionally, the company holds the global license for fragrances and cosmetics under the AERIN and BALMAIN brand names.

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Market Breakup by Product, Type, Consumer Group, and Distribution Channel:

• On the basis of the product, the market is divided into parfum or extrait, eau de parfum (EDP), and eau de toilette (EDT), among others.

• The market can be segmented based on type into natural and synthetic.

• On the basis of the consumer group, the market is classified into men, women, and unisex.

• The market can be segmented based on distribution channels into supermarkets and hypermarkets, convenience stores, and online, among others.

Key Findings of the Report:

• The South Korea fragrances and perfume market expansion is being driven by the expanding applications of these products beyond their traditional use. This extends to various sectors including cosmetics, personal care, and home care.

• Fragrances play a crucial role in the cosmetics industry by incorporating pleasant scents into lotions, creams, and soaps, enhancing the overall consumer experience.  Similarly, the home care industry utilises fragrances to create a fresh and inviting atmosphere in living spaces and workplaces, further driving their demand in this sector.

• Innovative marketing strategies employed by manufacturers are capturing consumer attention. This is likely achieved through creative campaigns and the utilisation of new media channels. The market benefits from endorsements by celebrities and social media influencers. These influential figures raise brand awareness and potentially influence purchasing decisions, further propelling the market.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea fragrances and perfume market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for products, types, consumer groups, and distribution channels of fragrances and perfume in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea fragrances and perfume market are ELCA Korea Co., Ltd., PUIG, S.L., Gianni Versace S.r.l., Burberry Limited, CHANEL, The Estée Lauder Companies Inc., Christian Dior SE, Tom Ford International LLc, and Bulgari S.p.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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