The global perfume market size is projected to reach USD 56.98 billion by 2026. It is anticipated to gain momentum from the increasing awareness programs regarding cosmetic products worldwide. Additionally, the rising disposable income of the masses is resulting in an upsurging demand for beauty and personal care products for maintaining hygiene. This information is present in a recently published report by Fortune Business Insights™, titled, “Perfume Market Size, Share & Industry Analysis, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, and Eau Fraiche), Product (Mass and Premium), End-User (Men and Women), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 – 2026.” The report further states that the market stood at USD 39.40 billion in 2018. However, it is set to exhibit a CAGR of 4.8% during the forecast period between 2019 to 2026.
Introduction to E-commerce Platforms Will Propel Growth
The masses across the world are shifting towards online shopping at a fast pace. The United Nations Conference on Trade and Development (UNCTAD) mentioned that in the year 2017, the sales of e-commerce platforms escalated approximately by 13%. In addition to that, the number of online shoppers increased by 12% in the year 2019, with around 1.3 billion people. This growth is attributable to the increasing online platforms, such as Myntra, Nykaa, Purplle, and more that provide the consumers with attractive offers and discounts. These strategies are further augmenting the perfume market growth.
To Get the detailed report summary and research scope of this market, click here:
Key Segments of Perfume Market
- Type: The market is segregated into eau fraiche, eau de cologne, eau de toilette, eau de perfume, and extrait de parfum. The extrait de parfum segment held a 35.09% perfume market share in 2018 and is set to lead the market in the coming years owing to its long-lasting property. Extrait de parfum can last up to 6 to 8 hours. They also possess a huge percentage of essential oils and fragrance concentration, unlike the other types. Hence, this segment has been experiencing high demand from consumers across the globe. The eau de perfume, on the other hand, would be one of the fastest-growing segments backed by benefits, such as high durability and cost-effectiveness.
- Product: The market is bifurcated into premium and mass. The mass segment is expected to dominate the market on account of the bulk production of perfumes by numerous manufacturers. It aids in surging the demand for mass brand products in regions, namely, the Middle East, Latin America, and Asia Pacific. The premium segment would grow at a rapid rate during the forecast period because of the increasing focus of the manufacturers on offering natural fragrances as the concerns regarding toxins in synthetic fragrances are rising.
- End user: The market is grouped into men and women. The women segment has been showcasing a robust growth owing to the increasing demand for cosmetic products from them as compared to men. The men segment, on the other hand, is projected to grow considerably on account of the reduction in the female population.
- Distribution channel: The market is fragmented into online retail, specialty stores, mass merchandisers, other retail channels, and foodservice. The online retail is anticipated to hold the maximum perfume market revenue during the forthcoming years. This growth is attributable to the rapid shift of consumers towards online platforms to buy products. Several platforms, namely, Parfumdreams, Flipkart, and Amazon, are providing huge discounts on the products for attracting consumers. Besides, the usage of internet is increasing day by day. It would also contribute to the growth of this segment.
- Region: The market is categorized into South America, Europe, the Middle East and Africa, North America, and Asia Pacific. North America held a market share of USD 13,720 million in 2018 and is set to grow significantly because of the ever-increasing demand for premium products and rising standard of living of people residing in countries, such as Mexico, Canada, and the U.S. Apart from this region, Asia Pacific is likely to exhibit a CAGR of 6.0% throughout the forecast period. As per one of our lead analysts, “The main factors that would boost growth are rising working-class population, an increasing number of youngsters, high disposable incomes, and more awareness programs about cosmetics.” Also, the existing key players are persistently launching new products to fulfill the needs of their consumer bases in the developing countries.
Key Players Focus on Launching New Products to Strengthen Their Positions
The market consists of various companies ranging from big, medium to small size. They are focusing on strategies, such as mergers and acquisitions, launch of innovative products, collaborations, and expansions, to keep with the latest perfume market trends and increase sales.
Fortune Business Insights™ lists out some of the most renowned organizations present in the perfume market. They are as follows:
- Estee Lauder
- Avon Products Inc.
- Procter & Gamble
- Puig SL
- Natura Cosméticos SA
- Chanel SA
- Elizabeth Arden, Inc.
- Other key market players
Key Industry Developments
- August 2019: Givaudan, the global leader in flavors and fragrances, completed its acquisition of Fragrance Oils to enhance its leading position in the fast-growing regional and local customer market.
- November 2019: Jo Malone, a British perfume and scented candle brand, teamed up with Zara, the high street retailer, to debut a collection of eight unisex fragrances.
The perfume market can be segmented in the following manner:
Value (USD Million/Billion)
- Extrait de Parfum
- Eau de Perfume
- Eau de Toilette
- Eau de Cologne
- Eau Fraiche
By Distribution Channel
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Other Retail Channels
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, U.K., Spain, Italy, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (South Africa, UAE, and Rest of the MEA)