The perfume market is expected to reach a valuation of US$ 35 Bn in 2021, expanding at a steady 4% CAGR through 2031. Consumer demand for natural chemicals in perfumes that have a distinct and calming aroma is pushing manufacturers to develop new products, boosting market growth. With the rise in smartphone adoption and rapid urbanisation, people are becoming more aware of the many ill effects caused by the secret chemical used in perfumes. Furthermore, the growing popularity of perfumes among senior citizens encourages manufacturers to utilise natural chemicals that have a pleasing aroma.
The aforementioned considerations are driving up demand for renewable fragrance components. Furthermore, players are beginning to use microbial-based natural chemicals into perfumes in order to improve spray quality and meet the demands of environmentally and health-conscious consumers.
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Key Takeaways:
- In terms of nature, demand for natural perfumes is projected to surge at a 5% CAGR.
- Sales of unisex perfumes are expected to grow at a 3% CAGR through 2031.
- Based on sales channels, the online retailing segment is projected to expand at a 4% CAGR over the forecast period.
- Based on the product type, sales of Eau Fraiche are expected to increase at a 4% CAGR over the forecast period.
Who is winning?
Leading players operating in the perfume market are Estee Lauder Companies Inc., LVMH Moet Hennessey Louis Vuitton, Coty Inc., L’Oréal S.A., Eliabeth Arden Inc., Shiseido Co Ltd., Puig SL., Perfumania Holdings Inc., Avon Products Inc., Hermes International S.A., Natura Cosmetics S.A., Channel S.A., Clarins, Revlon Inc., and Givaudan among others.
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As per FMI, top 5 players are projected to account for 15-20% of the total market share.To gain a competitive edge, are investing in promotional strategies marking techniques. For instance:
- In 2020, Sisleys’s signature fragrance Eau du Soir returned, and the company launched their limited edition infused with delicacy and poetry. The unique scent reflects the sky’s glow to pay homage to the chypre floral notes responsible for the success of Eau du Soir.
Global Perfume Market by Category
By End-Use:
- Men
- Women
- Unisex
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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