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.
| Attribute | Details |
| Perfume Market Estimated Size 2021 | US$ 35 Bn |
| Value CAGR (2021-2031) | 4% |
| 2020-2021 Year-Over-Year Growth | 3% |
| Perfume Market Top Players Share in 2021. | 15%-20% |
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
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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