The market for perfume is anticipated to reach US$ 35 billion in 2021 and continue to grow at a stable CAGR of 4% through 2031. Manufacturers are being compelled to create new goods in response to consumer desire for natural chemicals in perfumes with a distinctive and calming aroma, which is fueling industry expansion.
| 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% |
People are becoming more conscious of the numerous negative consequences that are caused by the hidden chemical used in perfumes as a result of the fast urbanisation and increase in smartphone adoption. Additionally, the rising demand for perfumes among older folks motivates manufacturers to use fragrant natural compounds.
The need for renewable fragrance ingredients is increasing due to the aforementioned factors. Furthermore, in order to enhance spray quality and satisfy the needs of environmentally and health-conscious consumers, players are starting to use natural compounds derived from microorganisms into perfumes.
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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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