Perfumes Global Market Report 2024

Perfume constitutes a blend of fragrant essential oils or aroma compounds, fixatives, and solvents, imparting a delightful scent to the human body, animals, food, objects, and living spaces. Its purpose extends to elevating mood, enhancing attractiveness, and contributing to overall well-being.

The primary offerings in the realm of perfumery encompass mass-produced and premium perfumes. Distinguished by enduring fragrances, premium perfumes stand out as unique olfactory creations. Perfumes cater to the preferences of both men and women, with unisex options available, and are made accessible through various distribution channels, including both offline and online platforms.

The perfume market research report is one of a series of new reports from The Business Research Company that provides perfume market statistics, including global market size, regional shares, competitors with a perfume market share, detailed perfume market segments, market trends and opportunities, and any further data you may need to thrive in the perfume industry. This perfume market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The perfumes market size has grown rapidly in recent years. It will grow from $83.48 billion in 2023 to $95.52 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The expansion witnessed in the historical period can be ascribed to robust advertising and promotional initiatives, flourishing economic conditions in emerging markets, and an increase in disposable income.

The perfumes market size is expected to see rapid growth in the next few years. It will grow to $163.8 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be linked to the global increase in population and urbanization, along with the swift expansion of e-commerce. Key trends expected in this period encompass advancements in new technologies, the integration of artificial intelligence in perfume production, the introduction of novel products, a heightened focus on mergers and acquisitions, and the development of personalized perfumes.

The perfume market is anticipated to experience significant growth, driven by the rapid expansion of the millennial population. Millennials, known for their inclination to invest in cosmetics to enhance their appearance and overall quality of life, are projected to be a major force in shaping market dynamics. A survey conducted in 2023 by ESW Global Voices revealed that over a quarter of millennials have intentions to increase online spending, particularly in categories such as health and beauty, luxury items, apparel and footwear, and consumer electronics. With millennials expected to constitute a substantial portion of the global workforce by 2025, their preferences and shopping behaviors will play a pivotal role in influencing the perfume market.

The increasing trend of personal grooming is poised to contribute to the growth of the perfume market. Personal grooming, encompassing activities aimed at maintaining a clean, well-groomed, and presentable appearance, has become a significant aspect of daily routines. Perfumes, commonly incorporated into personal grooming rituals, serve to enhance one's scent, express individual style, and make a positive impression on oneself and others. A report from May 2022 indicated that 45% of Americans allocate 15 minutes or less per day to their beauty and grooming routines, with 31% dedicating 30 minutes daily, and the average American spending between $26 and $50 monthly on beauty and grooming products. Consequently, the escalating trend of personal grooming is a driving force behind the perfume market's growth.

A rising consumer preference for natural fragrances is becoming evident in the perfume market. A survey by Kari Gran revealed that 75% of millennial women prefer purchasing natural products, with 44% expressing a preference for perfumes featuring natural ingredients. Perfume manufacturers are responding to this trend by emphasizing the development of natural fragrances, driven by increasing concerns about allergic reactions and synthetic ingredients' potential toxins. IME Natural Perfumes is an example of this trend, offering perfumes made entirely from 100% natural ingredients and certified as toxin-free.

Major companies in the perfume market are entering partnerships to introduce new devices that enable consumers to customize their fragrance choices. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. A notable instance is the collaboration between L'Oreal S.A., a France-based cosmetics company, and Emotiv Inc., a US-based neurotechnology company. This partnership aims to launch a novel device that empowers consumers to personalize their fragrance choices. Combining Emotiv's neurotech device with L'Oreal's proprietary scents and algorithms, the device enables consumers to make accurate and personalized decisions based on their fragrance preferences.

Major companies operating in the perfumes market report are LVMH, Givaudan, Shiseido Co. Ltd., Avon Products Inc., L'oreal S.A, PUIG, Revlon Inc., PVH Corp., Elizabeth Arden Inc., Hermes International, Kanha Nature Oils, CKC Fragrances, Deon Pro Corporation, Flavaroma, Zhuhai Jiaxinkang Pharmaceutical Technology Co., Ltd., Ningbo Equator Import & Export Co., Ltd., Guangzhou Phero Perfume Co., Ltd., Shandong Yingyang Flavors & Fragrances Co. Ltd., Firmenich SA, Solvay, Kao Chemicals, Robertet Group, Symrise AG, Takasago International Corporation, Famille Grasse Parfums, Dina Cosmetics France, Mikrocaps D.O. O, International Flavors & Fragrances Inc., BASF SE, Eleutere-Parfum. Ltd., ATLANTIC Cosmetics, Tereza-Inter LLC, DANKOFF TRADE COMPANY, VERONA PRODUCTS PROFESSIONAL SP. Z O.O, Independent Distributor Of Fm Group, Ba&Jo Consulting, BINALEX, Fragrances For Perfumes, Gabriella Salvete S.R.O, Paul's Bohemia Trading S.R.O., EB Holdings Inc., Semaj' R-Tistic Dezignz, Flowerbox Perfumery, Global Interlace Corporation, Scentura Creations, Petite Perfumes, AKL Trading LLC, Parmarperfume Inc., Stereoplasm., Pulp Fragrance, Lurker And Strange, Zoologist Perfumes, Libertine Fragrance, Biomara, Perfumes Class, Simran Herrera Hernandez., Roseto Perfumes S.A., Meroar, The Fragrance Group, Aromas M&M, Malbec, Natura Ekos, Hinode (Larru´S Industria E Comercio De Cosmeticos Ltda), Floratta (Grupo Boticario), Natura Humor (Natura & Co, Perfumes Unlimited LLC, AL WARA PERFUMES INDUSTRY LLC, SS GLOBAL FRAGRANCES, AL NOORAN TR. LLC, IYVA INTERNATIONAL, Ajmal, Rasasi, Arabian Oud, Abdul Samad Al Qurashi, The Fragrance Kitchen (TFK), Glowhite Industries Nigeria Limited, Fragrance Bar Studio, Esteem Royale Cosmetics, Doyin Industries Limited, Beneks Manufacturing Nigeria Limited, B. J. Cosmetics. Co. Ltd., Avroy Shlain Cosmetics (Pty) Ltd., Benwood Manufacturing And Packaging Co (Pty) Ltd., Boardman Brothers (Pty) Ltd., Brunational (Pty) Ltd., Conway (Pty) Ltd., Azochem Laboratories (Pty) Ltd., Cape Town Toiletry Company (Pty) Ltd

Asia-Pacific was the largest region in the perfumes market in 2023. Western Europe was the second-largest region in the global perfumes market. The regions covered in the perfumes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the perfumes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The perfume market consists of the sales of perfumes in different scents such as warm, woody, oriental and fresh. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Perfumes Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on perfumes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for perfumes? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The perfumes market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Mass; Premium
• 2) By Distribution Channel: Offline; Online
• 3) By End-User Sex: Women; Men; Unisex
• Companies Mentioned: LVMH; Givaudan; Shiseido Co. Ltd.; Avon Products Inc.; L'oreal S.A
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.