Perfume Market Analysis, Future Growth, Business Prospects, Size, Share, Development, Forecast to 2031

In 2021, the perfume market is estimated to be worth US$ 35 billion, growing at a stable 4% CAGR through 2031. Consumer demand for natural chemicals in perfumes with a distinct and calming aroma is driving producers to develop new products, propelling the industry forward.

People are becoming more aware of the numerous negative consequences produced by the hidden ingredient used in perfumes as smartphone adoption and fast urbanisation increase. Furthermore, the growing popularity of perfumes among the elderly drives manufacturers to use natural compounds with a pleasant aroma.

Demand for renewable fragrance components is increasing as a result of the aforementioned factors. In order to increase spray quality and suit the demands of environmentally and health-conscious consumers, players are beginning to incorporate microbial-based natural ingredients 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?

Estee Lauder Companies Inc., LVMH Moet Hennessey, and LVMH Moet Hennessey are the top companies in the perfume market. Among them are Louis Vuitton, Coty Inc., L’Oréal S.A., Eliabeth Arden Inc., Shiseido Co Ltd., Puig SL., Perfumania Holdings Inc., Hermes International S.A., Natura Cosmetics S.A., Channel S.A., Clarins, Revlon Inc., and Givaudan.

According to FMI, the top five firms are expected to account for 15-20% of the entire market share. To achieve a competitive advantage, companies are investing in marketing tactics and approaches. Consider the following example:

Sisleys’ hallmark scent Eau du Soir was reintroduced in 2020, and the firm released a limited edition infused with delicacy and poetry. To pay homage to the chypre floral elements responsible for Eau du Soir’s success, the unique perfume echoes the sky’s brilliance.

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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