The perfume market is expected to reach a valuation of US$ 35 Bn in 2021, expanding at a steady 4% CAGR through 2031.
Consumer preference for natural ingredients in perfumes that have a distinctive and calming aroma is shifting, which is encouraging product developments by manufacturers and boosting market growth.
More people are aware of the various side effects brought on by the unidentified chemical used in perfumes as a result of rapid urbanisation and rising smartphone adoption. Additionally, the increasing use of perfumes by senior citizens is pushing manufacturers to use all-natural, fragrant ingredients.
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The demand for renewable ingredients in the production of perfume is being fueled by the aforementioned factors. In order to improve the quality of the spray and meet the demand from environmentally and health-conscious consumers, players are also starting to use natural ingredients based on microbes in perfumes.
Key Takeaways:
- Based on the product type, sales of Eau Fraiche are expected to increase at a 4% CAGR over the forecast period.
- 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.
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.
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.
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Global Perfume Market by Category
By Product Type:
- Eau de Parfum
- Eau de Toilette
- Eau de cologne
- Eau Fraiche
By Nature:
- Natural
- Synthetic
By End-Use:
- Men
- Women
- Unisex
By Sales Channel:
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Drug Stores
- Online Retailers
- Others
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