FRAGRANCES AND PERFUMES MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)
The Fragrances and Perfumes market is segmented by product type into Parfum or de parfum, Eau de Parfum, Eau de Toilette, Eau de Cologne, and other product types, by category into Natural and Synthetic, by Consumer Group into Men, Women, and Unisex, and by Distribution Channel into online retail stores and offline retails stores.
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FRAGRANCES AND PERFUMES MARKET
The fragrances and perfumes market was valued at USD 52.7 billion in 2018 and is expected to be worth USD 72.3 billion by 2024, registering a CAGR of 5.5% during the forecast period, 2019 to 2024. Key players in the market studied are focusing on developing natural fragrances, primarily due to the rising concerns regarding an issue related to synthetic fragrances, such as allergies and toxins. For instance, LUXE brand is positioning itself as a natural fragrance brand and is collaborating with celebrities for product endorsement. Increasing consumer expenditure on personal care products and rising awareness regarding the therapeutic benefits associated with fragrance are driving the market’s growth. The growing popularity of perfumes and increasing demand for higher fragrance concentration are driving the sales of parfums (pure perfume), which have 15% to 40% fragrance concentration.
Scope of the Report
Fragrances and perfumes have improved the grooming habits of individuals and have become important products of day-to-day life. Perfume and fragrance products are used to relieve unpleasant body smell produced due to sweating.
Product
Parfum or de Parfum
Eau de Parfum (EDP)
Eau de Toilette (EDT)
Eau de Cologne (EDC)
Other Product Types
Consumer Group
Men
Women
Unisex
Category
Natural
Synthetic
Distribution Channel
Offline Retail Stores
Online Retail Stores
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Spain
Rest of Europe
Asia - Pacific
China
India
Japan
Australia
Rest of Asia - Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa
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Key Market Trends
Increasing Expenditure on Advertisement and Promotion
R&D and advertisements are driving the growth of the market studied. Key players are investing in these factors, in order to influence the consumer purchase decisions. The rising influence of social media and celebrity endorsement is impacting the advertisement strategies adopted by key market players. Key market players are heavily investing in advertisement and promotion, in order to attract consumers on the digital platform. For instance, L’Oréal developed a tool known as the dubbed cockpit, which measures the ROI and productivity of its media investments in real time. This enables better decision-making while formulating performance strategies. In 2017, L’Oreal spent USD 9.16 billion on advertisement and promotional activities, an increase of 4.91%, during the period between 2014 to 2017.
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Asia Pacific Has the Largest Market Revenue
With increasing disposable income, more local consumers pursue quality products, especially young consumers, which are increasingly crucial for improved consumption. This shows a shift from mass to premium fragrances. Perfumes and fragrances play an increasingly important role in the growth of luxury brands, especially in China, driven by emerging middle-class consumers and millennials who pursue high-end lifestyles. Premium women’s fragrances remained as the most important type, within fragrances and perfume in India. This sector is expected to grow in the forecasted period. With the introduction of perfumes with synthetic ingredients, other products (such as attars) are facing tough competition. This synthetic perfumes segment takes over a major market share.
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Competitive Landscape
The fragrances and perfumes market is a highly fragmented market and comprises of international and regional competitors. Coty Inc., L’Oreal, LVMH, and Estée Lauder dominate the market with the help of major strategies, namely acquisitions, expansions, and product launches. The rest of the market is occupied by small players, who are specific in manufacturing various personal care and cosmetics products. Companies compete on different factors, including product offerings, price, ingredients, and marketing activities, in order to gain a competitive advantage in the market. Key players are focussing on the online distribution channels for the online marketing and branding of their products to attract more customers. Some of the other prominent players in the market are Shiseido Co., Ltd, Revlon Inc., Chanel SA, Hermès International SA, and Avon Products Inc.