Global Perfumes Industry is expected to register a CAGR of 5.9% over the forecast period (2016-2026).

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May 02, 2017, 18:47 ET

LONDON, May 2, 2017 /PRNewswire/ -- The worldwide perfumes market is estimated to be valued at US$ 39.67 Bn by 2016 end and is expected to register a CAGR of 5.9% over the forecast period (2016–2026).Perfumes are a mixture of essential oils and aroma compounds along with water and/or alcohol and are used to improve body odour. The global perfumes market has experienced significant product innovations over the last few years and the use of natural and renewable ingredients is getting good traction. Apart from traditional perfume packaging methods, perfumes are now available in the form of travel sprays and rollerballs, which is expected to boost the global perfumes market growth over the forecast period.

Highlight and Market Forecast

· The global perfumes market is anticipated to be valued at US$ 39.67 Bn by 2016 end.

· The Eau de Parfum segment is estimated to account for the largest market value share of 52.0% by 2016 end.
The Unisex Perfume segment is projected to exhibit a CAGR of 6.9% over the forecast period.

· Natural ingredient type segment estimated to project a higher growth rate over the forecast period
MEA, Latin America, and Eastern Europe perfume markets are projected to expand significantly in terms of value and volume.

Increasing demand for perfumes from the millennial population likely to boost market growth

Increasing usage of perfumes among the young population, increasing online retail penetration, product push strategy by key global players, availability of perfumes in different price ranges, and increasing consumer spending on personal and beauty care products are major factors expected to drive the growth of the global perfumes market over the forecast period. However, availability of counterfeit products and use of harmful chemical ingredients are some of the factors expected to hamper the growth of the global perfumes market over the forecast period.

The global perfumes market is witnessing a growing trend of customised perfumes and the use of renewable ingredients in perfume manufacturing. Global perfume manufacturers are also venturing into the production of microbial based natural perfumes to cater to the increasing health awareness among consumers.

Market Segmentation

By Product Type
By Demographics
By Distribution Channel
By Ingredient Type
By Region
Eau de Parfum
Eau de Toilette
Eau de Cologne
Eau Fraiche
Men's Perfume
Women's Perfume
Unisex Perfume
Online Retail
Physical Retail
Modern Trade Stores
Departmental Stores
Flagship Stores
Drugstores
Natural
Synthetic

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
Middle East & Africa

Eau Fraiche product type segment expected to witness the highest growth over the forecast period

Eau Fraiche segment revenue is expected to register a significant CAGR over the forecast period, which is mainly attributed to the absence of alcohol content in this type of perfume. The latest trend among key players in the perfume industry is to create Eau Fraiche versions of their popular fragrances. The Eau de Parfum segment is estimated to account for the largest market value share of 52.0% by 2016 end.

Unisex Perfume demographics segment expected to project a higher growth rate over the forecast period

The Unisex Perfume segment is projected to exhibit a CAGR of 6.9% over the forecast period. The rise in the number of product launches of unsex perfumes by major players and increasing sales in the APEJ region is anticipated to drive the market in this segment. The Men's Perfume segment is expected to account for 34.9% value share by 2016 end and is also expected to register a high CAGR owing to the increasing acceptance of beauty products targeting men.

Online Retail distribution channel segment expected to register a significant CAGR over the forecast period

The Online Retail segment is expected to exhibit a CAGR of 7.0% over the forecast period and is anticipated to be the most attractive segment in terms of CAGR. Global players are entering into partnerships with e-commerce players to capitalise on this highly lucrative sales channel. The Physical Retail segment is estimated to account for the highest market share by 2016 end and will continue to dominate the global perfumes market over the forecast period.

Natural ingredient type segment estimated to project a higher growth rate over the forecast period

The Natural segment is estimated to account for 18.9% value share by 2016 end and is expected to exhibit a CAGR of 7.9% over the forecast period. Growing consumer concerns towards the use of synthetic chemicals in perfumes are forcing perfume manufacturers to shift from synthetic to natural ingredients, which in turn fuels the growth of the Natural segment.

MEA, Latin America, and Eastern Europe perfume markets are projected to expand significantly in terms of value and volume

In terms of value, the Western Europe market accounts for the maximum revenue share of the global perfumes market followed by North America. The Western Europe perfumes market is expected to register a CAGR of 3.2% over the forecast period. The APEJ perfumes market is expected to register a significant CAGR of 10.2% over the forecast period, due to an expansion by top market players in the region.

global perfumes market

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