Global Perfume Market To Worth USD 91.15 Billion By 2033 | CAGR of 5.4%
Category: Consumer GoodsGlobal Perfume Market To Worth USD 91.15 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Perfume Market Size was valued at USD 53.85 Billion in 2023 and is Expected to reach USD 91.15 Billion by 2033, Growing at a CAGR of 5.4% from 2023 to 2033
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Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the "Global Perfume Market Size, Share, and COVID-19 Impact Analysis, By Product (Mass and Premium), By End-user (Men and Women, and Others), By Distribution Channel (Online and Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/perfume-market
The global perfume market, Individual grooming, and rising consumer demand for luxury goods are driving the continuous rise of the global perfume market. Particularly in emerging economies, consumers' disposable income has increased, making them more inclined to spend money on high-end fragrances, because businesses are introducing one-band, BESPOKE items that appeal to individual preferences, the adaptation and personalization of scent also generates a significant demand in this market. Celebrity-endorsed fragrances are becoming more and more popular due to social media and the effects of growing urbanization. Luxury perfume is now more widely available because of the expanded e-commerce industry, which has increased the client base and prompted impulsive purchases. Consumer preferences shift toward eco-friendly items when natural and long-lasting ingredients are prioritized, which boosts market innovation. Festive collections, seasonal launches, and vigorous marketing campaigns by major companies all help the perfume market's upward trajectory. However, the growth of counterfeit goods causes severe challenges for the global perfume industry, reducing brand identification and revenue. Receiving the same perfume formulation over time is one of the primary concerns of players in the global perfume industry.
The premium perfume segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the product, the global perfume market is classified into mass and premium. Among these, the premium segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The enhanced attributes can be High-quality materials, luxurious packaging, and by celebrity endorsement that appeal to high-end consumers. Consumers are also attracted to environmentally friendly innovations such as sustainable packaging and AI-based aroma optimization, which further enhances the appeal of the section.
The women segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the end-user, the global perfume market is categorized into men, women, and others. Among these, the women segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The increasing demand for supplying semen that is tailored to women's desires and goals. From flowers and fruits to oriental and woody, these perfumes offer a wide variety of olfactory profiles that are appropriate for a range of situations and personal preferences.
The offline segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the distribution channel, the global perfume market is divided into online and offline. Among these, the offline segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segment has been driven by the expansion of the organized retail sector, which has given established companies plenty of room and exposure to sell their goods. Customers can sample and explore perfumes in physical establishments like department stores and specialty perfume shops before making a purchase.
Europe is anticipated to hold the largest share of the global perfume market over the projected timeframe.
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Europe is anticipated to hold the largest share of the global perfume market over the predicted timeframe. The rapid growth of the strong sales of premium products through brands such as Jill Sander and Calvin Klein, along with new product launches from other brands such as Hugo Boss. France is the home of many major fragrance brands, such as Christian Dior, Chanel and Guerlain. The country is running the European market with the highest production and export values.
Asia-Pacific is expected to grow at a rapid CAGR in the perfume market during the forecast period. The Asia Pacific region has led to a rise in the demand for luxury and high-end fragrances, which is pushing producers to enter the market and fostering its expansion. Additionally, because they are practical and used frequently, travel-, mini-, and pocket-shaped perfumes are becoming more and more popular, which is anticipated to support market growth.
Major key players in the perfume market include The Avon Company, CHANEL, Coty Inc, LVMH Moet Hennessy-Louis Vuitton, Puig SA, Revlon, Bella Vita, Beiersdorf AG, Natura & Co., L’Oreal Groupe, The Estee Lauder Companies, KERING, SKINN, Eze Perfumes, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In September 2024, SKINN, the fragrance division of Titan, announced the launch of its latest 'affordable' fragrance line - 24Seven. The company said it would also roll out a new range of Fastrack Perfumes.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global perfume market based on the below-mentioned segments:
Global Perfume Market, By Product
- Mass
- Premium
Global Perfume Market, By End-User
- Men
- Women
- Others
Global Perfume Market, By Distribution Channel
- Offline
- Online
Global Perfume Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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