Demand for Perfume and Impact of COVID-19……..Posted by Mrudula Anil Karmarkar on May 4th, 2022 The global perfume market size is expected to reach USD 40.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period. Growing awareness about personal grooming, along with increasing demand for premium fragrances, is expected to drive the demand for global market. Furthermore, high purchasing power among the millennials is expected to spur the growth of the global market. The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Soaring population and increasing consumer spending on personal and beauty care products are the key factors driving the market. Perfume suppliers are becoming more innovative and are offering better products at discounted prices as a definite marketing strategy. This, in turn, is helping the mass product segment to expand at a CAGR of 3.8% over the forecast period. Additionally, popularity of purchasing premium brands is increasing due to increase in customer spending, which could be attributed to rise in disposable income per household. This is expected to augment the demand for premium brands during the forecast period. For instance, Victoria Secret launched its body mist collection in India ranging from USD 18 to 25 such as VC Rush, Bombshell, Vanilla Lace, and Love Spell. Women accounted for the largest share of 60.1% in 2018. It is observed that women in U.S. purchase a new perfume as often as once a month, in comparison to men who buy it on an average of 1-2 times per year, mainly for the purpose of replenishment. As per a survey, around 41.0% of the females in U.S. use perfumes everyday as compared to men. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/perfume-market/request/rs1 The online channel is expected to expand at the highest CAGR of 3.9% over the forecast period. It provides a wide variety of products for the consumers all over the world, coupled with several discounts and offers for its first-time and regular users. For instance, Nykaa provides special discounts on women’s day, especially on perfumes of premium brands like Avon, to celebrate womanhood every year. Further key findings from the study suggest:
Europe, followed by North America, accounted for the largest market share in 2018. The U.S. and Europe market remain the industry trendsetters. Major countries contributing to the growth of the Europe market include Germany, France, and U.K, wherein France accounted for 25.9% share in 2018. France serves as the home of numerous leading perfumes brands such as Christian Dior, Chanel, and Guerlain. The country has been driving the Europe market with the highest production and export values. Some of the major players in the global market are Avon Products Inc.; Natura Cosmticos SA; Chanel SA; Coty Inc.; LVMH; L’Oreal Groupe; Estee Lauder; Elizabeth Arden, Inc.; and Puig SL. Companies are focusing on offering customized products to meet the specific requirements of the customers. For instance, Lauder’s Jo Malone stores offer fragrance consultations so that shoppers can develop a customized product. Some of the major players in the global market are Avon Products Inc.; Natura Cosmticos SA; Chanel SA; Coty Inc.; LVMH; L’Oreal Groupe;Estee Lauder;Elizabeth Arden, Inc.; and Puig SL. Companies such as Coty Inc.; Puig SL; LVMH; and L’Oréal have been purchasing smaller niche brands to expand their offerings in the premium category. Moreover, companies such as Unisex brand Escentric Molecules and other independent companies are developing products aiming to provide fragrances that adapt easily to consumers’ skin pH levels, thereby spurring the growth of the global market. Grand View Research has segmented the global perfume market on the basis of product, end user, distribution channel: Perfume Product Outlook (Revenue, USD Billion, 2015 - 2025)
Perfume End User Outlook (Revenue, USD Billion, 2015 - 2025)
Perfume Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
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