Rising Disposable Income of Masses to Boost Growth
In emerging countries, the disposable income of people is increasing day by day. It is further up surging their purchasing power. They are thus, spending a lot of money on beauty and personal care products for maintaining hygiene and beautification. Apart from that, the number of awareness campaigns regarding cosmetics is increasing worldwide. Coupled with this, the rising working-class populaces would also affect the market positively. In the urban areas, the standard of living of the masses is rising. It is leading to increasing demand for various scents and fragrances from the younger generation. As per one of our lead analysts, “Approximately 600 million people in India were under the age group of 25 years in January 2018. It proves that India houses the largest number of young population in the entire world.” All these factors are set to accelerate the perfume market growth during the forthcoming years.
As per the study, the perfume market sizeis projected to reach USD 56,983 million by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, it stood at USD 39,406 million in 2018.
The global perfume market is likely to gain impetus from the rising initiatives by the industry giants to create various innovative products. One of the main concerns of consumers today is perfume longevity. Therefore, renowned companies are investing huge sums in the research and development activities to provide long-lasting perfumes and attract more consumers.
Increasing Demand for Premium Quality Perfumes to Favor Growth in Asia Pacific
In terms of region, the market is grouped into Asia Pacific, Europe, the Middle East and Africa, North America, and South America. Out of these, Asia Pacific is anticipated to exhibit the fastest growth stoked by rising working-class populaces, increasing awareness programsaboutpersonal hygiene, high levels of disposable incomes, and surging young population. Apart from these, several existing companies present in this region are working persistently to create new products in developing countries, such as China and India,to gain traction.
Amongst all the countries in this region, China is likely to experience huge growth potential in the coming years. This growth is attributable to the rapidshift of consumerstowards premium quality perfumes.North America, on the other hand, held USD 13,720 million perfume market share in the year 2018. The region would showcase a steady growth owing to the skyrocketing demand for high-end perfume and flourishing economy.
Fortune Business Insights™ profiles some of the most prominent companies operating in the perfume market. They are as follows:
- Procter & Gamble
- Natura Cosméticos SA
- Estee Lauder
- Chanel SA
- Puig SL
- Avon Products Inc.
- Elizabeth Arden, Inc.
- Other key market players
Ajmal Launches Aristocrat in India While L’Oréal Unveils YSLLibre Perfume
Key players present in the market are constantly engaging in R&D activities to launch state-of-the-art productsand attractconsumers. Through this, they are not only gaining more fragrances and scentmarket revenue but also expanding their product portfolio. Below are a couple of the latest industry developments:
- January 2020: Ajmal & Sons, a family-owned perfume business based in the U.A.E., launched its new range of perfumes at Shoppers Stop in India. The company teamed up with the latter to put up the celebrated fragrance brand’s new products. The company’s luxurious and unique collection is called Prestige. It includes one of the global bestsellers named Aristocrat Eau De Parfum for Him & Her.
- September 2019: L’Oréal, a personal care company headquartered in France, unveiled Libre, its latest Yves Saint Laurent (YSL) perfume. It took eight years to develop the perfume. The company would grow at a fast pace in Western Europe through the launch of this innovative product. Libreis made by utilizing orange blossom, vanilla, and diva lavender. The latter is a plant from Provence. The perfume is available across travel retail outlets in the Middle East and Africa, Europe, America, and India.
Ideas By: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.