Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global perfume market size reached US$ 35.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 50.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.05% during 2023-2028.

Perfumes are composed of fragrances or essential oils which are used to provide a pleasant smell. Some of the common natural ingredients utilised in the production of perfumes include spices, woods, flowers, grasses, fruits, resins, leaves, roots, balsams, gums and animal secretions. Perfumes signify a person’s style, individuality and personality and a good scent can influence mood, behaviour, perception, emotions and human thoughts. Nowadays, the manufacturing of perfumes has evolved into a mainstream business in the personal care and cosmetics industry. 

The global perfume market is gaining traction owing to the rising trend of personal grooming along with the increasing demand for youth-oriented as well as exotic fragrances. Moreover, the product diversification by manufacturers is attracting a larger consumer-base. Apart from this, increasing consumer spending on luxury fragrances on account of inflating income levels and improving standards of living are further boosting the sales of perfumes. Other major factors propelling the demand for perfumes worldwide are rapid urbanisation, increasing population and aggressive advertising by the manufacturers. However, the availability of counterfeit products represents one of the major challenges faced by the market. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global perfume market report, along with forecasts at the global and country level from 2023-2028. Our report has categorized the market based on perfume type, category and distribution channel.

Breakup by Perfume Type:

Premium Perfume Products
Mass Perfume Products

Based on perfume type, the market has been segmented as premium and mass perfume products. Currently, premium perfume products dominate the market, holding the largest share.

Breakup by Category:

Female Fragrances
Male Fragrances
Unisex Fragrances

On the basis of category, female fragrances lead the market, accounting for the majority of the market share.

Breakup by Distribution Channel:

Specialty Stores
Departmental Stores
Online Stores
Hypermarkets & Supermarkets 
Others

On the basis of distribution channel, the market has been segmented into specialty stores, departmental stores, online stores, hypermarkets & supermarkets and others. Currently, specialty stores dominate the market, holding the largest share.

Regional Insights:

Brazil
United States
Germany
France
Russia

Region-wise, the market has been segmented into Brazil, the United States, France, Germany and Russia. Amongst these, Brazil represents the largest market, accounting for majority of the global market.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being Avon Products Inc., Natura Cosméticos SA, Chanel SA, Coty Inc., LVMH and L'Oréal SA.

This report provides a deep insight into the global perfume industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a perfume manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the perfume industry in any manner.

Key Questions Answered in This Report:

What is the size of the global perfume market 2022?
What is the expected growth rate of the global perfume market 2023-2028?
What are the key factors driving the global perfume market?
What has been the impact of COVID-19 on the global perfume market?
What is the breakup of the global perfume market based on the perfume type?
What is the breakup of the global perfume market based on the category?
What is the breakup of the global perfume market based on the distribution channel?
What are the key regions in the global perfume market?
Who are the key companies/players in the global perfume market?