Global Sales Of Perfumes Are Estimated To Reach US$ 40.4 Billion In 2022

As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global perfume market is anticipated to exceed a valuation of US$ 40.4 Bn in 2022, and expand at an impressive CAGR of 5.6% over the forecast period of 2022 to 2032. The market registered annual growth of 2.9% during 2017-2021. Fact.MR anticipates significant potential in the market, due to the introduction of touchless fragrance testing.

Digitally-enabled testing devices is a form of digital innovation that provides control to consumers over the fragrance discovery in a store. These testing devices deliver only a single droplet of liquid perfume to the arm/skin of the consumer and not into the air. This not only reduces perfume loss as compared to traditional testers but also offers consumers a less invasive testing experience.

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Key Takeaways from Market Study

• Eau de parfum, under product type, is likely to witness sales of close to US$ 25.7 Bn by 2032
• Based on customer orientation, the female and male segments are likely to have a market share of around 39% and 31%, respectively, by 2032.
• The natural segment is likely to expand at a CAGR of 5.8% over the forecast period of 2022–2032.
• Based on region, demand for perfumes is expected to increase at a CAGR of 6.3% and 6.7% in East Asia and South Asia & Oceania, respectively, over the forecast period.
• North America and Europe combined are likely to represent over 58% of the total market share in 2022.
• The East Asia market for perfumes is expected to be valued at US$ 11.6 Bn by 2032-end.

“Rising trend of personal grooming amongst men and women is expected to increase the adoption of perfumes across the world,” says a Fact.MR analyst.

Perfume Market Segmentation by Category

• Perfume Market by Product Type :

  • Eau de Parfum
  • Eau de Toilette
  • Eau de Cologne
  • Eau Fraiche

• Perfume Market by Customer Orientation :

  • Perfumes for Males
  • Perfumes for Females
  • Unisex Perfumes
  • Perfumes for Kids

• Perfume Market by Nature :

  • Synthetic Perfumes
  • Natural Perfumes

• Perfume Market by Price Range :

  • Mass Perfumes
  • Premium Perfumes

• Perfume Market by Perfume Type :

  • Citrus Perfumes
    • Bergamont
    • Lemon
    • Lime
    • Orange
  • Fruity Perfumes
    • Apple
    • Melon
    • Peach
    • Strawberry
  • Spicy Perfumes
    • Cinnamon
    • Cloves
    • Nutmeg
  • Floral Perfumes
    • Jasmine
    • Carnation
    • Rose
    • Violet
  • Green Perfumes
  • Woody Perfumes
  • Mossy Perfumes
  • Amber Perfumes

• Perfume Market by Sales Channel :

  • Online Sales/E-tailing of Perfumes
    • Company/Brand Websites
    • E-Commerce Platform
  • Offline Sales of Perfumes
    • Supermarkets/Hypermarkets
    • Franchise Outlets
    • Departmental Stores
    • Mono Brand Stores
    • Convenience Stores
    • Drug Store and Pharmacies
    • Multi-Brand Outlets
    • Other Sales Channels

• Perfume Market by Region :

  • North America Perfume Market
  • Latin America Perfume Market
  • Europe Perfume Market
  • East Asia Perfume Market
  • South Asia & Oceania Perfume Market
  • MEA Perfume Market

Competitive Landscape: Top Perfume Companies

The global perfume market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers & acquisitions, expansions, collaborations, and partnerships.

Also, new product development as a strategic approach being adopted by perfume manufacturing companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced perfumes.

For instance:

1. The Nue Co. wellness label recently introduced Functional Fragrance, a unisex offering that lays stress on anti-stress perfume. The perfume has been made in collaboration with researchers and it contains a scent that offers freshness and warmth. It includes ingredients such as iris, green cardamom, artificial vanilla, fruit aromas, etc.
2. A new fragrance brand Trace New York recently introduced a range of five fragrances – Tarick, Tanner, Taylor, Tatum, and Tarlow, which are being created as gender-neutral perfumes. These perfumes are based on scent notes ranging from green apple to fern, bergamont, and lime. They also include essential oils, are hand-poured, and are highly popular amongst millennials.