Perfume & fragrance products are used to get rid of unwanted body smell produced due to sweating. Perfume is a blend of chemical compounds, fixatives and solvents. Fragrance is combined in order to impart peculiar and distinctive odorous into the preparations. Perfumes are formulated using a mixture of aroma chemicals extracted from natural or synthetic ingredients.
Market Forecast:
The global perfume and fragrance market is observing a
remarkable growth owing to factors such as rapid urbanization, rise in
disposable income and changing lifestyle of consumers. With more and more
consumers spending on personal care & beauty products is expected to be one
of the significant reasons for the rising growth of perfumery products which in
turn intensifies the sales of perfume & fragrance products during the
forecast period.
Moreover, e-commerce has grown rapidly at the global level and
still has a lot of growing potential, especially in the developing regions as
there are high return rates in the e-commerce space. The trend of retail
therapy – effortless, relaxing and ultimately enjoyable shopping is one of the
major drivers boosting the sales of perfume and fragrance through e-commerce.
Also, gifting culture has provided opportunities for market growth of perfumes
and fragrances. The main aim of gifts is preserving harmony within one’s
family, friends, colleagues, and society. People are ready to invest on
expensive commodities owing to the fact that higher price brings a better
quality and those qualities properly suit their needs.
However, allergies and intolerance caused by extensive use of
synthetic fine perfume & fragrance, owing to skin and respiratory organs is
expected to have a negative impact on the global perfume & fragrance
market. Also, stringent regulations on product certification and labelling for
consumer safety has pushed the manufacturers to change their production process
which involves high investments, putting the perfume and fragrance market on
negative side.
Downstream Analysis:
Among the type, includes eau de parfum segment is anticipated
to retain its dominance throughout the forecast period. Also, the segment is
projected to register a healthy CAGR of 6.33% during the given period due to
increased use of perfumes, spray deodorants, incense and body care products.
Increase in the consumer awareness for personal hygiene is primarily driving
the growth of this segment.
Among the ingredients of perfume & fragrance, synthetic
segment is accounting for 76% followed by natural ingredients accounting for
24% of the global perfume & fragrance market. The segment is projected to
register a healthy CAGR of 5.69% during the forecast period 2017-2023.
Furthermore, the demand for natural ingredients in perfumes is increasing the
growth of the perfume & fragrance market.
Among the consumer group, women segment is anticipated to
retain its dominance throughout the forecast period. Also, the segment is
projected to register a healthy CAGR of 5.67% during the given period. However,
demand for perfume & fragrances is expected to increase for the men’s category
owing to introduction of new perfumes & deodorants for men and also
increasing consumer awareness regarding beauty & cosmetics products.
Competitive Analysis:
This report includes a study of strategies used in the market,
mergers, and acquisitions and multiple product launch by perfume &
fragrance market players. It further includes product portfolios and
developments of leading players, which includes
Elizabeth Arden, Inc. (U.S.)
Loreal (France)
Shiseido (Japan)
IFF (U.S.)
Chanel (France)
Estee Lauder (U.S.)
Avon (U.S.)
Vivenza (Kuwait)
Royal Beauty Group Co. (Kuwait)
AlQuraishi Fragrances (Kuwait)
Reehat Al Atoor (Bahrain)
Asghar Ali Co. W.L.L. (Bahrain)
Rasasi Perfumes Industry LLC (UAE)
Arabian Oud (Saudi Arabia)
Swiss Arabian Perfume Grp (UAE)
Atyab Al Marshoud (Kuwait)
Al Shaya (Kuwait)
Ajmal Perfume (UAE)
Abdulsamad Al Qurashi (Saudi Arabia)
Complete Report Details @ https://www.marketresearchfuture.com/reports/perfume-fragrance-market-4748
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