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.
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.
Among the distribution channel, store based segment is anticipated
to retain its dominance throughout the forecast period. Also, the segment is
projected to register a healthy CAGR of 5.71% during the given period.
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)
Major manufacturers are also found to have high focus on
strategic product launch in order to seek consumers’ attention towards their
product range. They are also involved in the acquisition of small players which
will further support the company to expand and reach out to consumers across
regions. Acquisitions are also done to mark the company’s presence and expand
their business line. Additionally, the companies are inclined towards product
promotions through social media, magazines and other mediums in order to reach
out to customers. The promotional strategy aids in retaining the existing the
customers and also to regenerate new customer base.
Region Analysis:
The global perfume & fragrance market is segmented into
North America, Europe, Asia Pacific, and rest of the world (ROW). Among these,
Europe region is dominating the market over the forecast period. The market is
projected to grow at a CAGR of 5.27% during the review period. This is
attributed to the high usage of perfumes, cosmetics, incense, body care
products. Among the European countries, France is majorly driving the market of
perfume & fragrances in this region. However, Asia Pacific region is
expected to grow with a CAGR of 8.0% during the review period. In Asia Pacific
region, India is expected to hold 17% market share in the year 2017.
Complete Report Details @ https://www.marketresearchfuture.com/reports/perfume-fragrance-market-4748
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