According to a recent report by Future Market Insights (FMI), the perfume market is expected to reach a valuation of US$ 35 Bn in 2021, expanding at a steady 4% CAGR through 2031.
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Shifting consumer preference towards natural ingredients in perfumes that offers a unique and soothing aroma is encouraging product developments by manufacturers, thereby augmenting growth of the market.
Rapid urbanization, along with increasing adoption of smartphones has led to more awareness regarding various side effects caused by the undisclosed chemical used in perfumes. In addition to this, rising adoption of perfumes among old-age customers is encouraging manufacturers to use natural ingredients with a pleasant aroma.
The aforementioned factors are spurring demand for renewable ingredients in perfume manufacturing. Moreover, players are initiating the use of microbial-based natural ingredients in perfumes to increase the spray quality and cater to the demand from environment and health-conscious consumers.
“Growing demand for new perfumes manufactured using natural ingredients, increasing investments by players in smart packaging of perfumes, and easy customization are key factors anticipated to boost the market in the forthcoming years,” says the FMI analyst.
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- Based on the product type, sales of Eau Fraiche are expected to increase at a 4% CAGR over the forecast period.
- In terms of nature, demand for natural perfumes is projected to surge at a 5% CAGR.
- Sales of unisex perfumes are expected to grow at a 3% CAGR through 2031.
- Based on sales channels, the online retailing segment is projected to expand at a 4% CAGR over the forecast period.
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Who is winning?
Leading players operating in the perfume market are Estee Lauder Companies Inc., LVMH Moet Hennessey Louis Vuitton, Coty Inc., L’Oréal S.A., Eliabeth Arden Inc., Shiseido Co Ltd., Puig SL., Perfumania Holdings Inc., Avon Products Inc., Hermes International S.A., Natura Cosmetics S.A., Channel S.A., Clarins, Revlon Inc., and Givaudan among others.
As per FMI, top 5 players are projected to account for 15-20% of the total market share.To gain a competitive edge, are investing in promotional strategies marking techniques. For instance:
- In 2020, Sisleys’s signature fragrance Eau du Soir returned, and the company launched their limited edition infused with delicacy and poetry. The unique scent reflects the sky’s glow to pay homage to the chypre floral notes responsible for the success of Eau du Soir.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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