Perfumes Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Perfumes by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Perfumes, The perfumes market size has grown rapidly in recent years. It will grow from $83.48 billion in 2023 to $95.52 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to aggressive advertising and promotional activities, strong economic growth in emerging markets and rising disposable income..

The perfumes market size is expected to see rapid growth in the next few years. It will grow to $163.8 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to global population growth and urbanization and rapid growth in e-commerce. Major trends in the forecast period include new technology development, using artificial intelligence in perfumes production, new product launches, focusing on increased mergers & acquisitions, and developing personalized perfumes..

Rapid growth in the millennial population is expected to drive the perfume market. Young people tend to spend more than older people on cosmetics to improve their looks and quality of life. In 2023, according to an ESW global voices survey, more than a quarter of millennials plan to spend more money online in categories such as health and beauty, luxury, apparel and footwear, and consumer electronics. By 2025, millennials are expected to constitute nearly three-quarters of the global workforce. As millennials will represent a large part of the global workforce and play a major role in driving the current economy, their preferences and shopping habits will be an important driving factor for the perfume market.

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The perfumes market covered in this report is segmented –

1) By Product: Mass, Premium
2) By Distribution Channel: Offline, Online
3) By End-User Sex: Women, Men, Unisex

There is a growing preference among consumers for natural fragrances in the perfume market. According to the survey conducted by Kari Gran, 75% of millennial women prefer buying natural products, and 44% prefer natural ingredient perfumes. Perfume manufacturing companies are focusing on the development of natural fragrances for perfumes due to rising concerns about allergic reactions and toxins in synthetic ingredients. For instance, IME Natural Perfumes are made up of 100% natural ingredients and are also certified as toxin-free perfumes.

The perfumes market report table of contents includes:

1. Executive Summary
2.Perfumes Market Characteristics
3.Perfumes Market Trends And Strategies
4.Perfumes Market analysis
5.Perfumes Market Size And Growth
6.Perfumes Segmentation
7.Perfumes Regional And Country Analysis
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27. Perfumes Competitive Landscape And Company Profiles
28.Perfumes Key Mergers And Acquisitions
29. Perfumes Future Outlook and Potential Analysis

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