Perfume Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Perfume Market Size Worth $40.9 Billion By 2025 | CAGR: 3.9%”
The global perfume market size is expected to reach USD 40.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period. Growing awareness about personal grooming, along with increasing demand for premium fragrances, is expected to drive the demand for global market. Furthermore, high purchasing power among the millennials is expected to spur the growth of the global market. Soaring population and increasing consumer spending on personal and beauty care products are the key factors driving the market. Perfume suppliers are becoming more innovative and are offering better products at discounted prices as a definite marketing strategy. This, in turn, is helping the mass product segment to expand at a CAGR of 3.8% over the forecast period. Additionally, popularity of purchasing premium brands is increasing due to increase in customer spending, which could be attributed to rise in disposable income per household. This is expected to augment the demand for premium brands during the forecast period. For instance, Victoria Secret launched its body mist collection in India ranging from USD 18 to 25 such as VC Rush, Bombshell, Vanilla Lace, and Love Spell.
Women accounted for the largest share of 60.1% in 2018. It is observed that women in U.S. purchase a new perfume as often as once a month, in comparison to men who buy it on an average of 1-2 times per year, mainly for the purpose of replenishment. As per a survey, around 41.0% of the females in U.S. use perfumes everyday as compared to men. The online channel is expected to expand at the highest CAGR of 3.9% over the forecast period. It provides a wide variety of products for the consumers all over the world, coupled with several discounts and offers for its first-time and regular users. For instance, Nykaa provides special discounts on women’s day, especially on perfumes of premium brands like Avon, to celebrate womanhood every year.
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