Personal grooming is mostly popular among millennial who are ready to experiment with new concepts and brands, which will continue to influence the growth of perfumes market in the near future. In a 10-year forecast of global perfumes market published by Future Market Insights (FMI) for the period 2016-2026, the revenue is likely to reach a value of over US$ 70 Bn by the end of 2026. Additionally, the global perfumes market is expected to exhibit a CAGR of 5.9% during the forecast period, which underlines promising growth outlook for the global market for perfumes.
According to the market intelligence released by FMI, the global perfumes market will witness significant growth over 2016-2026, primarily driven by increasing number of younger population in developing countries compared to older demographic. As indicated in the report, availability of perfumes in different price ranges is one of the major factors influencing a strong boost in perfumes market growth.
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Perfumes Brands to Prefer Partnerships with Online Retail Leaders
A growing tendency to spend on personal grooming and rising spending power will remain the key drivers of the growth of perfumes market. Diverse availability of personal grooming products, coupled with increasing online retail penetration in developing countries, will be highly impactful in fueling the perfumes market over the forecast period. Online portals offer a heap of opportunities for sales of various local and foreign brands of perfumes to different consumer classes. To capitalize this lucrative sales channel, key players participating in global perfumes market are either developing their e-commerce/online stores or entering into partnerships with popular e-commerce operators. Furthermore, to avoid the consumption and usage of counterfeit products, several niche perfume brands have their dedicated outlets to maintain the product value and even to promote their presence in the global perfumes market.
Although westernization and subsequently changing living standards of consumers have impacted the global perfumes market growth, the availability of several counterfeit products is likely to hamper the growth of this market. The market intelligence released by FMI on global perfumes market mentions escalating adoption of deodorants for daily use which might possibly substitute perfumes, as they are widely available and relatively lesser expensive. Additionally, growing awareness of various chemical ingredients used in making perfumes is estimated to be an obstacle in the growth of global perfumes market.
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Eau Fraiche to Exhibit Maximum CAGR over Other Product Types
Although Eau de Parfum holds the largest share of more than 50% in the global perfumes market, it is expected to witness passive growth during the forecast period. On the other hand, FMI experts estimates Eau Fraiche to expand at a robust CAGR over 2016-2026. Relatively high growth of this segment is attributed to rising demand for limited edition of Eau Fraiche launched by the major key players. Subsequently, due to increasing penetration of perfumes in Asian and African countries, Eau de Cologne will exhibit a healthy CAGR over the projection period, shaping the future of global perfumes market.
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Asia Pacific Excluding Japan (APEJ) to Emerge As the Most Lucrative Regional Market for Perfumes
In terms of opportunities for manufacturers of perfumes, Asia Pacific is expected to be the most lucrative region for perfumes market stakeholders. It is likely to register a significant share of the total global market value by the end of the forecast period. Robust sales of perfumes in this region is mainly fuelled by the increasing younger population and high consumer awareness related to personal hygiene. It is further influenced by increasing disposable income in developing countries of Asia Pacific, which will further continue to push the number of consumers willing to spend on luxury products such as branded perfumes.