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The global perfume market has been forecast to reach a value of approximately US$45.6 billion by 2018, driven primarily by growth expected in the underpenetrated emerging markets and innovative product launches.
Perfume is a mixture of fragrant essential oils or aroma compounds, fixatives and solvents used to give the human body, animals, food, objects, and living spaces "a pleasant scent." Perfumes have been known to exist in some of the earliest human civilizations, either through ancient texts or from archaeological digs.
The market is set to benefit from the growing trend towards consumer urbanisation, higher spending propensity and the heightened importance on personal appearance and grooming. In addition, increased demand for youth-oriented, floral and exotic fragrances and celebrity perfumes will set the pace for rapid market expansion.
Perfumes today have evolved into a mainstream business in the cosmetics, and personal care industry. From being non-essential and frivolous, perfumes have emerged as essentials, owing to the increasing trend of appearance and personal care becoming part of pride, self reliance, and confidence.
No longer considered as an extravagant grooming accessory, perfumes have metamorphosed into a "feel good" factor, which complements the consumer's need for expressing individuality, and personal style. The wide range of themes and choices enable consumers to choose fragrances that complement respective personal and characteristic traits.
Dictated by the fickle trends of haute fashion, the world of perfumes is beginning to witness the entry of new apparel designers, and pop, music, and movie superstars making a dent on the market. The demand for celebrity inspired scents shows no signs of abating, thanks to the increasing number of celebrity fragrances hovering in the market.
The perfume industry is primarily consumer driven. Consumers have a unique cultural attitude to "fragrance" and an uncritical concept of possessing a certain kind of identity through wearing fragrance.
Currently on the global radar are low penetration markets such as China, and Japan, where huge untapped opportunities are the focus of large international players. Fine perfumes are increasingly looking at the teenage segment as a potential growth market. Women's fragrances continue to dominate the market, with amaximum number of product launches and innovations aimed at the fairer sex.
The scenario is however set to change with men's fragrance segment beginning to witness strong growth patterns, as the importance of grooming tops the list of men's priorities. Typically, the men's market was confined to the after-shave fragrances, but today the cards are being turned and men's fragrances for specific occasions are witnessing huge growth, holding the promise of emerging into a mainstay market.
For more information on the global perfume market, see the latest research: Global Perfume Market
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