Fragrance And Perfume MarketSize and Trends

Market Dynamics:-

Growing demand for beauty and personal care products is a major factor driving growth of the fragrance and perfume market. According to the U.S. Department of Commerce, International Trade Administration (ITA), Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion in 2016 and it is expected to exhibit a CAGR of 5-6% during the forecast period (2017-2021). Changing standards of living and rising awareness regarding personal grooming products are leading to expansion of consumer base for fragrances and perfumes. According to Trading Economics Statistics on United States Disposable Personal Income, the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in November 2018.

Development of innovative products and rising promotional activities adopted by key players is supporting growth of the global fragrance and perfume market. For instance, in May 2019, HE deodorants launched a new advertising campaign to increase market visibility of its products. In February 2019, Unilever launched deodorant wipes and deodorant mini sprays.

Market Outlook:-

North America held a significant market share in 2018 in the global fragrance and perfume market. In North America, U.S. held highest market share in 2018 and is expected to retain its dominance during the forecast period (2019-2027). This is attributed to increasing demand of beauty and personal care products in the U.S. According to the International Trade Administration, exports of personal care and cosmetics products from the U.S. were valued at US$ 10.4 Bn in 2015, whereas, total exports in the personal care and cosmetics industry from the U.S. increased at an average rate of 15% from 2013 to 2016. Moreover, according to the Cosmetics Europe, global cosmetics and personal care products industry accounted for US$ 295.05 Bn in 2016 of which the U.S. accounted for US$ 72.63 Bn.

Market Trends