The global fragrance and perfume markets
The global fragrance and perfume markets are large and, as reported, in a study by Fortune Business Insights in its October 23, 2019 report, had an estimated $26.5 billion in sales in 2018 and was expected to grow to $38.6 billion by 2026.
In this regard, Inter Parfums refers that predictably increasing demand from emerging markets, such as Asia-Pacific, Latin America and Eastern Europe, and rising online sales of fragrances and perfumes will bolster the growth prospects of this market during the forecast period.
In the same issue, Fortune Business Insights also estimated that eminent factors, such as the recent surge in e-retailing of fragrances and perfumes, will drive market growth during the forecast period.
Recently, according to Inter Parfums, it has been observed that people prefer to shop online as it helps save time and is more convenient and not only during the Covid-19 pandemic.
This trend of online shopping is also expected to drive market growth, as it helps sellers to increase sales and raise brand awareness.
Market segmentation is done by product and the analysis of the fragrances and perfumes market is based on two price tiers: premium and mass.
Perfumes
The premium segment currently dominates the global fragrances and perfumes market and is expected to maintain its dominance over the market.
At the same time, increasing disposable income of the population and availability of all brands through online channels are some of the factors driving growth in this segment.
According to current market research, analysts estimate that North America will dominate the global perfume and fragrance market throughout the decade.
Premium brand sales and new product launches in this region are some of the significant factors driving market growth.
The global fragrance and perfume market is highly competitive and consists of multiple raw material manufacturers and retailers and most retail channels.
