TAGS: Perfumes & Fragrances
Toiletries
According to a new report by Grand View Research, the global perfumes and deodorants market size is expected to reach USD 89.79 billion by 2027 and expand at a CAGR of 3.9 percent from 2020 to 2027.
Demand for Organic and Natural Products
Market growth is attributed to rising global demand for high-end and premium branded perfumes and deodorants. At the macro level, rising consumer disposable income, along with their increasing willingness to pay a premium for perfumes and deodorants, is a key factor favoring market growth.
Recent years have witnessed a significant
demand for organic and natural products worldwide. Organic perfumes are manufactured using 100 percent naturally-sourced ingredients, typically plant-based. To be classed as organic, a natural perfume should contain at least 80 percent certified organic ingredients.
Prominent perfume and deodorant brands usually deploy the scent marketing strategy to influence customers’ buying decisions. Scent marketing is known to significantly increase customer foot traffic while influencing them to spend on the products they value.
North America Dominated the Market in 2019
Recent years have witnessed rising instances of numerous brands launching genderless products to target both the male and female segments alike. Such trends are likely to surface over the forecast period, given the increasing need among brands to innovate their products to stay competitive.
North America dominated the market for perfumes and deodorants in 2019, led by U.S. and Canada. Rising consumer awareness regarding hygiene, along with increasing availability of varied perfumes and deodorants across all distribution channels, is positively impacting the growth of the North America market.
The market is characterized by intense competitive rivalry, with both domestic and international players sharing the market space. Product innovation and capacity expansion are among the key competitive strategies deployed by prominent market players over the years. In this regard, product innovation within the industry also includes development of products in convenient or user-friendly packages.
Source: Grand View Research