Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Perfumes & Deodorants market.
Trusted Business Insights presents an updated and Latest Study on Perfumes & Deodorants Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Perfumes & Deodorants market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Perfumes & Deodorants Market
The global perfumes and deodorants market size was valued at USD 55.14 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2027. The market is driven by the growing popularity of premium perfumes and deodorants, coupled with increasing consumer willingness to pay a premium for the products they value. In this respect, the market for perfumes and deodorants is increasingly embracing broader trends within the beauty and personal care trends while adapting to the varied consumer demands, both in terms of product offering and distribution channel.
At the micro level, growing demand for cruelty-free fragrances has been driving the demand for perfumes & deodorants globally. As the concept of veganism continues to gain momentum, internationally-reputed perfume and deodorant brands have been increasingly focusing on product development over the years to target an expanding number of green consumers around the world.
Recent years have witnessed numerous perfume and deodorant brands launching various vegan products to target consumers of all age groups. For instance, in August 2019, The Perfume Shop Limited, a U.K.-based perfume retailer, launched its line of vegan perfumes under three brands, namely Amber Glow, Citrus Fresco, and Peppered Earth. Each perfume was both cruelty and vegan certified and was packaged using 100% recyclable materials.
Prominent brands develop perfumes and deodorants based on the end users tastes and preferences. For instance, brands target the male segment by introducing fragrances that are strong and more masculine. In this respect, perfumes and deodorants that are more woody, citrusy, and amber-oriented are being increasingly targeted at male consumers. On the other hand, brands typically develop floral and oriental notes to target female consumers worldwide.
The scent marketing strategy deployed by the prominent perfume and deodorant brands is likely to influence the purchasing decisions of the customers, thereby positively impacting the growth of the market. Moreover, product innovation by the brands in order to sustain competition is anticipated to boost the market growth over the forecast period 2021-2027.
Type Insights: Perfumes & Deodorants Market
The deodorants segment held the largest share of 57.2% in 2019 and is expected to maintain its lead throughout the forecast timeframe. As perfumes are typically more expensive than deodorants, deodorants are increasingly marketed as mass-market products. Recent years have witnessed a considerable rise in the number of players entering the deodorant space, most notably in countries such as India and China. Furthermore, deodorant brands in these countries have been focusing on adding new features to their products (deodorants), including anti-bacterial characteristics, to target a broader consumer base.
The perfumes segment is expected to expand at the fastest CAGR of 3.1% over the forecast period. The growth of this segment is principally attributed to the rising popularity of luxury perfumes worldwide. Thus, customers with relatively higher disposable income are the key customers for premium or luxury perfume brands. A key trend that has been gripping the market over the years is the rising demand for perfumes containing pheromones. These perfumes are preferred by both men and women alike to attract the opposite sex.
Distribution Channel Insights: Perfumes & Deodorants Market
Supermarkets & hypermarkets emerged as the largest segment in 2019, with a market share of 27.8%. This segment is likely to retain its pole position throughout the forecast period to claim a market share of 25.8% by 2027. Supermarkets, hypermarkets, and specialty stores continue to remain the most preferred offline distribution channels for perfumes and deodorants. The availability of a wide variety of products paired with the increasing need among consumers to examine a product physically before making a purchase is boosting the growth of these distribution channels. Furthermore, prominent brands prefer these distribution channels to carry out promotional campaigns worldwide.
The e-commerce segment is anticipated to witness the fastest growth over the forecast period. The evolution of online retail channels such as Sephora, Flaconi, Amazon, and Parfum dreams has been significantly contributing to the growth of this segment. Consumers typically prefer online purchase of perfumes and deodorants as most prominent brands offer significant discounts on their products.
Regional Insights: Perfumes & Deodorants Market
North America emerged as the largest regional market for perfumes and deodorants in 2019 with a share of 33.9%. The growth of this region is attributed to various factors including rising demand for lighter scented sprays and the increasing availability of perfumes and deodorants with on-the-go portability in countries, such as the U.S. and Canada.
Europe is expected to witness significant growth throughout the forecast period owing to rising consumer spending on premium and luxurious perfumes and deodorants. Rising demand for natural products is another prominent factor augmenting the demand for perfumes and deodorants in Europe. Furthermore, increasing demand for French perfumes throughout Europe is likely to favor the regional market growth throughout the forecast period.
Key Companies & Market Share Insights: Perfumes & Deodorants Market
Small-and medium-sized specialist retailers continue to face fierce competition from internationally-reputed market players who operate through large retail formats, such as supermarket and hypermarket. However, prospective market participants are likely to exploit the opportunities in the e-commerce space in the near term owing to rising sales of perfumes and deodorants through this channel.
Product development, mergers & acquisitions, and capacity expansion are among the most preferred competitive strategies by key vendors in the market. For instance, in December 2017, Unilever, a U.K.-based transnational consumer goods company, announced its strategy to acquire SCHMIDTS, a U.S.-based personal care company. This move was intended to complement Unilevers existing portfolio of deodorants, including key brands Axe, Dove, and Degree. Such initiatives are likely to surface during the forecast period, given the rising competitive rivalry within the perfumes and deodorants industry. Some of the prominent players in the perfumes and deodorants market are:
Key companies Profiled: Perfumes & Deodorants Market Report
- Revlon, Inc.
- Estee Lauder Inc.
- LOreal Group
- Beiersdorf AG
- Christian Dior S.A.
- Calvin Klein, Inc.
- Burberry Group plc
- Giorgio Armani S.p.A
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2019 to 2027. Trusted Business Insights has segmented the global perfumes and deodorants market report on the basis of type, distribution channel, and region:
Type Outlook (Revenue, USD Billion, 2016 – 2027)
Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
- Supermarkets & Hypermarkets
- Specialty Stores
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