Perfumes are composed of aromas or essential oils that emit a pleasant aroma. Some of the most frequent natural ingredients utilised in the production of perfumes are spices, woods, flowers, grasses, fruits, resins, leaves, roots, balsams, gums, and animal secretions. A good smell can have an effect on one's mood, behaviour, perception, emotions, and thoughts. Perfumes reflect a person's style, individuality, and personality, and a pleasant aroma can influence mood, behaviour, perception, emotions, and human ideas. Perfume manufacture is becoming a mainstream business in the personal care and cosmetics industry.
The global perfume market is gaining traction owing to the rising trend of personal grooming along with the increasing demand for youth-oriented as well as exotic fragrances. Moreover, the product diversification by manufacturers is attracting a larger consumer-base. Apart from this, increasing consumer spending on luxury fragrances on account of inflating income levels and improving standards of living are further boosting the sales of perfumes. Other major factors propelling the demand for perfumes worldwide are rapid urbanisation, increasing population and aggressive advertising by the manufacturers.
The global perfume market was valued at around US$ 47.0 billion in 2019 and is expected to exhibit a CAGR of 5.9% over the forecast period (2020-2027), to surpass US$ 74.1 billion by 2027.
In terms of volume, Asia Pacific dominated the global perfume market in 2019, accounting for 29.5 percent of the market, followed by Europe and North America, respectively. Factors such as rising disposable income in Asia Pacific's growing nations, fast industrialization, urbanisation, and higher educational spending are propelling market expansion in this area. Rising disposable income has also resulted in increased spending on luxury items. During the projected period, these factors are expected to drive growth in the worldwide perfume market in Asia Pacific.
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