Perfumes are defined as a mixture of essential oils and/or aroma compounds along with alcohol and/or water. The word ‘perfume’ is derived from Latin words ‘per’ and ‘fumum’, which means ‘through smoke’.
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 emerging economies, rapid industrialization, urbanisation, and increased educational spending are propelling market growth in this region. Rising disposable income has also resulted in increased spending on luxury items. During the forecast period, these factors are expected to drive growth in the global perfume market in Asia Pacific.
Product innovation by companies seeking to expand their market presence around the globe is likely to drive growth in the global perfume market over the forecast period. Ninu Fragrance, a Slovenian perfume firm, for example, attended the CES 2021, an annual trade expo held virtually around the world from January 11, 2021 to January 14, 2021. The Company revealed the very first smart perfume aided by artificial intelligence on January 11, 2021. The product, according to the manufacturer, is capable of producing a perfume aroma that is unique to the mood and tastes of the consumers.
Traditionally, perfumes were stored in designer glass bottles, which was prone to spillage and cannot be transported easily. Decanting of perfumes was also not recommended by manufacturers because plastic is prone to reaction with the perfume. The growing consumer demand for portable perfumes has led to innovative packaging of perfumes. Perfumes are now available as travel sprays and rollerballs.
No comments:
Post a Comment