Introduction of Perfume and Cologne
Perfumes are produced from fragrances and natural oils to exude a pleasing aroma. The rise of beauty products has propelled the growth of this sector. Fragranced essential oils play a significant role in this. Long-lasting fragrances are the most sought-after perfumes that consumers look forward to.
Recent Trend
Waterless cologne is the latest trend
Currently, customers prefer waterless odors for themselves. They also look forward to picking aromas of sustainable materials like citrus oil, balsams, and vanilla beans to prevent any health disorders which chemical-based perfumes may cause. Moreover, top companies' consistent release of aromatherapy-based fragrances will drive product sales.
Driving Factors
Companies launch advanced perfume solutions to boost growth
The major companies are launching advanced, touchless perfume and cologne devices with AI-dependent solutions for avid perfume lovers. The solutions involve presenting a scent profile for a specific user and suggesting a fragrance depending on their preferences. It will attract consumers to buying personalized scent products, propelling the growth of the perfume market. For example, in 2021, SEPHORA launched MAISON 21G, a new and touchless scent bar for its Hong Kong stores.
Change in consumer shopping preferences
The perfume and cologne market is growing in different parts due to the rise in consumer inclination towards online shopping. As per the UNCTAD, global sales online rose from 16 to 19% from 2019 to 2020, showing a rise in the demand of perfumes and colognes.
Moreover, online platforms' attractive discounts and promotions force consumers to purchase perfumes at reasonable rates, thereby adding to the market demand.
Quality dominates the sector
Worldwide, perfume type is a major sector dominating this market’s growth as the highest concentration level includes a big chunk of essential oils. This smell lingers for around six to eight hours. Thus, there is a rising demand for high-concentration perfumes.
The Eau de market is the quickest developing market in the forecast period as it is comparatively less expensive and more long-lasting.
Conclusion
Additionally, the rising awareness among men and the love for fragrant flavors in women is likely to boost product demand. Hence, this market will surely witness growth in its forecast period.
Author's Detail
Sneha Mali, LinkedIn
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Author's Detail:
Supriya Jagtap /
LinkedIn
I am working as a Senior Research Analyst, mainly involved in conducting market research in the Information and Communication, and Technology domain. Skilled in Secondary Research, Primary Research, Data Analytics Research approaches with extensive experience providing first-class results. Highly focused, have analytical skills, and synergetic with positive energizers. Meets job demands and deadlines through diligent work-ethic and dedication to quality. Works with clients to determine requirements and provide excellent service.
