Perfume and Fragrance Market Report 2024 (Global Edition)

Global Perfume and Fragrance Market Report 2024 Market Size Split by Product Type Outlook: (Parfum or De Parfum, Eau De Parfum (EDP), Eau De Toilette (EDT), Eau De Cologne (EDC), Others), by Consumer ...

Perfume and Fragrance Market Report Description

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Perfume and Fragrance Market Insights Video

Competitive Landscape of the Perfume and Fragrance Market

The perfume & fragrance industry is highly competitive, with well-established multinational companies and smaller, niche players striving for market share through innovation and brand differentiation. Major corporations dominate the premium fragrance category, using strong brand equity, huge distribution networks, and active R&D efforts to develop new and unique scents. They are also focusing on digital marketing strategies, collaborations with influencers, and limited-edition releases to maintain their market positions.

In June 2024, Dior, owned by LVMH Moët Hennessy Louis Vuitton SE, launched solid fragrances as a new fragrance gesture for its Miss Dior trademark. The fragrance cases have a hand-woven houndstooth jacquard pattern. (Source: https://www.formesdeluxe.com/article/dior-rolls-out-first-alcohol-free-solid-perfumes-under-miss-dior-franchise.64493) In January 2024, IKON, the fragrance retailer, developed its first range of six vegan eau de parfums. These perfumes are made exclusively from natural and responsibly sourced ingredients, with a focus on recyclability. The bottles are composed of lightweight yet sturdy glass and have Manchurian ash wood closures. Each bottle is packaged in compostable cardboard cylinder boxes, highlighting the commitment to eco-friendly materials and waste-free processes. (Source: https://www.thefragranceshop.co.uk/blog/ikon-is-the-sustainable-fragrance-brand-to-know/) In September 2022, Givaudan, a global perfume & beauty market leader, and LanzaTech NZ, Inc., an innovative Carbon Capture and Transformation (CCT) firm, announced a collaboration to produce sustainable fragrance ingredients derived from renewable carbon. The research cooperation with Givaudan is planned to exploit these synthetic biology capabilities beyond ethanol production, with both companies coordinating to discover novel approaches to key aromatic ingredients used across the Givaudan portfolio. (Source: https://www.givaudan.com/media/trade-media/2022/givaudan-and-lanzatech-announce-their-collaboration) In July 2022, L'Oréal, the French cosmetics giant, announced the return of its luxury beauty brand, Lancôme, to India. Through Lancôme, the business is bringing classic items such as the Advanced Génifique Youth Activating Serum, Teint Idôle Ultra Wear Foundation, and La Vie Est Belle Fragrance much closer to Indian consumers. The company will market skincare, cosmetics, and fragrances under the Lancôme brand across India. (Source: https://professionalbeauty.in/loreal-india-launches-lancome-in-india-once-again)

Top Companies Market Share in Perfume and Fragrance Industry: (In no particular order of Rank)

• Givaudan (Switzerland)
• Firmenich (Switzerland)
• International Flavors & Fragrances Inc. (U.S.)
• Symrise AG (Germany)
• Takasago International Corporation (Japan)
• Mane SA (France)
• Robertet Group (France)
• Sensient Technologies Corporation (U.S.)
• Estée Lauder Companies Inc. (U.S.)
• L'Oréal S.A. (France)
• Coty Inc. (U.S.)
• Shiseido Company
• Limited (Japan)
• Revlon
• Inc. (U.S.)
• Procter & Gamble (U.S.)
• Avon Products
• Inc. (U.K.)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Perfume and Fragrance Market

Which Region Dominates the Perfume and Fragrance Market in 2024?

According to Cognitive Market Research, North America dominates the perfume and fragrance market due to its higher consumer spending power, strong cultural affinity for luxury and personal care products, and presence of leading fragrance brands. The U.S. has a well-established retail infrastructure, with premium department stores, specialty stores, and e-commerce platforms offering a wide variety of fragrance options. Besides, the increasing trend of self-care and grooming, along with a growing preference for personalized and niche fragrances, further supports market growth in the region.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing region in the global perfume and fragrance market, owing to rising disposable incomes, rapid urbanization, and an increasing consumer focus on personal grooming and luxury products. Moreover, emerging economies like China, India, and Southeast Asian countries are witnessing significant growth due to expanding middle-class populations and the growing penetration of e-commerce, which makes a wide range of products accessible to consumers. Local and international brands are also leveraging this opportunity by introducing region-specific scents and affordable luxury options to capture market share.

The current report Scope analyzes Perfume and Fragrance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Perfume and Fragrance

According to Cognitive Market Research, the global perfume and fragrance market size was estimated at USD 68142.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 27257 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the perfume and fragrance market with a market size of USD 21505.8 million in 2024 and is projected to grow at a CAGR of 6% in the forecast period. Premium and luxury perfumes are in great demand in the United States due to rising wellness and personal self-care trends and an increase in the number of affluent consumers.
• The Canada perfume and fragrance market had a market share of USD 3270.8 million in 2024 and is projected to grow at a CAGR of 7% over the forecast period. In Canada, the growing trend towards natural and organic beauty products is fueling the demand for eco-friendly and sustainable perfumes.
• The Mexico perfume and fragrance market is projected to witness growth at a CAGR of 6.7% in the forecast period, with a market size of USD 2480.4 million in 2024.

Europe Perfume and Fragrance

According to Cognitive Market Research, the global perfume and fragrance market size was estimated at USD 68142.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 20442.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• The United Kingdom perfume and fragrance market had a market share of USD 3434.4 million in 2024 and is projected to grow at a CAGR of 7.3% over the forecast period. The U.K. fragrance market benefits from a strong fashion and beauty culture, with consumers increasingly prioritizing unique and niche scents.
• The French perfume and fragrance market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 1880.7 million in 2024.
• According to Cognitive Market Research, the German perfume and fragrance market size was valued at USD 4047.7 million in 2024 and is projected to grow at a CAGR of 6.7% over the forecast period. The well-established retail infrastructure and demand for high-quality, locally produced perfumes primarily contribute to German market expansion.
• The Italy perfume and fragrance market is projected to witness growth at a CAGR of 5.9% within the forecast period, with a market size of USD 1758.1 million in 2024.
• The Russian perfume and fragrance market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 3168.6 million in 2024.
• The Spain perfume and fragrance market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 1676.3 million in 2024.
• The Luxembourg perfume and fragrance market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 633.7 million in 2024.
• The Portugal perfume and fragrance market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 429.3 million in 2024.
• The Greece perfume and fragrance market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 245.3 million in 2024.
• The Rest of the European perfume and fragrance market is projected to witness growth at a CAGR of 5.2% in the forecast period, with a market size of USD 3168.6 million in 2024.

Asia Pacific Perfume and Fragrance

According to Cognitive Market Research, the global perfume and fragrance market size was estimated at USD 68142.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 15672.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10% from 2024 to 2031.

• According to Cognitive Market Research, the China perfume and fragrance market size was valued at USD 7052.75 million in 2024 and is projected to grow at a CAGR of 9.5% over the forecast period. In China, the perfume market is experiencing rapid growth due to an expanding middle class and rising disposable incomes, particularly among young urban consumers.
• The Japan perfume and fragrance market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 2162.8 million in 2024.
• The India perfume and fragrance market had a market share of USD 1880.7 million in 2024 and is projected to grow at a CAGR of 11.8% over the forecast period. The Indian perfume market is expanding with the increasing demand for affordable, high-quality fragrances, as well as rising awareness about personal grooming and wellness.
• The South Korean perfume and fragrance market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 1567.3 million in 2024.
• The Australian perfume and fragrance market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 815 million in 2024.
• The South East Asia perfume and fragrance market is projected to witness growth at a CAGR of 11% during the forecast period, with a market size of USD 1081.4 million in 2024.
• The Rest of Asia Pacific perfume and fragrance market is likely to witness growth at a CAGR of 9.8% in the forecast period, with a market size of USD 1112.8 million in 2024.

South America Perfume and Fragrance

According to Cognitive Market Research, the global perfume and fragrance market size was estimated at USD 68142.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 3407.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil perfume and fragrance market size was valued at USD 1458.25 million in 2024 and is projected to grow at a CAGR of 8% over the forecast period. The fragrance industry in Brazil is seeing a surge as consumers are increasingly gravitating toward premium, international perfume brands.
• Argentina perfume and fragrance market had a market share of USD 572.4 million in 2024 and is projected to grow at a CAGR of 8.3% in the forecast period. In Argentina, the perfume market is rapidly growing as local consumers seek premium and luxury fragrances influenced by European trends.
• Colombia perfume and fragrance market is projected to witness growth at a CAGR of 7.2% over the forecast period, with a market size of USD 303.2 million in 2024.
• Peru perfume and fragrance market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 279.4 million in 2024.
• Chile perfume and fragrance market is projected to witness growth at a CAGR of 7.7% in the forecast period, with a market size of USD 245.3 million in 2024.
• The Rest of the Latin American perfume and fragrance market is likely to witness growth at a CAGR of 6.5% in the forecast period, with a market size of USD 548.55 million in 2024.

Middle East and Africa Perfume and Fragrance

According to Cognitive Market Research, the global perfume and fragrance market size was estimated at USD 68142.5 Million, out of which the Middle East & Africa held the major market share of around 2% of the global revenue with a market size of USD 1362.9 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

• The GCC Countries perfume and fragrance market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 583.3 million in 2024. The GCC fragrance market thrives on strong cultural affinities for perfumes, with high demand for oriental and Arabic-inspired scents.
• The Egypt perfume and fragrance market is projected to witness growth at a CAGR of 8% over the forecast period, with a market size of USD 143.1 million in 2024.
• The South African perfume and fragrance market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 215.3 million in 2024. The prominence of online retail channels and the elevating availability of international fragrance brands are contributing to South African market growth.
• The Turkish perfume and fragrance market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 117.2 million in 2024.
• The Nigerian perfume and fragrance market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 143.1 million in 2024.
• The Rest of the MEA perfume and fragrance market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 160.8 million in 2024.

Perfume and Fragrance Market Analysis

How are Segments Performing in the Global Perfume and Fragrance Market?

Perfume and Fragrance Market Product Type Segment Analysis

According to Cognitive Market Research, Parfum, also known as De Parfum, is the leading category in the perfume and fragrance market due to its high concentration of fragrance oils, typically ranging from 15% to 40%. This concentration ensures a long-lasting scent that can persist for 8 to 12 hours, making it a premium choice among consumers seeking durability and intensity in their fragrances.

Eau De Cologne (EDC) is the fastest-growing segment in the perfume and fragrance market, largely due to its lighter formulation and affordability. With a lower concentration of fragrance oils, typically around 2% to 5%, EDC provides a subtle and refreshing scent that appeals to younger and more budget-conscious consumers. Its versatility makes it suitable for casual, everyday use and warmer climates, where lighter fragrances are preferred.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Perfume and Fragrance Industry. Request a Free Sample PDF!

Perfume and Fragrance Market Consumer Group Segment Analysis

According to Cognitive Market Research, the men's segment dominates the perfume and fragrance market due to the consistent demand for male-oriented grooming and personal care products. Fragrances targeted at men often focus on bold, musky, and woody notes, which resonate with their preferences and lifestyle.

Unisex fragrances are rapidly emerging as a key growth category in the perfume and fragrance market, owing to the growing preference for inclusivity and versatile scent profiles that transcend traditional gender boundaries. These fragrances often feature balanced compositions, blending fresh, citrusy, floral, and earthy notes that appeal to a broad consumer base.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Perfume and Fragrance Distribution Channel Outlook: Segment Analysis

Perfume and Fragrance Market Distribution Channel Segment Analysis

According to Cognitive Market Research, offline retail stores continue to hold the majority share in the perfume and fragrance market due to their ability to provide a tactile and immersive shopping experience. Department stores, specialty fragrance boutiques, and duty-free shops enable customers to test scents in person, a critical factor for purchasing perfumes. The in-store assistance provided by sales representatives further enhances customer confidence in their purchase decisions.

Online retail stores represent the fastest-growing distribution channel in the perfume and fragrance market, owing to the convenience and accessibility they offer to consumers. E-commerce platforms provide a wide range of fragrance options, from niche and luxury brands to affordable choices, catering to diverse preferences. The ability to compare prices, read reviews, and access exclusive online discounts has further boosted consumer inclination toward online shopping.

• Online Retail Stores
• Offline Retail Stores

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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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.

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