News Source: IMARC Group

The global perfume market has witnessed moderate growth over the past few years. Increasing urbanization, improving standards of living, escalating per capita income and the emergence of innovative perfume variants are some of the key factors boosting the sales of perfumes worldwide.

A rise in the trend of personal grooming amongst the young generation has been witnessed which is increasing the demand for exotic and youth-oriented fragrances. Additionally, inflating disposable incomes and increasing urbanization have led to rapid changes in the lifestyles of the urban population. These factors are propelling the sales of luxury goods including perfumes. Moreover, several manufacturers are offering high-quality products at affordable prices to target the mass market which is catalyzing the growth of the perfume industry across the globe. They are also improving the product packaging by introducing fragrances in rollerballs and mini bottle sprays. Further, the capital investment required for setting up a perfume manufacturing plant is relatively low which is attracting new entrants. Due to these factors, the global perfume market value is projected to reach US$ 48 Billion by 2024, at a CAGR of 3.6% over the forecast period.