To Boost Growth: Increase the Disposable Income of the Masses
People in emerging countries are seeing their disposable income rise day by day. It is also increasing people’s purchasing power. Thus, they spend a lot more on beauty and personal grooming products. The awareness campaigns surrounding cosmetics are growing worldwide.
The market could also be negatively affected by rising working-class populations. In urban areas, the standard and quality of life is increasing. This is leading to an increase in the demand for diverse scents and perfumes from the younger generations.
“About 600 million Indians aged below 25 in January 2018 were living in India,” stated one of our senior analysts. It shows that India has the largest percentage of young people in the whole world. All these factors are likely to drive the growth of perfume market during the coming years.
The study estimates that the perfume market will grow to USD 56,983million by 2026. It is forecasted that this figure will show a 4.8% annual growth rate. However, it was only USD 39.406 billion in 2018.
The rise in innovation by industry giants is likely to boost the global market for perfume. Longevity is a key concern for perfume consumers. In order to attract more customers and provide long-lasting perfumes, internationally renowned companies have invested huge sums in research and production.
Asia Pacific is seeing a rise in demand for premium quality perfumes. This will favor growth.
The market is divided by region into Asia Pacific and Europe, North America, South America, and the Middle East Africa. Out of these, Asia Pacific is anticipated to exhibit the fastest growth stoked by rising working-class populaces, increasing awareness programsaboutpersonal hygiene, high levels of disposable incomes, and surging young population.
Other than this, existing companies are still working tirelessly to create products for emerging markets like India and China.
China is the most likely country to see significant growth in the future. This is due a shift in consumers’ preference for premium quality perfumes. North America had a market share of USD 13,720 Million in 2018. This would result in a steady increase in demand for high-end perfumes, and a flourishing economic sector.