Saudi Arabia Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The Saudi Arabia perfume market was worth US$ 1.6 Billion in 2017. The market is further projected to reach a value of US$ 2.5 Billion by 2023, at a CAGR of 7.8% over the forecast period. Perfumes are used by both women and men, and signify the consumer’s personality, style and individuality. They are composed of various sources such as plant (bark, flowers, leaves, fruits, resins, roots, seeds and woods), animal (ambergris, castoreum, civet, hyraceum, honeycomb and musk), natural (lichens and seaweed) and synthetic. Historically, there has been an inclination for exotic ouds and fine perfumes in Saudi Arabia which has attracted numerous international perfume manufacturers to invest in the region. On account of this, Saudi Arabia has established itself as a major hub for the creation of trendsetting perfumes.
Saudi Arabia Perfume Market Drivers
A shift in the preferences of the consumers for natural perfumes over synthetic perfumes has led to the introduction of oud-based perfumes by several western brands. This is further supported by increasing promotional campaigns by the manufacturers.
Technological advancements have helped in the development of devices which assist the consumers in creating personal perfumes by combining several spices, aromas and essential oils. This is expected to bolster the growth of the perfume market in Saudi Arabia in the coming years.
Some of the other factors facilitating the market growth include increasing focus on personal grooming, rising standards of living, growing trend of online retail and increasing penetration of social media.
Market Breakup by Price:
On the basis of price, the market has been segmented into premium and mass products. Currently, premium products account for the majority of the total market share owing to the greater emphasis on quality and personalization offered by these products.
Market Breakup by Gender:
Based on gender, unisex perfume represents the leading segment, holding the largest market share. Most of the consumers in Saudi Arabia prefer oriental fragrances which are unisex in nature such as sandalwood, musk, oud and amber. Unisex perfume is followed by female and male perfumes.
Market breakup by Product
The market has also been divided on the basis of product type into Arabic, French and others. Amongst these, Arabic perfumes account for the majority of the total market share, representing the most popular perfume type. Demand for expensive Arabic perfumes such as bukhur, amber, oud and rose owing to high income levels has been proactive in maintaining the market growth.
The report has also analysed the competitive landscape of the Saudi Arabia perfume market and provides the profiles of the major players.
This report provides a deep insight into the Saudi Arabia perfume market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the perfume market in any manner.
Key Questions Answered in This Report:
How has the Saudi Arabia perfume market performed so far and how will it perform in the coming years?
What are the major gender segments in the Saudi Arabia perfume market?
What are the key product types in the Saudi Arabia perfume market?
What has been the performance of the premium segment versus the mass segment?
What are the various stages in the value chain of the Saudi Arabia perfume market?
What are the key driving factors and challenges in the Saudi Arabia perfume market?
What is the structure of the Saudi Arabia perfume market and who are the key players?
What is the degree of competition in the Saudi Arabia perfume market?
How is perfume manufactured?