Global Perfumes and Deodorants Market By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Pharmacies, E-commerce and Other Distribution Channels), By Type (Deodorants and Perfumes), By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027
The Global Perfumes And Deodorants Market size is expected to reach $89.2 billion by 2027, rising at a market growth of 6.4% CAGR during the forecast period. Perfumes are among the essential personal care products that have been a part of society for a very long time. At present, it is one of the booming industries of the business domain. Earlier, the extraction of essential oils for fragrance from various plants is considered to be an ancient craft. The task of obtaining the fragrant essential oil from plant material through steaming and pressing is known as perfumery. On Contrary, deodorants contain certain clinical value and are made to cover unpleasant body odor. It is clinically made by using some chemical compounds and also adds aroma that helps in giving a pleasant fragrance to a human body. Deodorant has a preventative usage and it also helps to create a better body odour.
The increasing popularity of premium perfumes & deodorants and the growing willingness among consumers to invest in premium personal care products are estimated to bolster the growth of the market. In addition, the perfume & deodorant market is witnessing various emerging trends in the evolving beauty & personal care industry. In addition to it, the perfumes & deodorants market is highly adapting owing to the increasing consumer demand in product offering and distribution channel.
There is an increasing awareness among people related to the management of high living standards and proper hygiene management. Due to this, people are highly adopting and investing in premium quality personal care products for maintaining a quality of life, which is estimated to accelerate the growth of perfumes & deodorants during the forecast period.
People are increasingly using perfumes and deodorants to prevent body odor and get a pleasant fragrance to their bodies. Many people use these products to enhance their overall personality and create a positive aura among people. All these reasons are encouraging consumers to adopt these products, which further augment the growth of the market.
Impact of COVID-19
The outbreak of the global COVID-19 pandemic has impacted each domain of society, be it individual or business. The imposition of various regulations & restrictions to curb the spread of coronavirus like the travel ban and nationwide lockdown has negatively affected the growth of the perfumes & deodorants market. The demand for perfumes & deodorants has witnessed a massive slowdown as people could not move out of their homes.
Moreover, the imposition of lockdown during the peak sales season has resulted in the slowdown of the market growth. With the declining spending of the consumers on such products, the demand for perfumes & deodorants has also witnessed a decline due to the outbreak of the pandemic. In addition, factors like the temporary shutdown of the manufacturing units of the products and disruption in the supply chain have also adversely impacted the growth of the market.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Specialty Stores, Pharmacies, E-commerce and Other Distribution Channels. On the basis of distribution channel, the supermarkets & hypermarkets segment garnered the largest share in the market in 2020 and is anticipated to maintain its dominance in the market during the forecast period. Hypermarkets, supermarkets, and specialty stores are among the most popular distribution channel and would remain the most preferred offline channels for consumers to buy perfumes and deodorants.
Based on Type, the market is segmented into Deodorants and Perfumes. The perfumes market segment would be the fastest growing segment during the forecast period. It is due to the factors like growing popularity of luxury perfumes across the globe. In addition, the customers with comparatively high disposable income than other income groups are the major consumers of premium or luxury perfume brands. Moreover, the increasing demand for perfumes including pheromones is one of the major driving factors of the perfumes & deodorants market.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe is anticipated to register substantial growth over the forecast period. It is due to the increase in spending of customers on premium & luxurious perfumes & deodorants. The growing demand for natural products is one of the major factors driving the demand for perfumes and deodorants in this region. Moreover, the rising demand for French perfumes across Europe is anticipated to augment the growth of the market during the forecast period.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; L’Oreal Group, LVMH SE, and Unilever PLC are the forerunners in the Perfumes and Deodorants Market. Companies such as Estee Lauder Companies, Inc., Burberry Group PLC, and Beiersdorf AG are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Unilever PLC, LVMH SE, Beiersdorf AG, L'Oreal Group, Estee Lauder Companies, Inc., Firmenich S.A., Revlon, Inc. (MacAndrews & Forbes), Giorgio Armani S.p.A, PVH Corporation (Calvin Klein), and Burberry Group PLC.
Recent strategies deployed in Perfumes and Deodorants Market
Product Launches and Product Expansions:
May-2021: Unilever released a deodorant. This deodorant is specially designed for people with disabilities.
Apr-2021: Revlon launched new fragrances, Reign On and One Heart. The Reign On is a fresh & flirty fragrance that complements the summer vibe. One Heart is the fragrance of beautiful florals and musks that gives some comfort.
Apr-2021: Estee Lauder expanded its Beautiful Fragrance Collection. This expansion includes Beautiful Magnolia fragrances that bloom like the magnolia flower.
Sep-2020: Giorgio Armani released a new fragrance for women, My Way, which is a sustainable product. It presents the top notes of bergamot & orange, with tuberose & jasmine. The base notes of My Way are composed of cedarwood, vanilla bourbon, and white musks.
Jul-2020: Burberry introduced Her London Dream, the fourth edition of Burberry Her. This edition contains notes of lemon, peony, ginger, rose accord, and musk, which are the new fragrance available in retail stores in Asia and Europe.
Jan-2020: Calvin Klein released CK Everyone, an environmentally friendly perfume with a universal appeal. This product opens with notes of natural & organic orange essential oil, followed by blue tea accents improved by hints of cedar.
Jun-2020: Firmenich expanded its global footprint by establishing its third Fine Fragrance Atelier in Grasse, France. Villa Botanica would display the natural ingredients & innovations, providing users and developers an opportunity to co-create, collaborate, and share perfumery culture, creativity, and inspiration.
Scope of the Study
Market Segments covered in the Report:
By Distribution Channel
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