Rapid Growth of the E-Commerce Industry to Augment the Perfume Market Growth

 

Perfume Market

The perfumes have strongly paved their way in the luxury world, improving the grooming habits of individuals and becoming important products of day-to-day life. It is a combination of aroma compounds and essential oils and is used to improve the body odor. Perfumes are manufactured by mixing fragrance ingredients, fixatives, and solvents. It is being distributed across the world through a strong distribution network that includes online and offline retail stores. E-commerce has become mainstream in people's daily lives with profound benefits. Therefore, with the rapid growth of the e-commerce, the perfume market is also growing.

According to the India Brand Equity Foundation (IBEF), the Indian E-commerce market is expected to reach US$ 200 billion by 2026, from US$ 38.5 billion as of 2017. Luxury perfumes are extensively used by various demographics worldwide mainly men, women, and unisex. They are also used to express individuality, personal elegance, and self-confidence. Natural ingredients such as balsams, gums, animal secretions, woods, roots, resins, leaves, spices, grasses, fruits, and flowers are used to make perfumes. Both fragrance and perfumes have the same meaning, but perfumes are used more frequently than fragrances.  

Perfumes are generally prepared by adding synthetic fragrance components, called fixatives, to volatile oils that are naturally present in plants, flowers, roots, and seeds, while fragrances are prepared by adding synthetically derived odor compounds to an oil. Therefore, there is an increasing demand for perfumes in developed and developing regions. In June 2020, House of Masaba collaborated with Nykaa to launch the first ever perfume, named Burn Babe. The bottle features House of Masaba’s signature bright and whimsical illustrations and is inspired by breaking stereotypes. This in turn is also expected to augment the perfume market growth.

Moreover, the presence of great brands in emerging economies, the strengthening economic condition of the emerging economies, the increasing penchant for luxurious products, and the increasing purchasing power of consumers are some of the factors that are driving the growth of the perfume market. Furthermore, growth of the market, in North America, Europe, and the Asia Pacific, is driven by the increasing urbanization and increasing disposable income in these regions. According to the Food and Agricultural Organization (FAO), urbanization is expected to continue at a rapid pace with urban areas accounting for 70% of the population in 2050.

However, rise in concerns over use of chemicals in perfumes is the major factor restarting the growth of the perfume market.


Location: India

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