Fragrance & Perfume Industry- Regional Synopsis
APAC Market Forecast
The fragrance & perfume market in Asia Pacific is projected to be the largest with a share of about 36% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for perfumes. Between 2016 and 2020, China's perfume sales grew by more than 20% year on year, and this trend is expected to continue as Gen-Z becomes the key driver of national consumption. The share of Chinese urban consumers buying perfume for only personal uses was around 48% in 2021, while the proportion purchasing scents as gifts stayed stable at approximately 41%.
Europe Market Statistics
The European fragrance & perfume market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the growing development of industry. Europe is home to some of the best perfume manufacturers in the world, moreover, the industry contributes significantly to the region’s economy, and therefore government brings out new opportunities for its further development. For instance, as part of the European Union's 'Industry Weeks' program, IFRA, and their French member association, Prodarom, hosted two roundtable discussions on how the fragrance industry can contribute to the sector's sustainability and its significance in the Green and Digital transition.
