The Perfumes Industry Is Boosted To Grow To $70B By 2025 Due To The Millennial Population

Date

10/5/2021 7:21:31 AM

(MENAFN- EIN Presswire)

Perfumes market Report 2021 : COVID-19 Impact And Recovery

Perfumes Market Report 2021

The Business Research Company's Perfumes Global Market Report 2021 - COVID-19 Impact And Recovery

LONDON, GREATER LONDON , UK, October 5, 2021 /EINPresswire.com / -- Rapid growth in the millennial population reaching a particular age group is expected to drive the perfumes market . As of 2020, there were 1.8 billion millennials globally. Perfume market research suggests that young people tend to spend more than old on cosmetics, in an effort to improve their portrayal and quality of life. Millennials are the largest potential purchasing community of cosmetics in 2019, accounting for around 32% of the world's population, compared to 17 percent for those over 55 years of age. By 2025, millennials are expected to constitute to nearly three-quarters of the global work force. As millennials will represent a large part of the global workforce and play a major role in driving the current economy, their preferences and shopping habits will be an important driving factor for the perfumes market.

The global perfumes market is expected to grow from $43.47 billion in 2020 to $50.70 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%. The global fragrances and perfume market size growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $69.92 billion in 2025 at a CAGR of 8%.

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Major players covered in the global perfumes industry are Coty Inc., Shiseido Company Limited, L'Oréal SA, LVMH Mot Hennessy Louis Vuitton SE, Revlon Inc., Avon Products Inc., Abdul Samad Al Qurashi, Este Lauder Companies Inc., Oriflame Holding AG, Chanel SA, Elizabeth Arden Inc., Natura Cosmticos SA, Herms International SA, Inter Parfums Inc., PDC Brands, Puig SL, Christian Dior, Calvin Klein, Vivenza, Royal Beauty Group Co., AlQuraishi Fragrances, Reehat Al Atoor, Asghar Ali Co. W.L.L., Rasasi Perfumes Industry LLC, Arabian Oud, Swiss Arabian Perfume Grp, Atyab Al Marshoud, Al Shaya, Ajmal Perfume, Abdulsamad Al Qurashi.

TBRC's global perfume market segmentation is by product into mass, premium, by end user into women, men, by distribution channel into offline, online.

Perfumes Global Market Report 2021 - By Product (Mass, Premium), By End User (Women, Men), By Distribution Channel (Offline, Online), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides perfumes market overview, forecast perfumes market size and growth for the whole market, perfumes market segments, and geographies, perfumes market trends, perfumes market drivers, restraints, leading competitors' revenues, profiles, and market shares.

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