Perfume market to grow, in part due to millennial demand
Future Market Insights (futuremarketinsights.com) delivers key insights on the global perfumes market in a new report titled, Perfumes Market: Global Industry Analysis and Opportunity Assessment, 2016-2026. In terms of revenue, the global perfumes market is estimated to witness a CAGR of 5.9% over the forecast period.
Increasing demand for perfumes from the millennial population is likely to boost the growth of the global perfumes market during the forecast period. Other factors fuelling demand for perfumes are increasing online retail penetration, product push strategy by key global players and increasing consumer spending on luxury grooming.
The global perfumes market is segmented based on product type, demographics, distribution channel, ingredient type and region.
Based on product type, the market is sub-segmented into Eau de Parfum, Eau de Toilette, Eau de Cologne and Eau Fraiche. Among all the product type segments, the Eau Fraiche segment is expected to account for the highest market share followed by the Eau de Toilette segment. The Eau Fraiche segment is expected to register a significant CAGR of 7.9% during the forecast period in terms of value. The Eau de Cologne segment is projected to register the second highest CAGR of 7.0% over the forecast period.