Wiseguyreports.Com Adds “Men'S Perfume – Global Market Growth, Opportunities, Analysis Of Top Key Players And Forecast To 2024” To Its Research Database.
Men'S perfume market was valued $ 52.7 billion in the year 2018, and it has been expected to reach $ 72.3 billion by 2023, compared to a CAGR of 5.5% in the forecast period from 2019 to 2024
The total volume of the men'S perfume market is estimated at $ 31.4 billion. In the year 2018, it is expected to expand overall annual growth between 2019 to 2025. The growth in the market is driven the growing trend of personal care together with the increasing demand for foreign and luxurious products. Also, total spending on welfare and luxury income are increasing due to living standards. In recent years, fragrances have become an important part of the beauty and personal care industry.
The fragrance emerged as a significant product determined by the growing trend of personal care that is part of pride and confidence. Product innovations based on customer needs continue to increase sales in the men'S perfume market. Also, the brand's location in Tokyo placed an artist in the area to illustrate the urban landscape on crowded boxes to create a unique design for product packaging.
The offline segment has been the largest distribution channel in 2018, achieving a market share of 92.1%. This distribution channel includes supermarkets, supermarkets, department stores, drug stores, direct sales and unregulated retail. In many developing countries like Thailand, India, Taiwan, and Bangladesh, informal retailing is one of the main distribution channels. Very few manufacturers sell their products directly to consumers. Amway is one of the largest direct sellers of personal care and home care products, including perfumery and road machinery.
Top Key Vendors: –
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Men'S perfume market was valued $ 52.7 billion in the year 2018, and it has been expected to reach $ 72.3 billion by 2023, compared to a CAGR of 5.5% in the forecast period from 2019 to 2024. For example, the LUXE brand identifies itself as a brand with a natural scent and works with celebrities to approve the product. There is an increase in the consumer spending market on personal care products and awareness of the therapeutic benefits of perfumes. The increasing popularity of fragrances and the growing demand for great perfumes stimulate the sale of fragrances (pure fragrances), where the concentration of odour ranges from 15 to 40%.
Factors affecting the growth prospects:
The global men'S perfume industry has become increasingly popular due to the growing demand and personal preparation of exotic fragrances. Urban growth, population growth, product diversification and strong spending capacity of key players are critical factors in the growth of the global men'S perfume market. Rapid urbanization positively influences the development of the worldwide perfume market. Lifestyle changes related to rising living standards have a positive impact on the perfume market. The growing use of cosmetics and cosmetics, combined with the strong performance of the cosmetics industry, is an essential factor in the growth of the global perfume market.
Geographically, the global market for men'S perfume is distributed in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Asia-Pacific dominates the global market for foot care products. North America and Europe represent significant stocks in the worldwide market.
In the Asia-Pacific region, many key players are involved in e-commerce stores to grow their distribution network, which could lead to market growth in the area.
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Source: EIN Presswire