Perfume Market

The global perfume market is expected to continue growing, with consumption forecasted to increase at a CAGR of +4.3% from 2022 to 2030, reaching 3.6M tons by the end of 2030. In value terms, the market is projected to grow at a CAGR of +6.1% to $60.6B by 2030. India is the largest consumer and producer of perfumes, while the United States, the United Arab Emirates, and France are major exporters. France remains the largest supplier, with an average export price of $27,141 per ton in 2022.

Market Forecast

Driven by increasing demand for perfumes and toilet waters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 3.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $60.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Perfumes And Toilet Waters

In 2022, approx. 2.6M tons of perfumes and toilet waters were consumed worldwide; growing by 7.2% against the previous year. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.0% against 2020 indices. Global consumption peaked at 2.6M tons in 2020; afterwards, it flattened through to 2022.

The global perfume market size totaled $37.8B in 2022, surging by 4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

India (1.3M tons) remains the largest perfume consuming country worldwide, comprising approx. 50% of total volume. Moreover, perfume consumption in India exceeded the figures recorded by the second-largest consumer, the United States (246K tons), fivefold. China (211K tons) ranked third in terms of total consumption with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in India stood at +7.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+9.5% per year) and China (+2.7% per year).

In value terms, India ($12.4B), the United States ($6.7B) and China ($1.7B) constituted the countries with the highest levels of market value in 2022, with a combined 55% share of the global market. Turkey lagged somewhat behind, accounting for a further 3.8%.

Among the main consuming countries, Turkey, with a CAGR of +16.6%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of perfume per capita consumption in 2022 were Turkey (1,696 kg per 1000 persons), India (918 kg per 1000 persons) and the United States (734 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +13.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Perfumes And Toilet Waters

In 2022, global perfume production skyrocketed to 2.7M tons, increasing by 16% compared with the previous year's figure. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 21%. Global production peaked in 2022 and is expected to retain growth in the near future.

In value terms, perfume production rose markedly to $34.1B in 2022 estimated in export price. In general, production saw resilient growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 17% against the previous year. Over the period under review, global production attained the peak level in 2022 and is expected to retain growth in the near future.

Production By Country

India (1.3M tons) remains the largest perfume producing country worldwide, accounting for 50% of total volume. Moreover, perfume production in India exceeded the figures recorded by the second-largest producer, China (241K tons), sixfold. The third position in this ranking was taken by the United Arab Emirates (190K tons), with a 7.1% share.

In India, perfume production expanded at an average annual rate of +7.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+2.7% per year) and the United Arab Emirates (0.0% per year).

Imports

World Imports of Perfumes And Toilet Waters

In 2022, approx. 797K tons of perfumes and toilet waters were imported worldwide; growing by 10% on 2021 figures. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 15% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, perfume imports expanded notably to $25.1B in 2022. The total import value increased at an average annual rate of +4.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (124K tons), distantly followed by the Netherlands (39K tons) and the UK (36K tons) were the key importers of perfumes and toilet waters, together constituting 25% of total imports. Germany (34K tons), Italy (33K tons), Spain (33K tons), the United Arab Emirates (33K tons), Canada (25K tons), Belgium (25K tons), Saudi Arabia (24K tons), France (22K tons), Senegal (21K tons) and Russia (20K tons) took a minor share of total imports.

Imports into the United States increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Senegal (+23.9%), the Netherlands (+9.3%), Canada (+8.6%), Italy (+8.0%), Belgium (+7.9%), Spain (+7.6%), France (+6.2%) and the United Arab Emirates (+1.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in the world, with a CAGR of +23.9% from 2012-2022. The UK and Russia experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-1.7%) and Germany (-4.7%) illustrated a downward trend over the same period. The United States (+3.9 p.p.), the Netherlands (+2.2 p.p.), Senegal (+2.2 p.p.) and Italy (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while Saudi Arabia and Germany saw its share reduced by -1.8% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($3.7B), the Netherlands ($1.9B) and Germany ($1.7B) appeared to be the countries with the highest levels of imports in 2022, together comprising 29% of global imports.

Among the main importing countries, the Netherlands, with a CAGR of +11.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average perfume import price amounted to $31,460 per ton, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 when the average import price increased by 11% against the previous year. As a result, import price attained the peak level of $31,771 per ton, leveling off in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($51,619 per ton), while Senegal ($288 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Perfumes And Toilet Waters

In 2022, approx. 908K tons of perfumes and toilet waters were exported worldwide; increasing by 40% against 2021 figures. The total export volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, perfume exports surged to $24.6B in 2022. The total export value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 29%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

The United Arab Emirates (209K tons) and France (156K tons) represented the major exporters of perfumes and toilet waters in 2022, resulting at near 23% and 17% of total exports, respectively. Spain (83K tons) ranks next in terms of the total exports with a 9.2% share, followed by the United States (6.2%) and Italy (4.9%). The following exporters - India (40K tons), Germany (38K tons), China (33K tons), Poland (32K tons), Singapore (28K tons), the Netherlands (24K tons), the UK (21K tons) and Turkey (15K tons) - together made up 26% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United Arab Emirates (with a CAGR of +24.0%), while the other global leaders experienced more modest paces of growth.

In value terms, France ($6.7B) remains the largest perfume supplier worldwide, comprising 27% of global exports. The second position in the ranking was held by Spain ($2.6B), with a 10% share of global exports. It was followed by the United Arab Emirates, with an 8.6% share.

In France, perfume exports expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+7.5% per year) and the United Arab Emirates (+27.2% per year).

Export Prices By Country

The average perfume export price stood at $27,141 per ton in 2022, reducing by -15.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 12% against the previous year. As a result, the export price reached the peak level of $32,215 per ton, and then fell markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($54,370 per ton), while India ($4,904 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform