Middle East Fragrances Market was valued at US$ XX billion in 2020 and is anticipated to reach US$ XX billion by 2027 displaying an elevated CAGR of XX% over the forecast period (2021-2027). A fragrance is the scent of something that smells goods and is somewhat a strong one. It is especially associated with flowers and is used to describe things that have a pleasant and strong scent. The cosmetic fragrances are applied to the body of a person to emit a pleasant smell and include perfume, cologne, and aftershave.
Middle East countries are known for its thriving fragrances and perfume industry as fragrances are an integral part of their culture and tradition due to which consumers in this region tends to buy scent in bulk. For example, one of the traditions that have been passed down through generations in the region is using the smoke of oud sticks by women to permeate their hair. Owing to the growing integration of scents in tradition and the emergence of aromachology the sales of fragrances is huge in the region. For instance, in the Middle East, 3 bottles of perfumes are sold every second and fragrances make up almost 70% of the prestige beauty category.
Furthermore, the growth of the market is attributed to the surge in disposable incomes which is leading to the rise in consumer spending on luxury products including perfumes and fragrances. For instance, nearly, 60% of the region's population are millennials with independent spending power & has a willingness to try new products from niche brands in the Middle East. In addition to this, the growing tourism, presence of well-established industry players, and penetration of social media marketing in the region are also driving the fragrance market. However, the availability of counterfeit products and the use of chemical ingredients with probable side effects are impeding market growth.
Gucci, LMVH, Rasasi, Yas Perfumes, Calvin Klein, The Fragrance Kitchen, Ajmal, Arabian Oud, Abdul Samad Al-Qurashi, Al-haramain are some of the prominent players operating in the Middle East fragrances market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
"Amongst Demographics, women segment holds the major share"
Based on demographics, the Middle East Fragrances market is segmented into men, women, and unisex. The women segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe. The growth of this segment is attributed to the increase in working women coupled with the need to maintain their strong identity leading to the growing expenditure on cosmetics and scents. However, the male segment is also expected to grow at a significant CAGR of XX% owing to the growing awareness to maintain their well-being among men in the region.
"Amongst Sales Channel, offline segment holds the major share"
Based on sales channels, the Middle East fragrances market is bifurcated into offline and online. The offline segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe as e-commerce makes only around 3% of retail sales in the region. However, the online segment is anticipated to grow at a considerable CAGR in the upcoming years owing to the growing penetration of e-commerce and rapid growth in mobile and internet users in the region. For instance, as of April 2019, the internet penetration rate in the Middle East was 67.2% among the local population while the internet penetration rate for the rest of the world was around 56.8%.
"Saudi Arabia represents one of the largest markets of fragrances market"
For a better understanding of the market dynamics of the fragrances market, a detailed analysis was conducted for different regions across the Middle East countries including Saudi Arabia, UAE, Kuwait, Egypt, and the Rest of the Middle East. Saudi Arabia dominated the market and grabbed around XX% market share owing to growth in the young population and an increase in the consumer expenditure capacity in the country.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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A fragrance is the scent of something that smells goods and is somewhat a strong one. It is especially associated with flowers and is used to describe things that have a pleasant and strong scent. The cosmetic fragrances are applied to the body of a person to emit a pleasant smell and include perfume, cologne, and aftershave.
Middle East countries are known for its thriving fragrances and perfume industry as fragrances are an integral part of their culture and tradition due to which consumers in this region tends to buy scent in bulk. For example, one of the traditions that have been passed down through generations in the region is using the smoke of oud sticks by women to permeate their hair. Owing to the growing integration of scents in tradition and the emergence of aromachology the sales of fragrances is huge in the region. For instance, in the Middle East, 3 bottles of perfumes are sold every second and fragrances make up almost 70% of the prestige beauty category.
Furthermore, the growth of the market is attributed to the surge in disposable incomes which is leading to the rise in consumer spending on luxury products including perfumes and fragrances. For instance, nearly, 60% of the region's population are millennials with independent spending power & has a willingness to try new products from niche brands in the Middle East. In addition to this, the growing tourism, presence of well-established industry players, and penetration of social media marketing in the region are also driving the fragrance market. However, the availability of counterfeit products and the use of chemical ingredients with probable side effects are impeding market growth.
Based on demographics, the market is fragmented into men, women, and unisex. The women segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. However, the men segment is also anticipated to grow at a considerable CAGR during the forecast period.
Based on the sales channel, the market is fragmented into online and offline. The offline segment of the Middle East fragrances market dominated the market with around XX% market share in 2020. However, The online segment is expected to grow at a CAGR of XX% in the forthcoming years owing to the growing e-commerce penetration in the middle east.
For a better understanding of the market adoption of the fragrances, the market is analyzed based on its presence in the countries such as UAE, Saudi Arabia, Kuwait, Egypt, and the Rest of Middle East. Saudi Arabia constitutes a major market for the fragrances industry and generated revenue of USD XX Million in 2020 owing to the growth in the young population and increase in the consumer expenditure capacity in the country. Also, the presence of well-established players in the region adding pace to the growth of the market in the country. However, UAE is also anticipated to the grow at a considerable CAGR during the forecast period.
Some of the major players operating in the market are Gucci, LMVH, Rasasi, Yas Perfumes, Calvin Klein, The Fragrance Kitchen, Ajmal, Arabian Oud, Abdul Samad Al-Qurashi, Al-haramain, among others. Several M&As along with partnerships have been undertaken by these players to develop new and innovative fragrances.
This market is expected to witness a boost on account of the growing urban population and increasing awareness to maintain their well-being and strong identity. In addition to this, key players worldwide are introducing new and advanced technologies as well as products to cater to the middle-income group propelling the growth of the Middle East fragrance market.
Table of Contents
1 MARKET INTRODUCTION
1.1 Market Definitions
1.2 Objective of the Study
1.3 Limitation
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Middle East Fragrances Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Middle East Fragrances Market
2.1.1 Main Objective of the Middle East Fragrances Market
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 MIDDLE EAST FRAGRANCES MARKET REVENUE
7 MARKET INSIGHTS BY DEMOGRAPHICS
7.1 Men
7.2 Women
7.3 Unisex
8 MARKET INSIGHTS BY SALES CHANNEL
8.1 Online
8.2 Offline
9 MARKET INSIGHTS BY COUNTRY
9.1 Saudi Arabia
9.2 UAE
9.3 Kuwait
9.4 Egypt
9.5 Rest of Middle East
10 FRAGRANCES MARKET DYNAMICS
10.1 Market Drivers
10.2 Market Challenges
10.3 Impact Analysis
11 MIDDLE EAST FRAGRANCES MARKET OPPORTUNITIES
12 MIDDLE EAST FRAGRANCES MARKET TRENDS & INSIGHTS
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
14.1 Demand Side Analysis
14.2 Supply Side Analysis
14.2.1 Top Product Launches
14.2.2 Top Business Partnerships
14.2.3 Top Merger & Acquisitions
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
16.1 Porter's Five forces analysis
16.1.1 Bargaining power of Supplier
16.1.2 Bargaining power of Buyer
16.1.3 Industry Rivalry
16.1.4 Availability of Substitute
16.1.5 Threat of new Entrants
17 COMPANY PROFILED
17.1 Ajmal
17.1.1 Key Facts
17.1.2 Business Description
17.1.3 Key Product/Services Offerings
17.1.4 Growth Strategy
17.1.5 SWOT Analysis
17.1.6 Key Financials
17.1.6.1 Revenue Split
17.1.6.2 Financial Overview of Ajmal
17.1.7 Recent Developments
17.1.7.1 Product Launch
17.1.7.2 Partnerships
17.1.7.3 Business Expansion and Investments
17.1.7.4 Merger and Acquisition
17.2 Gucci
17.3 LVMH
17.4 Rasasi
17.5 Yas Perfume
17.6 Calvin Klein
17.7 The Fragrance Kitchen
17.8 Arabian Oud
17.9 Abdul Samad Al Qurashi
17.10 Al-haramain
18 DISCLAIMER
Gucci
LMVH
Rasasi
Yas Perfumes
Calvin Klein
The Fragrance Kitchen
Ajmal
Arabian Oud
Abdul Samad Al-Qurashi
Al-haramain