According to the report, “Middle East fragrances market is expected to witness significant growth owing to increase in awareness amongst Middle East consumers regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed towards the growth of the market.”
The global fragrance ingredients industry generated $13.6 billion in 2019, and is expected to generate $16.1 billion by 2027, witnessing a CAGR of 3.8% from 2020 to 2027. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
Over the past couple of years, the traditional mass market fragrance business has witnessed a decline in its sales since the target customers seek for fragrance brands that are more upmarket. This has triggered demand for various perfumes in the Middle East.
Increase in usage of personal care products, rise in consumption of eco-friendly, natural, and custom-made fragrances, and supportive R&D initiatives by governments drive the growth of the global fragrance ingredients market.
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However, rise in manufacturing costs and harmful side effects of chemical ingredients in perfumes such as skin problems and allergies restrain the market growth. Contrarily, ongoing product innovations and rise in product advertisements across various social media platforms create new opportunities in the coming years.
Beauty bloggers and social media influencers are creating new growth avenues for the market. Moreover, increase in advertisement along with product knowledge on social media sites such as Facebook, YouTube, Instagram, and Twitter has increased the awareness regarding perfume products, especially among millennial and generation X consumers of Middle East.
Based on type, the natural ingredients segment is expected to grow at the highest CAGR of 4.3% from 2020 to 2027, owing to preference of consumers toward therapeutic benefits of essential oils in aromatherapy and increase in spending on beauty and personal care products.
Asia-Pacific, followed by North America, contributed to the highest market share with more than one-third of the global fragrance ingredients market in 2019, and is expected to maintain its highest share by 2027. Moreover, this segment is expected to register the fastest CAGR of 4.7% from 2020 to 2027. This is due to increase in urbanization along with huge presence of personal care, hair care, and fabric care sectors.
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Key Market Players Profiled In The Report:
• Fermenich International SA
• Fine Fragrances Private Limited
• Givaudan SA
• International Flavors & Fragrances Inc.
• Kalpsutra chemicals Pvt. Ltd.Middle East Fragrances Market Share,
• Mane SA
• S H Kelkar and Company Limited
• Takasago International Corporation
Key Market Segments:
• Kingdom of Saudi Arabia
• United Arab Emirates
• Rest of Middle East
Key Benefits For Stakeholders:
♦ This report provides a quantitative analysis of the Middle East fragrances industry segments, current trends, estimations, and dynamics of the market from 2019 to 2027 to identify the prevailing the Middle East fragrances market opportunities.
♦ The market report provides information related to key drivers, restraints, and opportunities.
♦ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
♦ In-depth analysis of the Middle East fragrances market segmentation assists to determine the prevailing opportunities.
♦ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
♦ The report includes the analysis of the Middle East fragrances market trends, key players, market segments, application areas, and market growth strategies.
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Source: Allied Market Research
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