Middle East Fragrances Market is Expected to Foresee Significant Growth during the Forecast Period. Saudi Arabia to Witness the Highest Growth
- Himanshu Patni
- September 15, 2021
- CONSUMER GOODS, NEWS
- 0 Comments
Middle East Fragrances Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. As per FDA, the fragrance is defined as a combination of chemicals that gives each perfume or cologne its distinct scent. The ingredients of fragrances may be derived from petroleum or natural raw material.
The Middle East region is well-known for its vibrant perfume and fragrance industry since the dawn of time. Fragrances are deeply rooted in society, daily practices, and customs. The Arab world has passionately shaped the art of fragrance over the centuries because of the presence of emblematic raw materials of perfumes in the region. For example, a small shrub called Cistus with pink and white flowers is native to the Middle East. They are covered with the resin called labdanum which is used in perfumery and gives off a resinous, woody, and animal smell.
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Additionally, the market is also boosting on account of the rising young populace as the people of this age are more conscious about their well-being and spend more on cosmetic products. Furthermore, with the advancement in technology and rapid urbanization in the Middle East countries, fragrances are becoming an integral part of their daily lives. For instance, in 2020, Kuwait has almost 100% of the urban population followed by Qatar (94%) and Jordan (91%). Besides, the growth in social media marketing has also played a significant role in influencing the youngsters in the region which is also adding to the pace of the growth of the fragrance market.
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 as women are more beauty-conscious and spend huge amounts on enhancing their well-being. However, the men segment is also anticipated to grow with a substantial CAGR of XX% during the forecast period owing to the wide variety of fragrances available for men.
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Based on the sales channel, the market is also fragmented into online and offline. The offline segment grabbed XX% market share in 2020. However, the online sales channel is expected to grow with a CAGR of XX% to reach a market valuation of USD XX million by 2027 owing to the growing number of internet users and increasing e-commerce penetration in the region. For instance, in MENA, UAE has one of the most advanced e-commerce markets with an annual growth of 23% between 2018 and 2022, as per the joint study by Dubai economy and Visa.
Additionally, the report provides detailed initiatives that are being taken in the field of fragrances across the Middle East. The report provides a detailed analysis of countries including UAE, Saudi Arabia, Kuwait, Egypt, and Rest of Middle East. Saudi Arabia dominated the market in 2020, with XX% share as it has one of the largest perfume markets and the presence of well-established players such as Rasasi, Ajmal, Arabian Oud, among others. 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 fragrances market. Several M&As along with partnerships have been undertaken by these players to make fragrances as cost-effective and as widely available as possible.
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Middle East Fragrances Market Segmentation
Market Insight, by Demographics
- Men
- Women
- Unisex
Market Insight, by Sales Channel
- Online
- Offline
Market Insight, by Country
- Saudi Arabia
- UAE
- Kuwait
- Egypt
- Rest of the Middle East
Top Company Profiles
- Gucci
- LVMH
- Rasasi
- Yas Perfumes
- Calvin Klein
- The Fragrance Kitchen
- Ajmal
- Arabian Oud
- Abdul Samad Al Qurashi
- Al-haramain
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