NEW YORK, Sept. 20, 2021 /PRNewswire/ — From $1,738.5 million in 2020, the Saudi Arabian fragrance market value will likely increase to $3,810.5 million in 2030, at an 8.2% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
The COVID-19 pandemic has had detrimental effects on the Saudi Arabian fragrance market by leading to nationwide lockdowns. This led to the shutdown of fragrance manufacturing plants, as well as the confinement of people indoors and closing down of gyms and retail stores. Thus, in 2020, not only the supply, but the demand for fragrances in the kingdom also reduced.
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The faster growth within the type segment of the Saudi Arabian fragrance market will be witnessed by the luxury product bifurcation. With the rising disposable income, millennials are increasingly going for luxury fragrances.
In the past, the parfum or de parfum category held the largest share in the Saudi Arabian fragrance market, based on product. These fragrances have the highest concentration of essential oils among all types and almost no alcohol, which is why they are stronger and last longer.
The Saudi Arabian fragrance market, on the basis of synthesis, will experience the higher CAGR, of 8.5%, in the natural bifurcation. The chemicals contained in synthetic formulations can have several side-effects, which is why, with their increasing awareness, people are demanding natural and organic perfumes.
The strongest drivers for the market are:
- Rising Focus on Grooming: With the increasing disposable income, growing workforce, and rising participation of people in social events, the need to make a good impression on one’s peers is surging in the kingdom. Giving off a pleasant smell boosts the self-confidence for many people, which is why fragrance usage is rising here.
- Growing Trend of Gyms: Another key driving force for the Saudi Arabian fragrance market is the increasing number of gym-goers. With people becoming aware of their overall health, they are increasingly going to gyms. Hence, people are using fragrances to mask the foul odor coming off their bodies after an intense workout.
Browse detailed report on Saudi Arabia Fragrance Market Opportunities and Industry Growth Forecast to 2030
In the years to come, the unisex category will dominate the Saudi Arabian fragrance market, under segmentation by consumer group. As they are not targeted at a particular sex, unisex perfumes are bought by both men and women.
The online category is projected to be the fastest growing in the Saudi Arabian fragrance market throughout this decade, under the distribution channel segment. E-commerce websites offer several conveniences, such as a wide product variety, freedom to compare products, electronic payment, and home delivery.
The western region of the kingdom holds the largest share in the Saudi Arabian fragrance market, and it will retain its dominance in the near future. The rapid urbanization and rise in the disposable income of the people in this part of the kingdom are pushing up fragrance sales.
Major players in the Saudi Arabian fragrance market are Arabian Oud, Unilever Group, L’Oréal S.A., The Procter & Gamble Company, The Estée Lauder Companies Inc., Elizabeth Arden Inc., Avon Products Inc., Calvin Klein Inc., and Symrise AG.
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