As per the latest report by IMARC Group, titled “UAE Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the UAE perfume market size reached US$ 440 Million in 2018. Fragrances play a vital role in the Arabian culture wherein individuals spend a substantial part of their incomes on perfumes. The UAE represents one of the major producers and exporters of perfumes around the world, owing to the rising demand for exotic and fine fragrances. Traditionally, perfumes were prepared manually and then introduced in the souq, a local marketplace. However, the advent of western brands in the region has resulted in the introduction of fragrances with French elements. Consequently, both regional and global perfume manufacturers are formulating strategies to expand their businesses in the country.
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Market Trends:
One of the key trends in the UAE perfume market is layering, wherein two or more perfumes are employed to create a unique and highly personalized fragrance. At present, consumers favor natural scents that have rich and warm oriental fragrances with ingredients such as oud, musk, amber and exotic flowers. Moreover, oil-based fragrances are preferred by individuals in the country owing to their longevity. In addition to this, the willingness among men and women to use perfumes for improving their personality is strengthening the market growth. Further, Dubai hosts Beautyworld each year, an international trade fair for cosmetics and perfumery. The event offers manufacturers the opportunity to exhibit their products, exchange industry information as well as engage with raw material suppliers and distributors from across the world. Looking forward, the market is projected to reach a value of US$ 750 Million by 2024, expanding at a CAGR of around 9.3% during the forecast period (2019-2024).
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Market Summary:
- Based on the price, the market has been bifurcated into premium and mass products. At present, premium products dominate the market, holding the largest share. This can be attributed to the association of high self-esteem with premium perfume products.
- On the basis of gender, the market has been segmented into male, female and unisex fragrances. Currently, unisex perfumes represent the dominant segment as they can be utilized by both male as well as female users.
- The market has been analyzed on the basis of the perfume type into Arabic, French and others. Amongst these, Arabic perfumes account for the majority of the total market share.
- The competitive landscape of the market has been examined with detailed profiles of the key players operating in the industry.
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