Market Research Report
GCC Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||692992|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|GCC Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 104 Pages||
The GCC perfume market was worth more than US$ 2.44 Billion in 2018. The market is further projected to reach a value of nearly US$ 3.87 Billion by 2024, at a CAGR of approximately 8.9% during 2019-2024. Perfume is a fragrant liquid which is prepared by combining water, alcohol, aroma compounds, essential oils, solvents and fixatives. Perfumes are formulated on the basis of different scent families such as green, oriental, musk, floral, woody, amber, herbaceous, etc. As compared to earlier, perfumes have, nowadays, become a necessity and are used on a daily basis. They help in improving the overall personality of a person by offering a pleasant scent to the human body. As a result, perfumes have gained immense traction in the GCC region.
GCC Perfume Market Drivers
Over the past few years, the tourism sector of the GCC region has experienced a significant growth which has triggered the surge in the duty-free sales. This acts as a major factor which has been boosting the perfume market in the region.
In the GCC region, the disposable income of the consumers has been increasing owing to which they are able to afford premium categories of different fragrances and perfumes. This has contributed towards a propelling demand for good-quality perfumes across the region.
As majority of the people in the GCC region follow Islamic beliefs, manufacturers have started producing fragrances and perfumes according to halal regulations which has positively influenced the growth of the market.