Market Research Report
Saudi Arabia Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||692994|
|Published||Content info||95 Pages
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|Saudi Arabia Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 95 Pages||
The Saudi Arabia perfume market was worth US$ 1.73 Billion in 2018. The market is further projected to reach a value of US$ 2.64 Billion by 2024, growing at a CAGR of 7.1% over the forecast period. Perfumes are used by both women and men, and signify the consumer's personality, style and individuality. They are composed of various sources such as plant (bark, flowers, leaves, fruits, resins, roots, seeds and woods), animal (ambergris, castoreum, civet, hyraceum, honeycomb and musk), natural (lichens and seaweed) and synthetic. Historically, there has been an inclination for exotic ouds and fine perfumes in Saudi Arabia which has attracted numerous international perfume manufacturers to invest in the region. On account of this, Saudi Arabia has established itself as a major hub for the creation of trendsetting perfumes.
Saudi Arabia Perfume Market Drivers
A shift in the preferences of the consumers for natural perfumes over synthetic perfumes has led to the introduction of oud-based perfumes by several western brands. This is further supported by increasing promotional campaigns by the manufacturers.
Technological advancements have helped in the development of devices which assist the consumers in creating personal perfumes by combining several spices, aromas and essential oils. This is expected to bolster the growth of the perfume market in Saudi Arabia in the coming years.
Some of the other factors facilitating the market growth include increasing focus on personal grooming, rising standards of living, growing trend of online retail and increasing penetration of social media.