IMARC Group’s latest report, entitled “Saudi Arabia Perfume Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Saudi Arabia perfume market reached a value of US$ 1.6 Billion in 2017. Perfumes form an integral part of the Saudi Arabia’s tradition and cultural heritage due to which the consumers are very selective in choosing perfumes and spend a significant amount of their incomes on these products. Over the years, Saudi Arabia has emerged as a major hub for creating innovative perfumes with a particular focus on exotic ouds and fine variants. Moreover, as perfumes and fragrances aid in improving mood and reducing stress, the emergence of aromachology and use of fragrances in therapeutic applications are providing a positive thrust to the market growth. The market has also gained traction as the manufacturers are launching exotic and unisex fragrances in order to diversify their product portfolio and target the affluent consumers.
Saudi Arabia Perfume Market Trends:
In Saudi Arabia, the consumers prefer to purchase halal cosmetics as they contain ingredients that are permitted under the Islamic law. Further, the increasing employment opportunities coupled with rising purchasing power of the consumers in Saudi Arabia is expected to accelerate the personal grooming trend and, in turn, the growth of the perfume market. On account of increasing travel and tourism activities, and western influences, the consumers are now adopting blends of oriental and French fragrances. Moreover, numerous perfume manufacturers are focusing on fragrances which are unisex in nature like as oud, sandalwood, amber, musk and rose. Other factors such as the emergence of commercial television and internet as major advertising platforms, innovative marketing strategies, urbanization, and proliferation of shopping centers have led to a shift in the consumer preferences for luxury goods in the region. Looking forward, the market is projected to reach a value of US$ 2.5 Billion by 2023, expanding at a CAGR of 7.8% during 2018-2023.
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Saudi Arabia Perfume Market Summary:
- Based on price, the market has been segmented as premium and mass products. Amongst these, premium products dominate the market, accounting for the majority of the total share.
- On the basis of gender, unisex perfumes hold the largest share, representing the leading segment. Unisex perfumes are followed by female and male perfumes.
- Based on products, the market has been segregated into Arabic, French and other perfumes. Currently, Arabic perfumes are the most popular product type as there is a huge demand for traditional fragrances, such as bukhur, amber, oud and rose.
- The competitive landscape of the market has also been examined with some of the key players being Arabian Oud and Abdul Samad Al Qurashi.
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