Market Overview
The European perfume market is projected to generate USD 15.8 million in revenue in 2024, growing at a CAGR of 5.7% to reach USD 22.1 billion by 2030. Key factors driving this growth include high disposable income, a well-established corporate and fashion culture, urbanization, a growing workforce, and increasing appearance consciousness. Perfumes are commonly used to boost emotions, confidence, and style.
Innovations in the industry, such as Chanel's 2022 eco-conscious beauty line with 97% natural ingredients, are also contributing to market expansion. As consumers become more environmentally aware, brands are focusing on sustainable packaging, aligning with this shift.
A notable trend is the rising awareness of grooming and self-care, as highlighted by a 2022 survey by Cosmetics Europe, which showed that 7.2% of European consumers use cosmetics daily, with usage rates significantly higher among women and individuals aged 25–54.
Additionally, Europe's luxury lifestyle and fashion hubs, particularly in Milan and Paris, attract tourists. Paris, the world's most-visited city in 2022, with 44 million tourists, plays a key role, as visitors are drawn to local and luxury perfumes, often influenced by discounts and unique offerings at retail shops. This drives strong demand for perfumes across the region.
Key Insights
- Supermarkets and hypermarkets will hold the largest market share in 2024.
- Hypermarkets' accessibility and widespread presence contribute to their dominance.
- They offer a wide range of perfumes, becoming a one-stop destination for consumers.
- Western perfumes dominate with a 55% share in 2024.
- Western fragrances, such as floral, aquatic, and woody, are popular among consumers.
- France is renowned for its long history of perfume craftsmanship.
- Prestigious brands like Chanel and Guess contribute to the market's growth.
- The premium perfume category will hold around 50% of the market in 2024.
- Premium brands often use celebrity endorsements and marketing campaigns to attract customers.
- European consumers prefer premium perfumes due to their high quality and affordability.
- The women's category will dominate the market in 2024.
- Women’s interest in trying various scents drives the category’s growth.
- Women's perfumes offer a wider product range for different occasions.
- Women spend an average of five hours a week on self-grooming, compared to men's three hours.
- The 21–40 age group will hold the largest market share in 2024.
- This age group will grow at the highest CAGR of 6.2% during the forecast period.
- The financial stability of the 21–40 age group fuels their spending on high-end perfumes.
- The self-use category will hold the largest market share in 2024.
- European consumers' emphasis on personal hygiene boosts demand for fragrances.
- France will hold the largest market share in 2024, at 40%, while Germany will have the highest CAGR of 6.5%.
Source: P&S Intelligence
