Middle East Fragrances Market Will Increase $4,414.1 Million by 2027, With Almost 7.4% CAGR

The Kingdom of Saudi Arabia led in terms of the Middle East fragrances market share in 2019, and is expected to retain its dominance during the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, March 28, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Middle East Fragrances Market by Demographics and Country: Opportunity Analysis and Industry Forecast, 2020-2027". The report offers an exhaustive examination of prime investment opportunities, successful strategies, key drivers, potential openings, market size projections, competitive dynamics, and evolving market trends. The Middle East fragrances market size was valued at $2,852.9 million in 2019, and is projected to reach $4,414.1 million by 2027, registering a CAGR of 7.4% from 2020 to 2027.

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The Middle East fragrances market has witnessed substantial growth in the last few years. This is majorly attributable to the presence of young demography, upsurge in disposable income, and improvement in standard of living. However, the recent outbreak of coronavirus has significantly impacted personal care and cosmetics industries along with all stages of supply chain and value chain. It has further affected the consumer behavior with regards to purchasing cosmetics and perfumes in the Middle East.

Innovation stands as the linchpin driving the expansion of the Middle East fragrances market in terms of value sales. The escalating desire for diverse perfume offerings among consumers paves the path for manufacturers to introduce herbal or organic fragrance products at accessible prices and with eco-conscious packaging. Additionally, the surge in awareness concerning personal grooming among both individuals and working professionals has propelled the growth of the Middle East fragrances market.

Over the past couple of years, the traditional mass market fragrance business has witnessed a decline in its sales since the target customers seek for fragrance brands that are more upmarket. This has triggered demand for various perfumes in the Middle East.

Availability of premium products in the market has become necessity in recent years. This is attributed to the fact that these products minimize the gap between the price range of luxury and ordinary quality for middle-income group consumers. As a result, premiumization plays a key role in the overall growth of Middle East fragrance market. Presently, customers seek for superior quality while using consumer goods, including perfumes irrespective of their high-end price tags. This results in increase in demand for premium brand perfumes.

Beauty bloggers and social media influencers are creating new growth avenues for the market. Moreover, increase in advertisement along with product knowledge on social media sites such as Facebook, YouTube, Instagram, and Twitter has increased the awareness regarding perfume products, especially among millennial and generation X consumers of Middle East. In addition, large number of local YouTubers are now hosting popular channels to demonstrate product reviews and tutorials, which, in turn, drive the Middle East fragrances market growth.

Increase in penetration of various online portals in the Middle East and rise in number of offers or discounts attract large consumer base to purchase perfumes through online channels. Moreover, online sales channel has increased the consumer reach owing to which it has evolved as a key source of revenue for many companies.

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Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter in new international markets for major brands further boost the growth of the Middle East fragrances market.

The Middle East fragrances industry is studied on the basis of demographic and country. Depending on demographic, the market is categorized into male, female and unisex. By country, it is segregated into Kingdom of Saudi Arabia, United Arab Emirates, Jordan, Iraq and Rest of Middle East.

𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐅𝐫𝐚𝐠𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭 (𝐊𝐢𝐧𝐠𝐝𝐨𝐦 𝐨𝐟 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚, 𝐔𝐧𝐢𝐭𝐞𝐝 𝐀𝐫𝐚𝐛 𝐄𝐦𝐢𝐫𝐚𝐭𝐞𝐬, 𝐉𝐨𝐫𝐝𝐚𝐧, 𝐈𝐫𝐚𝐪 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭 𝐨𝐟 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭):

𝐂𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐜𝐞: Fragrances hold deep cultural significance in Middle Eastern societies, where perfumes have been used for centuries. Perfume is considered an integral part of personal grooming and social etiquette in many Middle Eastern countries.

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐃𝐢𝐬𝐩𝐨𝐬𝐚𝐛𝐥𝐞 𝐈𝐧𝐜𝐨𝐦𝐞: Economic prosperity in the Middle East, driven by factors such as oil revenues, economic diversification, and investments in infrastructure, has led to an increase in disposable income among consumers. This has resulted in higher spending on luxury and personal care products, including fragrances.

𝐑𝐢𝐬𝐢𝐧𝐠 𝐔𝐫𝐛𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐈𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞: Rapid urbanization and exposure to Western lifestyles have influenced consumer preferences in the Middle East, leading to a growing demand for international fragrance brands and products. Western luxury brands are particularly popular among affluent consumers in the region.

𝐓𝐨𝐮𝐫𝐢𝐬𝐦: The Middle East is a popular tourist destination, attracting millions of visitors each year. Tourists often purchase fragrances as souvenirs or gifts, contributing to the growth of the fragrance market in the region.

𝐎𝐧𝐥𝐢𝐧𝐞 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠: The proliferation of e-commerce platforms and online retailing has made it easier for consumers in the Middle East to access a wide range of fragrance products. This has expanded the reach of fragrance brands and contributed to market growth.

𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐇𝐚𝐥𝐚𝐥 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬: With a growing awareness of halal products, there is a rising demand for halal-certified fragrances in the Middle East. Halal perfumes, which adhere to Islamic principles and are free from alcohol and animal-derived ingredients, are gaining popularity among Muslim consumers.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:

○ This report provides a quantitative analysis of the Middle East fragrances industry segments, current trends, estimations, and dynamics of the market from 2019 to 2027 to identify the prevailing the Middle East fragrances market opportunities.
○ The market report provides information related to key drivers, restraints, and opportunities.
○ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
○ In-depth analysis of the Middle East fragrances market segmentation assists to determine the prevailing opportunities.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
○ The report includes the analysis of the Middle East fragrances market trends, key players, market segments, application areas, and market growth strategies.

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𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐁𝐮𝐲 𝐓𝐡𝐢𝐬 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭 𝐟𝐫𝐚𝐠𝐫𝐚𝐧𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
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