South Korea Fragrances and Perfumes Market 2024, Rising Revenue, Key Demand, Business Challenges, Opportunities, Forecast Outlook till 2033: SPER Market Research
Fragrances and perfumes have distinctive scents that enhance emotional expression and encourage individual expression because of complex mixtures of aromatic compounds. Typically consisting of essential oils, smell compounds, solvents, and fixatives, they can be classified as fruity, floral, woody, or oriental, each with its own distinct characteristics and appeal. The art of perfumery involves careful blending to create a harmonic balance of top, middle, and base notes that evolve over time as the scent is worn.
According to SPER market research, ‘South Korea Fragrances and Perfumes Market Size- By Product, By Type, By Consumer Group, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Fragrances and Perfumes Market is predicted to reach USD 834.59 Million by 2033 with a CAGR of 5.49%.
Drivers:
There are several key reasons that the South Korean fragrance and perfume sector is growing quickly. To begin with, the market is anticipated to grow at a compound annual growth rate (CAGR) of approximately 5.2% between 2023 and 2028, which reflects a growing demand from consumers for unique and personalized fragrances. The demand for fragrance products has also increased due to the growth of the skincare culture and the beauty and cosmetics business; in 2022, these products will bring in around $1.2 billion in sales. By making fragrances more accessible, e-commerce has also significantly changed market dynamics; in 2022, online sales accounted for about 30% of total fragrance sales.
Challenges:
Numerous factors affect the South Korean fragrance and perfume market’s expansion and competitiveness. One significant barrier that encourages innovation but also oversaturates the market is the intense competition between domestic and foreign brands. Additionally, consumer preferences are shifting swiftly, making it difficult for established companies to satisfy the rising demand for niche and personalized fragrances. The industry has additional regulatory challenges due to complex safety rules and ingredient limits. Economic factors, such as changes in disposable income and spending habits, can also have an impact on consumer purchasing behavior.
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Impact of COVID-19 on South Korea Fragrances and Perfumes Market
The COVID-19 epidemic had a major effect on South Korea’s fragrance and perfume industry by changing customer buying habits. Social isolation and lockout procedures initially caused fewer customers to enter retail establishments, which decreased sales. For personal care products, many customers resorted to online purchasing, which fueled the expansion of e-commerce platforms. Additionally, while traditional luxury perfumes saw a dip, the market for scented personal care products and sanitizers grew as a result of growing health and hygiene awareness.
South Korea Fragrances and Perfumes Market Key Players:
Additionally, some of the market key players are Bulgari S.p.A, Burberry Limited, CHANEL, Christian Dior SE, ELCA Korea Co., Ltd., Gianni Versace S.r.l.
South Korea Fragrances and Perfumes Market Segmentation:
By Product: Based on the Product, South Korea Fragrances and Perfumes Market is segmented as; Parfum or Extrait, Eau de Parfum (EDP), Eau de Toilette (EDT), Others.
By Type: Based on the Type, South Korea Fragrances and Perfumes Market is segmented as; Natural, Synthetic.
By Consumer Group: Based on the Consumer Group, South Korea Fragrances and Perfumes Market is segmented as; Men, Women, Unisex.
By Distribution Channel: Based on the Distribution Channel, South Korea Fragrances and Perfumes Market is segmented as; Supermarkets and Hypermarkets, Convenience Store, Online, Others.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
South Korea Fragrances and Perfumes Market Size
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