Why Will Luxury Category Generate a Higher Revenue in Saudi Arabia Fragrance Market?

 In 2021, the global Saudi Arabia fragrance market stood at $2,049.7 million, and it is projected to touch $3,500.9 million by 2030. The market is predicted to advance at a 6.1% CAGR from 2021 to 2030 owing to the increasing prominence of grooming and personal hygiene and the surging count of gym users. The most prominent market in the Middle East for fragrance and cosmetic products in Saudi Arabia. An ample amount of money is spent on personal hygiene and appearance by the Saudi Arabian consumers which assist in market growth.

Saudi Arabia Fragrance Market Analysis and Growth Forecast, 2030

The outbreak of COVID-19 disrupted the beauty and personal care industry, wherein the fragrances sector was adversely affected especially amid the lockdown. It witnessed negative growth and a consequent fall in the product demand on contrary to the 10% annual growth rate. Nonetheless, the Saudi Arabia fragrance market will recover at a swift growth rate in the e-commerce platforms owing to surging awareness of fragrance products amongst the consumers via rapid internet connectivity. Saudi Arabia, being home to the largest number of active social media users, assists the key players in marketing and promotion.

Browse detailed - Saudi Arabia Fragrance Market Revenue Estimation and Growth Forecast Report

Within the category segment, the Saudi Arabia fragrance market can be bifurcated into the mass category and luxury category. The luxury products generated higher revenue in the market in 2021, accounting for about 80% of the total market revenue. Because of the country’s intense banking and financial and oil & gas sectors, coupled with a rising disposable income and subsequently surging consumer purchasing power, Saudi Arabia is heralded as one of the fastest expanding world economies. In addition, there is a growth in the young population which will skyrocket the demand for these products.

There is extensive use of fragrance products among women because they consider this as an essential part of their personality. One of the most appealing and prolific individual care accessories among women is fragrance. This fragrance can either be a strong one, or a mild one depending on the tastes and preferences of a consumer.  There are ample fragrances in the market for various places such as home, work, or a party.

An important constituent of human grooming rituals in this country is perfume: a sign of aromatic scent. There has been a considerable rise in the number of international perfume corporations setting up their functioning production plants here in the Saudi Arabia fragrance market. They are offering their products to the local inhabitants by blending the conventional oriental components in their scents and adding a texture of contemporary fragrances. Perfumes are a representation of the users’ style, persona, and uniqueness. Hence, with a paradigm shift toward Western fragrances, many brands are setting-up shops in this country.

Greater adoption of technological advancements in the Saudi Arabia fragrance market will drive the product demand in personal care and cosmetic products., including body and hair oils, body lotions, shaving creams, shower gels, and shampoos. Furthermore, an inclination of consumer preferences toward wellbeing and health has opened the closed doors for this industry by creating lucrative opportunities for consumers. Moreover, to cater to the requirements of target consumers, the majority of the market players are upgrading their products by infusing organic and pleasant fragrant ingredients. This will augment growth in the market.

Hence, the rising importance of grooming and personal hygiene and greater adoption of technical advances to adapt to the shifting market dynamics will drive the market.