Saudi Arabia Fragrance Market To Generate Revenue worth $3,500.9 Million by 2030
- Published: April 2022
The Saudi Arabia fragrance market generated an estimated revenue of $2,049.7 million in 2021, and the market size will advance at a CAGR of 6.1% during the forecast period, to reach $3,500.9 million by 2030. This can be ascribed to the rising importance of personal hygiene and grooming and innovations in cosmetic and personal care products.
Another major factor that drives the industry is the increasing number of gym-goers. Fitness has become a prime area of focus for millions of people, which is leading to a significant rise in the number of gym-goers. Customers in the country are turning to health and fitness clubs as a result of the expanding number of facilities that offer personal training and advanced exercise equipment. This is projected to promote the fragrance market growth in the future, as consumers in Saudi Arabia are willing to spend more on fragrances to mask the unpleasant odor coming off their bodies after an intense workout.
Luxury Products Dominate Market
The economy of Saudi Arabia is growing at a fast pace due to the high individual income levels and the country's thriving oil and gas, banking, and financial sectors. With the rising economy, the consumer expenditure is also increasing, especially in urban areas, where the consumers are inclined toward Western brands. Additionally, the rising number of female office-goers is fueling the market growth.
The popularity of fragrance products is also increasing among men. Fragrances help boost self-confidence and have a beneficial influence on the overall impression. For some men, wearing perfume complements their idea of personal cleanliness, whereas some people do it simply to give off a pleasant smell. Thus, the changing perception among adult men to fragrances being an integral part of personal care has led to an increase in the demand for them.
Collaborations and Partnerships Are Most-Effective Strategic Measures
Players in the Saudi Arabia fragrance market have been involved in collaborations and partnerships to remain competitive. For instance:
- In December 2021, The Procter & Gamble Company acquired Ouai, which is a hair care and lifestyle brand. With this agreement, P&G has entered the fast-growing prestige haircare market.
- In September 2021, Ajmal Perfumes partnered with SAP, a global technology company, to drive digital transformation. Working with channel partner Accely, the company would run on the SAP S/4HANA real-time business suite on the RISE, with the SAP platform, and enhance employee experience with the SAP SuccessFactors human experience management suite. It is also exploring solutions to integrate digital marketing, customer experiences, and loyalty programs.
Some of the major players operating in the Saudi Arabia fragrance market are Abdul Samad Al Qurashi, Al Majid 4Oud Company, Arabian Oud, Bath & Body Works Direct Inc., Candle-Lite Company LLC, Christian Dior SE, Johnson & Johnson, The Procter & Gamble Company, Rasasi Perfumes Industry LLC, Unilever Group, and Victoria’s Secret & Co.