Research states that a lot about human personality can be judged through their perfume. Humans have the tendency to select a scent which reveals a lot of their characteristics. Perfume has been in our culture since ages. Since ancient times there have been perfume makers who have taken a lot of efforts to mix oils, flowers and aroma to create a pleasant scent for people. The tradition of mixing different notes to create something new is still in practice. The present generation is very groomed and are conscious about the products they are using. Perfume makers have been in the market for centuries and are always trying to increase their market with innovative inventions.
The perfume industry is a consumer driven market. Only if the consumer is satisfied with the fragrance then the perfume becomes a hit. The market is fickle minded and is heavily dependent on the latest culture. Some of the old players in this industry have been facing competition from different fashion houses and celebrities. Countries like china and japan are in demand as they have unused opportunities. Women and teenagers are the main consumers, men grooming market is also increasing as most of them are conscious about their personality.
The global perfume market has been estimated to reach a value of approximately US$45.6 billion by the year 2018. And fragrance usage in Japan is expected to grow at an average annual rate of 1.4% till the year 2017.
With celebrities creating their own perfume line every fortnight and increase in the demand for it has given an overall boost to the market.