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China, 2nd largest perfume market in the world by 2030

China, 2nd largest perfume market in the world by 2030

China is a very promising market for perfumery and is set to become the world’s 2nd largest perfume market by 2030.

 

In the Middle Kingdom, the future of the perfume industry is assured and the number one compounding company in Asia, the Japanese house Takasago, stays confident about it. Indeed, China is poised to become the world’s 2nd largest fragrance market.

 

As a century-old Japanese House, and No. 1 in Asia, we are committed to developing an expertise of all Asian markets and especially the Chinese market,” explains Sylvain Eyraud, Fine Fragrance global marketing and communication director. “By 2030, China will most likely become the second gateway to the global fragrance market.

 

According to Euromonitor, Asia accounted for 13% of the global fragrance market in 2020. China alone showed a 15% growth for the sector. The report of the Euromonitor agency also reports its forecasts for the evolution of the market from 2020 to 2024, as well as from 2024 to 2030.

 

Thus, by 2030, China could move from its current position of 6th to 2nd place in the global fragrance market ranking. “On the one hand, we have fairly stable mature markets, and on the other, a China market that has an exceptional reservoir of growth based on a young generation open to perfume. The next five years will set the tone, but what we build today as a base will make tomorrow’s success,” says Mathilde Girardon, marketing manager.

 

While China is one of the few countries in the world to have ended the year 2020, heavily impacted by the health crisis, in growth. It should also be noted that its gross disposable income has doubled since 2010, and thus the ground is set for strong growth of the perfumery sector in the coming years.

 

The industry particularly stands out because of its unique olfactory ingredients, derived directly from the country’s nature. Ingredients such as green and black tea, ginseng, jasmine, ginkgo, ginger, or even carnation are especially popular with consumers.

 

That’s why the Japanese compounding house Takasago has unveiled a selection of 25 unique scents, carefully chosen from the Chinese herbal culture or traditions. For example, Iris and Magnolia, the Chinese symbol of inner beauty, or Chrysanthemum flower, the imperial symbol representing longevity, are blended with Da Hong Pao, a tea of choice that has become a reference in the country.

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These are consumers who are willing to be surprised. But to do this, we must first understand them and not copy what we do in the West, in order to better invent the great signatures of tomorrow,” says Sylvain Eyraud.

 

Read also > BOGART GROUP ANNOUNCES FIRST QUARTER 2021 RESULTS

 

Featured photo : © Press

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