The global perfume market is likely to gain impetus from the rising initiatives by the industry giants to create various innovative products. One of the main concerns of consumers today is perfume longevity. Therefore, renowned companies are investing huge sums in the research and development activities to provide long-lasting perfumes and attract more consumers. Fortune Business Insights™ provided this information in a recently published study, titled, “Perfume Market Size, Share & Industry Analysis, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, and Eau Fraiche), Product (Mass and Premium), End-User (Men and Women), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 – 2026.” As per the study, the perfume market size is projected to reach USD 56,983 million by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, it stood at USD 39,406 million in 2018.
What Does This Report Contain?
• Significant transformations in market dynamics.
• A comprehensive backdrop analysis consisting of the evaluation of the parent market.
• List of the emerging niche segments and regional analysis.
• In-depth information about the perfume market trends, growth drivers, barriers, opportunities, and challenges.
Browse Detailed Summary of Research Report with TOC:
Rising Disposable Income of Masses to Boost Growth
In emerging countries, the disposable income of people is increasing day by day. It is further up surging their purchasing power. They are thus, spending a lot of money on beauty and personal care products for maintaining hygiene and beautification. Apart from that, the number of awareness campaigns regarding cosmetics is increasing worldwide. Coupled with this, the rising working-class populaces would also affect the market positively. In the urban areas, the standard of living of the masses is rising. It is leading to increasing demand for various scents and fragrances from the younger generation. As per one of our lead analysts, “Approximately 600 million people in India were under the age group of 25 years in January 2018. It proves that India houses the largest number of young population in the entire world.” All these factors are set to accelerate the perfume market growth during the forthcoming years.
Increasing Demand for Premium Quality Perfumes to Favor Growth in Asia Pacific
In terms of region, the market is grouped into Asia Pacific, Europe, the Middle East and Africa, North America, and South America. Out of these, Asia Pacific is anticipated to exhibit the fastest growth stoked by rising working-class populaces, increasing awareness programs about personal hygiene, high levels of disposable incomes, and surging young population. Apart from these, several existing companies present in this region are working persistently to create new products in developing countries, such as China and India, to gain traction.
Amongst all the countries in this region, China is likely to experience huge growth potential in the coming years. This growth is attributable to the rapid shift of consumers towards premium quality perfumes. North America, on the other hand, held USD 13,720 million perfume market share in the year 2018. The region would showcase a steady growth owing to the skyrocketing demand for high-end perfume and flourishing economy.
Ajmal Launches Aristocrat in India While L'Oréal Unveils YSL Libre Perfume
Key players present in the market are constantly engaging in R&D activities to launch state-of-the-art products and attract consumers. Through this, they are not only gaining more fragrances and scent market revenue but also expanding their product portfolio. Below are a couple of the latest industry developments:
• January 2020: Ajmal & Sons, a family-owned perfume business based in the U.A.E., launched its new range of perfumes at Shoppers Stop in India. The company teamed up with the latter to put up the celebrated fragrance brand’s new products. The company’s luxurious and unique collection is called Prestige. It includes one of the global bestsellers named Aristocrat Eau De Parfum for Him & Her.
• September 2019: L'Oréal, a personal care company headquartered in France, unveiled Libre, its latest Yves Saint Laurent (YSL) perfume. It took eight years to develop the perfume. The company would grow at a fast pace in Western Europe through the launch of this innovative product. Libre is made by utilizing orange blossom, vanilla, and diva lavender. The latter is a plant from Provence. The perfume is available across travel retail outlets in the Middle East and Africa, Europe, America, and India.
Fortune Business Insights™ profiles some of the most prominent companies operating in the perfume market. They are as follows:
• Procter & Gamble
• Natura Cosméticos SA
• Estee Lauder
• Chanel SA
• Puig SL
• Avon Products Inc.
• Elizabeth Arden, Inc.
• Other key market players
The global protective coatings market size is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028. As per a report published by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028,” the market stood at USD 12.0 billion in 2020. It is set to exhibit a CAGR of 7.3% during the forecast period 2021-2028.
PPG Acquires VersaFlex to Expand its Product Offerings
In January 2021, PPG, a leading supplier of paints, coatings, and specialty materials based in the U.S. acquired VersaFlex. It manufactures polyurethane, epoxy, and polyurea coatings for waste industrial applications, water & water infrastructure, transportation infrastructure, and flooring. This acquisition would help PPG to strengthen its position and broaden its existing product offering. Such initiatives by key players are likely to propel the demand for protective coatings in the upcoming years.
Delay of Large-scale Construction Projects amid COVID-19 Pandemic to Obstruct Growth
The COVID-19 pandemic has postponed or delayed various large-scale construction and development projects worldwide. The lack of capital expenditures and record-low consumer spending are currently taking a huge toll on the market. As per the RICS Global Construction Monitor, the Construction Activity Index of Asia Pacific was -26 in the second quarter of 2020. Nationwide lockdown measures to curb the spread of the coronavirus in countries of the region, such as Thailand, Singapore, Japan, and China have halted the production of raw materials, which would hamper growth of this industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/protective-coatings-market-102942
The research report of the protective coatings industry offers a comprehensive analysis of existing companies that can affect the market outlook throughout the forthcoming years. In addition to that, it provides an accurate assessment by highlighting data on multiple aspects that may contain growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and qualitative insights.
Drivers & Restraints-
Urgent Need to Deploy Corrosion Management Measures will Spur Growth
Metals often create compounds, such as sulfides, carbonates, hydroxides, and oxides according to the environment they are exposed to. The NACE International IMPACT stated that corrosion worldwide costs approximately USD 2.5 trillion every year. It holds around 3.4% of the global GDP. The implementation of corrosion management measures can save 15 and 35% of the cost of corrosion across the globe annually. Various industries are nowadays inclining towards lightweight metals. These coatings aid in isolating the surface that is prone to corrosion happening because of multiple environmental elements. However, these coatings contain liquefying substances that can evaporate during a chemical process when exposed to oxygen. It further emits volatile organic compounds (VOCs). Hence, regulatory bodies have restricted the usage of solvent-borne solutions. It may hinder the protective coatings market growth.
Epoxy Segment to Lead Backed by Ability to Withstand Heat and Cold
Based on the resin type, the market is divided into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others. Out of these, the epoxy segment generated the largest protective coatings market share in 2020 and is likely to maintain its position in the upcoming years. These coatings are capable of withstanding extreme heat and cold. They are also resistant to chemical exposure, scratches, and oil leaks. Hence, the coating is prevented from wearing out.
Asia Pacific Stood at USD 5.0 Billion in 2020: Fortune Business Insights™
• In 2020, Asia Pacific earned USD 5.0 billion in terms of revenue. The high demand for protective type of coatings from the infrastructure & construction industry is expected to aid growth. Apart from that, the rising investments by government agencies in infrastructure development projects, such as harbors, airports, railroads, and bridges, especially in China and India would propel growth.
• In North America, the market would grow rapidly because of the expansion of the non-residential construction sector in the U.S. In addition to that, the rising sales of electric vehicles would expand the automotive industry, thereby bolstering region growth.
• Europe is anticipated to show moderate growth on account of the presence of numerous vehicle manufacturers, such as Renault, Peugeot, BMW, Daimler, and Volkswagen in the region.
• The high demand from the commercial and residential construction industry is expected to favor growth in Latin America in the forthcoming years.
Key Companies Aim to Gain Competitive Edge through Acquisitions and New Product Launches
The global market houses numerous big, small, and medium companies that are presently focusing on acquisitions and new product launches to gain a competitive edge. A few others are investing in R&D activities to expand their portfolios. Below is one of the significant industry developments:
• July 2020: Sherwin-Williams Protective & Marine launched FIRETEX M90/03 to broaden its FIRETEX® passive fire protection coatings range. It aims to lower costs by using coating thickness specifications. The new product provides defined fire protection and long-term corrosion protection for asset owners.
A list of renowned manufacturers of protective coatings operating in this market:
• The Sherwin-Williams Company (Ohio, U.S.)
• PPG Industries, Inc. (Pennsylvania, U.S.)
• Jotun (Sandefjord, Norway)
• Akzo Nobel N.V. (Amsterdam, Netherlands)
• Kansai Paint Co., Ltd. (Osaka, Japan)
• Sika AG (Baar, Switzerland)
• The Chemours Company (Delaware, U.S.)
• Dulux Protective Coatings (California, U.S.)
• Oasis Paints (Sharjah, United Arab Emirates)
• Wacker Chemie AG (Munich, Germany)
• Henkel AG & Co. KGaA (Düsseldorf, Germany)
• NIPSEA GROUP (Singapore)
• Berger Paints (West Bengal, India)
• Hempel A/S (Lyngby, Denmark)
• Dow (Michigan, U.S.)
• Other Key Players
The global packaging resins market size is projected to grow from USD 202.46 billion in 2021 to USD 326.56 billion in 2028. The surging development of bioplastics and the increasing concerns regarding sustainability are set to affect growth positively. In June 2021, for instance, Avantium opened the world’s first commercial FDCA plant in the Netherlands to manufacture bioplastics. FDCA is a key ingredient in making bioplastic. As per the published report by Fortune Business Insights™, titled, “Packaging Resins Market, 2021-2028,” the market stood at USD 189.03 billion in 2020. It is set to exhibit a CAGR of 7.1% during the forecast period in 2021-2028.
SABIC Introduces TRUCIRCLE™ Initiative and Services at K 2019
In October 2019, SABIC, a multinational chemical manufacturing company headquartered in Saudi Arabia, unveiled its wide range of advanced packaging technology solutions and materials at K 2019. It would help manufacturers to develop sustainable packaging options for reducing waste and surging performance. It also showcased TRUCIRCLE™ initiative and services under the ‘Making a World of Difference Together’ theme. As per one of the company officials, “Our aim is to provide sustainable products as it is a major concern among customers today. We are committed to following recycling and manufacturing processes.” Such initiatives by reputed companies would propel the demand for this type of resins.
High Demand for Packaged Food and Consumes Good to Aid Growth amid COVID-19 Pandemic
The COVID-19 pandemic has resulted in the high demand for consumer goods as people are unable to leave their homes because of nationwide lockdown measures. Hence, e-purchasing activities have surged rapidly. At the same time, the rising need for packaged food products to prevent shortage amid the pandemic would aid growth. Our research report would help you select the best strategy to surge sales of packaging resins.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/packaging-resins-market-105633
The research report contains an in-depth study of various regions. It was curated by our team of highly skilled analysts after studying and observing numerous factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that key manufacturers of packaging resins are focusing on to compete with their rivals globally.
Drivers & Restraints-
Rising Demand for Ready-to-Eat Meals to Augment Growth
The high demand for these resins from the food and beverage industry is expected to propel growth. At the same time, the rising disposable income and population worldwide would also boost the demand for ready-to-cook, ready-to-eat, and processed products. According to Statista, China earned USD 126,580 million in terms of revenue in 2021 under the ready-to-eat meals segment. Additionally, the usage of good packaging would help in lowering food wastage. The rising in-store merchandise, surging shelf-ready packaging, and increasing number of store visits are expected to bolster the packaging resins market growth in the near future. However, government bodies have implemented stringent rules to ensure the safety of the environment and people. Couple with this, the disposal of plastic can lead to pollution, which, in turn, may hinder growth.
Polypropylene Segment to Hold Largest Share Backed by Rising Usage by End-users
Based on type, the market is divided into HDPE, LDPE, PET, polypropylene, polystyrene, PVC, and others. Out of these, the polypropylene segment is anticipated to generate the largest packaging resins market share in the upcoming years. This growth is attributable to its rising usage in various end-use sectors and robust production.
Asia Pacific Stood at USD 91.26 Billion in 2020: Fortune Business Insights™
• Asia Pacific is likely to remain dominant throughout the forthcoming years on account of the presence of renowned manufacturers of packaging resins, especially PVC, polystyrene, and propylene. It stood at USD 91.26 billion in 2020.
• In North America, the high demand for plastic packaging is estimated to surge in the near future because of the rising consumer preferences and demographics. At the same time, ongoing advancements in production methods, coupled with the availability of state-of-the-art packaging solutions would spur regional growth.
• Europe would showcase considerable growth on account of the presence of favorable taxation norms and novel waste recycling laws.
• In Latin America, Brazil is expected to contribute to this growth fueled by the increasing disposable income of people and high population.
Key Companies Aim to Broaden Production Capacities to Intensify Competition
The global market houses various leading vendors of packaging resins that are majorly striving to capture the maximum share. To do so, they are participating in multiple organic and inorganic strategies. A few others are launching new products and expanding production capacities to gain a competitive edge in the market. Below is one of the significant industry developments:
• April 2015: Reliance Industries Limited (RIL) opened a new manufacturing plant to produce polyethylene terephthalate (PET) resin in Gujarat, India. It has a capacity of 650 kilo tonnes per annum and was developed with Buhler AG Technology for Solid State Polymerization and Invista Technology for Continuous Polymerization.
A list of prominent manufacturers of packaging resins present in the global market:
• China Petroleum & Chemical Corporation ( Beijing, China)
• Exxon Mobil Corporation (Texas, US)
• BASF SE ( Ludwigshafen, Germany)
• LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)
• SABIC (Riyadh, Saudi Arabia)
• PetroChina Companies Ltd. (Beijing, China)
• Dow Chemical Company (Michigan, U.S.)
• Indorama Ventures Public Company Limited (Bangkok, Thailand)
• Reliance Industries (Mumbai, India)
The global hummus market size is predicted to grow from USD 2.95 billion in 2021 to USD 6.60 billion in 2028. The introduction of organic and innovative product variants is set to augment growth. Blue Moose of Boulder, for instance, unveiled its latest organic hummus single serve cups and on-the-go snack packs in January 2020 in lemon turmeric, roasted red pepper, and original flavors for providing consumers with healthy and convenient snacking options. Fortune Business Insights™ presented this information in a published report, titled, “Hummus Market, 2021-2028.” It further states that the market stood at USD 2.62 billion in 2020. It is set to exhibit a CAGR of 12.17% in the forecast period during 2021-2028.
Fresh Cravings Unveils New Line of Hummus Dips with 100% Recyclable Packaging
In March 2021, Fresh Cravings, a family-owned business of dips based in Phoenix launched its new range of dips containing Roasted Red Pepper and Classic flavors. It is the company’s very first product that will be available at Kroger. The packaging is also 100% recyclable. According to one of the company officials, “Our new product line will help people gain access to healthier snacking options. Besides, it would accelerate our position in the sustainable packaging and plant-based food segments.”
Increasing Entrance of Small Brands amid COVID-19 Pandemic to Boost Growth
The COVID-19 pandemic has compelled people to purchase essential and healthy food products for improving their immunity. Since international companies faced challenges because of the surging demand for hummus and spreads, multiple small brands entered the market. Strauss Group Ltd., for instance, stated in a report that its Sabra and Obela brands of spreads and chilled dips exhibited sales of USD 101.23 million in the first quarter of 2020. It showcased a growth of 8.8%, compared to the previous year.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/hummus-market-105632
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Surging Demand for On-the-go and Between-the-meals Snacks to Propel Growth
Hummus contains numerous vitamins, antioxidants, fibers, and proteins. As the demand for healthy snacks is rising at a fast pace, this product is gaining more popularity across the globe. People are demanding on-the-go and between-the-meals snacks. Also, millennials are set to contribute to the hummus market growth in the upcoming years because of their adoption of healthy lifestyles. As the product can be stored in refrigerators, consumers are more drawn to it owing to their hectic lifestyles.
However, the rising number of product recalls may hinder growth by lowering the confidence of people on a particular brand. The Food and Department of Agriculture (FDA) and Sabra Dipping Company, LLC, for instance, recalled 2,100 cases of the latter’s classic variant backed by potential Salmonella contamination in March 2021.
Supermarkets/Hypermarkets Segment Held 52.10% Share in U.S.: Fortune Business Insights™
By distribution channels, the market is classified into online retails, supermarkets/hypermarkets, grocery stores, and convenience stores. Amongst these, the supermarkets/hypermarkets segment generated 52.10% in terms of the U.S. hummus market share in 2020. It is anticipated to remain at the forefront because of the presence of fresh and premium-quality products in these stores. At the same time, they offer huge discounts on bulk purchasing and deliver a unique in-store shopping experience.
Increasing Adoption of Vegan Diet in U.S. to Help North America Lead the Market
• In 2020, North America earned USD 1.33 billion in terms of revenue. The region is set to lead the market throughout the forthcoming years because of the high demand for plant-based dips. This is happening on account of the adoption of a vegan diet. As per Veganbits, in 2020, there were around 1.62 million vegan people in the U.S. alone.
• Europe is anticipated to remain in the second position because of the high popularity of hummus in the U.K.
• In Asia Pacific, countries, such as China, Australia, and India are expected to contribute to growth backed by the higher acceptance of cross-culture foods.
• The Middle East is likely to showcase low growth as most people residing in the region prefer to prepare the product fresh at their homes rather than buying it from stores.
Key Companies Aim to Innovate and Broaden Portfolios through New Product Launches
Reputed manufacturers operating in the global market are striving to broaden and innovate their portfolios by launching novel products. Also, rapid urbanization and digitization is helping them gain more growth opportunities owing to the high demand from consumers. Below is one of the latest industry developments:
• March 2021: Sundrop, a food and beverage company of ITC launched two new variants of ready-to-eat hummus, namely, Peri Peri and Classic. They are best suited for cooking and snacking. They are also gluten-free and vegan.
Fortune Business Insights™ lists out the renowned companies present in this market:
• Nestlé S.A. (Vevey, Switzerland)
• Cedar’s Mediterranean Foods, Inc. (Massachusetts, U.S.)
• Haliburton International Foods, Inc. (California, U.S.)
• Strauss Group, Ltd. (Sabra Dipping Company, LLC) (Petah Tikva, Israel)
• Bakkavor Group Plc (London, United Kingdom)
• Tribe Hummus (Massachusetts, U.S.)
• Boar’s Head Brand (Florida, United States)
• Hummus Gourmet, LLC (Lantana Foods) (Texas, U.S.)
• The Kraft Heinz Company (Illinois, U.S.)
• Hope Foods, LLC. (Colorado, U.S.)
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