Asia: Perfume Market 2024

Perfume Market Size in Asia

The Asian perfume market expanded slightly to $X in 2022, with an increase of 4.2% against the previous year. Overall, consumption continues to indicate resilient growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Perfume Production in Asia

In value terms, perfume production rose modestly to $X in 2022 estimated in export price. Over the period under review, production showed a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 51%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Perfume Exports

Exports in Asia

In 2022, approx. X tons of perfumes and toilet waters were exported in Asia; growing by 20% on the previous year's figure. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, perfume exports rose to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

The biggest shipments were from India (X tons), China (X tons), the United Arab Emirates (X tons) and Singapore (X tons), together recording 74% of total export. It was distantly followed by Turkey (X tons), Hong Kong SAR (X tons) and Indonesia (X tons), together committing an 18% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +10.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest perfume supplier in Asia, comprising 38% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

In Singapore, perfume exports expanded at an average annual rate of +5.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+7.9% per year) and the United Arab Emirates (+8.1% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, falling by -13.7% against the previous year. Export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the export price increased by 20% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.8%), while the other leaders experienced more modest paces of growth.

Perfume Imports

Imports in Asia

In 2022, approx. X tons of perfumes and toilet waters were imported in Asia; shrinking by -3.7% compared with 2021 figures. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 19% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, perfume imports fell to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.3% against 2012 indices. The pace of growth was the most pronounced in 2021 when imports increased by 35%. As a result, imports attained the peak of $X, and then fell modestly in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Saudi Arabia (X tons), Singapore (X tons), Iraq (X tons) and Hong Kong SAR (X tons) represented the main importers of perfumes and toilet waters, together making up 53% of total imports. Turkey (X tons), Kuwait (X tons), Malaysia (X tons), Oman (X tons), India (X tons), Israel (X tons), Yemen (X tons) and South Korea (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Yemen (with a CAGR of +6.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest perfume importing markets in Asia were the United Arab Emirates ($X), Singapore ($X) and Hong Kong SAR ($X), with a combined 37% share of total imports. Saudi Arabia, South Korea, Israel, Turkey, Kuwait, India, Iraq, Oman, Malaysia and Yemen lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Israel, with a CAGR of +11.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, stabilizing at the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume import price increased by +63.3% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the import price increased by 18%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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