GCC: Perfume Market 2024

Perfume Market Size in GCC

The GCC perfume market contracted to $X in 2022, shrinking by -6.4% against the previous year. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.3% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Perfume Production in GCC

In value terms, perfume production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 535% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Perfume Exports

Exports in GCC

In 2022, perfume exports in GCC fell notably to X tons, waning by -15.1% on the previous year. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 38% against the previous year. As a result, the exports attained the peak of X tons, and then contracted sharply in the following year.

In value terms, perfume exports reduced remarkably to $X in 2022. Overall, exports, however, showed resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by 63%. As a result, the exports attained the peak of $X, and then contracted sharply in the following year.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was approx. 81% of total exports in 2022. Saudi Arabia (X tons) ranks second in terms of the total exports with a 9.3% share, followed by Oman (4.8%). Kuwait (X tons) and Bahrain (X tons) took a little share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, Kuwait (+14.8%) and Oman (+3.2%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +14.8% from 2012-2022. By contrast, Saudi Arabia (-1.9%) and Bahrain (-7.7%) illustrated a downward trend over the same period. The United Arab Emirates (+2.6 p.p.) and Kuwait (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Bahrain and Saudi Arabia saw its share reduced by -2.5% and -3.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest perfume supplier in GCC, comprising 74% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.6% share of total exports. It was followed by Kuwait, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +8.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+7.7% per year) and Kuwait (+27.1% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, which is down by -4% against the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume export price increased by +79.2% against 2015 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 21%. The level of export peaked at $X per ton in 2021, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+10.7%), while the other leaders experienced more modest paces of growth.

Perfume Imports

Imports in GCC

In 2022, approx. X tons of perfumes and toilet waters were imported in GCC; with a decrease of -7.3% on 2021 figures. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by 37%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, perfume imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 39% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) represented the major importer of perfumes and toilet waters, constituting 49% of total imports. Saudi Arabia (X tons) took a 31% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (8.3%) and Oman (6.7%). Qatar (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +8.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported perfumes and toilet waters in GCC, comprising 61% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 20% share of total imports. It was followed by Kuwait, with an 8.9% share.

In the United Arab Emirates, perfume imports increased at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-1.3% per year) and Kuwait (+4.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by -6.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2021 when the import price increased by 16%. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform