Scandinavia: Perfume Market 2024

Perfume Market Size in Scandinavia

In 2022, the Scandinavia perfume market increased by 7.2% to $X, rising for the sixth consecutive year after three years of decline. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +84.3% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Perfume Production in Scandinavia

In value terms, perfume production rose modestly to $X in 2022 estimated in export price. The total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 36% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Perfume Exports

Exports in Scandinavia

In 2022, shipments abroad of perfumes and toilet waters decreased by -21.8% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by 57% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, perfume exports reduced dramatically to $X in 2022. In general, exports saw a pronounced reduction. The growth pace was the most rapid in 2021 when exports increased by 104% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden represented the largest exporter of perfumes and toilet waters in Scandinavia, with the volume of exports amounting to X tons, which was approx. 84% of total exports in 2022. Norway (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Finland (4.9%).

Exports from Sweden decreased at an average annual rate of -19.7% from 2012 to 2022. At the same time, Norway (+13.8%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +13.8% from 2012-2022. By contrast, Finland (-6.9%) illustrated a downward trend over the same period. While the share of Norway (+10 p.p.) and Finland (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sweden (-14 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest perfume supplier in Scandinavia, comprising 86% of total exports. The second position in the ranking was taken by Norway ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden totaled -4.9%. In the other countries, the average annual rates were as follows: Norway (+19.1% per year) and Finland (-13.7% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, reducing by -3.5% against the previous year. Overall, the export price, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2021 when the export price increased by 199%. As a result, the export price reached the peak level of $X per ton, and then fell 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 Sweden ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+18.5%), while the other leaders experienced mixed trends in the export price figures.

Perfume Imports

Imports in Scandinavia

In 2022, supplies from abroad of perfumes and toilet waters increased by 9.7% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 35%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, perfume imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 44%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Sweden was the major importer of perfumes and toilet waters in Scandinavia, with the volume of imports finishing at X tons, which was approx. 61% of total imports in 2022. Norway (X tons) ranks second in terms of the total imports with a 27% share, followed by Finland (12%).

Sweden was also the fastest-growing in terms of the perfumes and toilet waters imports, with a CAGR of +3.6% from 2012 to 2022. Norway experienced a relatively flat trend pattern. Finland (-2.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sweden increased by +9.9 percentage points.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) appeared to be the countries with the highest levels of imports in 2022.

Sweden, with a CAGR of +3.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, with a decrease of -3.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 15% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform