Singapore: Perfume Market 2025

Perfume Market Size in Singapore

For the third consecutive year, the Singaporean perfume market recorded growth in sales value, which increased by 30% to $X in 2022. In general, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +8.5% 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 +25.2% against 2018 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Perfume Production in Singapore

In value terms, perfume production expanded slightly to $X in 2022 estimated in export price. In general, production showed pronounced growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 33%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Perfume Exports

Exports from Singapore

In 2022, the amount of perfumes and toilet waters exported from Singapore rose remarkably to X tons, increasing by 5.9% on the previous year's figure. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 19% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, perfume exports reached $X in 2022. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +27.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 25%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons), South Korea (X tons) and the United Arab Emirates (X tons) were the main destinations of perfume exports from Singapore, with a combined 46% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +45.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for perfume exported from Singapore were the United States ($X), South Korea ($X) and Indonesia ($X), with a combined 50% share of total exports. China, the Netherlands, Hong Kong SAR, Malaysia, Japan, Australia, Thailand, the United Arab Emirates, Vietnam and Taiwan (Chinese) lagged somewhat behind, together comprising a further 44%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +39.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average perfume export price amounted to $X per ton, with a decrease of -3.6% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.3% 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 +5.4% against 2020 indices. The growth pace was the most rapid in 2014 when the average export price increased by 20%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Perfume Imports

Imports into Singapore

In 2022, approx. X tons of perfumes and toilet waters were imported into Singapore; with a decrease of -19.2% compared with 2021. Overall, imports saw a noticeable downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, perfume imports expanded markedly to $X in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value 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, imports increased by +45.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of perfume to Singapore, with a 59% share of total imports. Moreover, perfume imports from France exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold. The third position in this ranking was held by Spain (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-5.5% per year) and Spain (+1.5% per year).

In value terms, France ($X) constituted the largest supplier of perfumes and toilet waters to Singapore, comprising 65% of total imports. The second position in the ranking was taken by Spain ($X), with a 7.7% share of total imports. It was followed by Italy, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+7.9% per year) and Italy (-0.5% per year).

Import Prices by Country

In 2022, the average perfume import price amounted to $X per ton, increasing by 36% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.8% 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 +111.5% against 2012 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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