Kuwait’s perfume market set to soar to 100 million dinars by 2032
The country’s perfume market is expected to surge due to a 7.7% annual growth rate from 2024 to 2032, exceeding previous projections of reaching 77 million dinars by 2028.
• The value of the perfume market in Kuwait reached 50.3 million dinars in 2023, compared to 46.3 million dinars in 2022, reports Emark Research Company
• The rising adoption of perfume sales in retail stores and strategic partnerships between international and local brands will enhance market growth between 2024 and 2032.
According to a recent report, the perfume market in Kuwait is projected to hit a market capitalization of around 100 million dinars by 2032. This growth will be fueled by an annual accumulated growth rate of 7.7% between 2024 and 2032. This figure surpasses earlier expectations, which estimated the market capitalization of Kuwait’s perfume industry to reach about 77 million dinars by 2028.
The report issued by Emark Research Company, which covers the trends, size, growth, and forecasts of the perfume market in Kuwait between 2024 and 2032, stated, ‘The value of the perfume market in Kuwait reached 50.3 million dinars in 2023, compared to 46.3 million dinars in 2022.
The report further added that ‘the most prominent key factors driving the growth of the perfume market in Kuwait are the increasing spending on personal care goods, driven by higher disposable income, the implementation of local plans encouraging perfume production, and the emergence of specialized perfume shops.”
The report continued: “The Kuwaiti government’s launch of policies supporting local perfume production also stimulates market growth. These initiatives encourage the local industry through various incentives and the promotion of a conducive business environment, fostering the development of local brands. This adds diversity to the market and enhances competitiveness among perfume brands in Kuwait.”
Growth stimulation
The Emark report indicated that the increasing number of social media influencers and brand ambassadors for perfume brands is an important factor stimulating growth in perfume purchases in Kuwait. It expects that the rising adoption of perfume sales in retail stores and strategic partnerships between international and local brands will enhance market growth between 2024 and 2032.
The report also highlighted that the Kuwaiti perfume market depends primarily on consumers’ growing preference for luxury and premium brands, driven by higher disposable incomes. Additionally, the increasing popularity of international brands is contributing to the market’s growth.
The Emark report stated that the widespread adoption of perfumes in Kuwait as symbols of social status and emerging fashion trends is an important catalyst for the perfume market in Kuwait. The increasing consumer awareness towards personal care and the growing demand for various personal perfumes will positively affect the Kuwaiti perfume market between 2024 and 2032. It also noted that perfumes are traditionally used in many social and religious celebrations in Kuwait, which will further support the market.
