South Korea Perfume Market Report and Forecast 2024-2032

South Korea Perfume Market Size

The South Korea perfume market reached USD 456.23 million in 2023. The market is projected to grow at a CAGR of 6.3% between 2024 and 2032, reaching a value of almost USD 793.16 million by 2032.

South Korea Perfume Market Outlook

• Reportedly, the fragrance market in Korea increased by 36.4% between 2018 and 2019.

• Niche fragrances constitute over 80% of overall perfume sales in South Korea.

• Major market players are expected to utilise AI based tools to discover powerful scents for consumers.

South Korea Perfume Market Growth

Niche fragrances created by exclusive perfumeries have become an exceedingly important fashion statement among the millennials and the Gen Z as they shift towards using unique scents that highlight their individuality and facilitate their self-expression. Inspired by the “small luxuries” trend, these perfumes have become a popular gifting option and a personal treat for consumers. South Korean stores selling French and Italian perfumes are expected to receive high consumer attention, enjoying significant popularity  among domestic consumers.

In December 2023, the South Korean government raised the duty-free allowance for perfumes by 40 ml, thereby boosting the prospects for proliferation of exotic scents in the budding perfumes market. Travel retailers can now bring up to 100 ml of perfume bottles in South Korea.

Increasing investments into the discovery of neuroscent materials by major market players is expected to aid the market expansion. This is because neuroscents can lead to strong emotional reactions among consumers while triggering powerful psychological memories, which can contribute to an increase in its demand.

South Korea Perfume Industry Segmentation

South Korea Perfume Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Parfum

• Eau De Cologne

• Eau De Parfum

• Eau De Toilette

• Others

Market Breakup by Product

• Premium Product

• Mass Product

Market Breakup by End Use

• Men

• Women

Market Breakup by Distribution Channel

• Hypermarkets/Supermarkets

• Convenience Stores

• Specialty Stores

• Online Channels

• Others

South Korea Perfume Market Share

Based on product, the market is divided into mass product and premium product. Over the forecast period, premium scents are expected to emerge as an important segment, as the demand for unique perfumes made with refined ingredients rises. As consumers look to pamper themselves with small luxuries, perfumes are expected to receive increasing attention from consumers with rising disposable incomes.

Leading Companies in the South Korea Perfume Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• ELCA Korea Co., Ltd.

• Beiersdorf AG

• Amorepacific Corporation

• Guccio Gucci S.p.A.

• Giorgio Armani S.p.A.

• Combined Co., Ltd.

• NONFICTION Inc.

• Elorea

• Others

Major market players are expanding their outreach by establishing their retail stores in strategic areas like airports. This is enhancing their visibility to international tourists, thereby contributing to the market growth.

Key Highlights of the Report