Kuwaiti perfume market report reveals growth trends

Kuwaiti perfume market report reveals growth trends

KUWAIT CITY, April 6: The report issued by the “Market and Research” group provides valuable insights into the Kuwaiti perfume market, highlighting various factors driving its growth and projecting its future trajectory, reports Al-Anba daily.Here’s a breakdown of the key points outlined in the report: Market size and growth — The Kuwaiti perfume market reached …KUWAIT CITY, April 6: The report issued by the “Market and Research” group provides valuable insights into the Kuwaiti perfume market, highlighting various factors driving its growth and projecting its future trajectory, reports Al-Anba daily.Here’s a breakdown of the key points outlined in the report:

Market size and growth — The Kuwaiti perfume market reached $163.8 million in 2023, and it is expected to grow at a compound annual growth rate (CAGR) of 7.7% during the period 2024-2032, reaching $325.3 million by 2032. This growth is fueled by increasing spending on personal care products, supported by regulations encouraging local production of perfumes and the emergence of specialized perfume retailers.

Government policies

Favorable policies by government agencies in Kuwait to support local production of perfumes are stimulating market growth. Incentives and an enhanced business environment for local manufacturing contribute to the development of local brands, adding diversification