PRODUCT CLASSIFICATION AND OVERVIEW
Perfume is a part of Perfumery & cosmetics, a category that includes perfumes, toilet water and scented water. It’s used by both women and men to give a pleasant scent to their bodies, objects or surroundings, even by masking unpleasant odors. It’s useful, also, to make a good impression of ourselves on other people, to express our personalities or trigger memories or emotions.
It has a Product Complexity index of -0.12, ranking 527 out of 1044 products in 2023.
This post will not consider the perfumes trade in general, but it will be focused on the Italian market, one of the top three largest exporters of this product in the world behind France and Spain.
EXPORTS
In 2023, Italy exported an amount of $2.38B worth of Perfumes, becoming the 3rd largest exporter of this category out of 196 countries in the world, with an estimated percentage of 8.86 of share in global export and, during the same year, Perfumes were the 59th most exported product in Italy out of 1216 products.
The main destinations of the countries’ exports were
- United States - $552M;
- Germany - $198M;
- United Arab Emirates - $167M;
- Hong Kong - $109M;
- United Kingdom - $105M.
IMPORTS
In 2023 it was estimated that Italy imported around $793M of Perfumes, becoming the 8th largest importer of the product in the world out of 222 countries, with an estimated 2.95% of share in global imports; during the same year, Perfumes were the 163rd most imported product in the country out of 1213 products.
They were imported primarily from
- France - $389M;
- Spain - $215M;
- The Netherlands – $58.7M;
- Germany - $50M;
- Czechia - $23.9M.
GROWTH POTENTIAL
According to the source, the destinations with the highest export growth potential for Perfumes from Italy are France, with an estimated +$29.5M, followed by United States, with +$27.8M, and United Kingdom, around +$17.9M.
On the other hand, between 2022 and 2023, the fastest growing markets for Perfumes imports and exports in Italy were the following:
MARKETS FOR PERFUMES EXPORTS
- United States - $204M;
- Spain - $61.2M;
- Germany - $42.9M.
MARKETS FOR PERFUMES IMPORTS
- Spain - $77.6M;
- France - $33.4M;
- The Netherlands - $7.19M.
CONCLUSION
Perfume is more than just a creator of scent, because it’s the origin of emotions, identities and memories and, thanks to a unique blend of tradition, creativity and innovation, Italy turns it into unforgettable experiences; this has led the country to place third in the global trade, behind France and Spain.
Source: https://oec.world/en
