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 policiesFavorable 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 and competitiveness to the market.The report highlights the role of influencers and brand ambassadors in promoting specific brands or products, creating aspirational appeal and stimulating growth. The growing number of influencers and strategic cooperation between global and local brands are expected to enhance market growth.Consumer preferencesThe Kuwaiti perfume market is driven by consumers’ inclinations towards luxury perfumes and distinguished brands, supported by high levels of disposable income and the popularity of international brands. Increasing consumer awareness towards personal care and demand for personalized scents also contribute to market growth.Cultural significanceTraditional Arabic perfumes such as oud, musk, and amber hold cultural importance in Kuwait, reflecting status and hospitality. Perfumes are deeply rooted in Kuwaiti culture, used in various social and religious ceremonies, and act as a symbol of cultural identity and tradition. (ICE KUWAIT)

Fonte notizia: ARAB TIMES