NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Perfumes are a mixture of essential oils and aroma compounds along with water and/or alcohol and are used to enhance body odour. The perfumes industry has experienced significant product innovations over the last few years. The use of natural and renewable ingredients is getting good traction. Apart from traditional perfume packaging methods, perfumes are now available in the form of travel sprays and rollerballs, which is expected to boost the global perfumes market growth over the forecast period. The global perfumes market is estimated to be valued at US$ 39.67 Bn by 2016 end and is expected to register a CAGR of 5.9% over the forecast period (2016-2026). Increasing demand for perfumes from the millennial population likely to boost market growthIncreasing usage of perfumes among the young population, increasing online retail penetration, product push strategy by key global players, availability of perfumes in different price ranges, and increasing consumer spending on personal and beauty care products are major factors expected to drive the growth of the global perfumes market over the forecast period. However, availability of counterfeit products and use of harmful chemical ingredients are some of the factors expected to hamper the growth of the global perfumes market over the forecast period.The global perfumes market is witnessing a growing trend of customised perfumes and the use of renewable ingredients in perfume manufacturing. Global perfume manufacturers are also venturing into the production of microbial based natural perfumes to cater to the increasing health awareness among consumers.