MCP-2533: FRAGRANCES AND PERFUMES – A GLOBAL STRATEGIC BUSINESS REPORT
April 7, 2015 - Robust Demand in Developing Countries Drives the Global Fragrances & Perfumes Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Fragrances and Perfumes. The global market for Fragrances and Perfumes is forecast to exceed US$40 billion by 2020, driven by robust demand in emerging markets, continuous and effervescent product innovation, and growing prominence of male grooming products.
Fragrances and perfumes refer to the combination of aromatic compounds, solvents and fixatives used to impart sweet scents to the human body, and living spaces. The sense of smell is a primal sense for humans influencing thoughts, mood, memories, behavior, emotions and perceptions of people. The fragrances and perfumes market represents the most important sector of the cosmetics and toiletries industry. The important role played by aromatic scents in influencing the human brain and mind-body connection has made fragrances more of a science than an art. Quantitative analysis methods are being used to develop fragrances that manipulate the endocrine system to induce beneficial effects on stress, depression and happiness. The global market for fragrances and perfumes is expected to continue its steady growth, supported by high volume as well as value growth in the Middle East, Asia-Pacific, and Latin America. Future growth in the market will be driven by the growing popularity of natural fragrances, strong growth in men’s fragrances, and growing popularity of celebrity scents.
Men’s fragrances are projected to witness the fastest growth over the analysis period driven by the rising focus on personal grooming. Traditionally perceived as a women’s category, fragrances and perfumes are rapidly penetrating into the daily routine of modern men due to the increasing importance given to looking good and smelling good. In addition, the growing importance of grooming among teenagers and young adults is also expected to boost market prospects in the coming years. The market for fragrances and perfumes is dominated by premium fragrances especially in developed markets such as Europe and the United States. Mass fragrances segment however remains strong in developing countries such as Brazil.
As stated by the new market research report on Fragrances and Perfumes, Europe represents the largest market worldwide, followed by the United States. The Middle East and Asia-Pacific represent the fastest growing markets, with CAGR of 7.9% and 7.1%, respectively. Rising consumer interest in cosmetics and personal grooming, changing lifestyle trends, rapidly improving economic environment, highly underpenetrated markets, expanding young population, and dominance of cheaper mass fragrances offering significant opportunities for trade-ups to premium perfumes, represent key growth drivers in these markets.
Key players covered in the report include Avon Products Inc., Bulgari Parfums, Chanel SA, Coty Inc., Elizabeth Arden Inc., Estée Lauder Companies Inc., Gucci Group NV, Gianni Versace S.p.A., Kate Spade & Company, L’Oreal SA, LVMH Group, Procter & Gamble, Puig Beauty & Fashion Group, and Revlon Inc., among others.
The research report titled “Fragrances and Perfumes: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the market, current market trends, future prospects, key growth drivers, issues and concerns, new product launches, and other strategic industry activities of major global and regional players. The report provides market estimates and forecasts in US$ major geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, Middle-East, and Latin-America. Product categories analyzed in the report include Women’s Fragrances & Perfumes, Men’s Fragrances & Perfumes, and Unisex Fragrances & Perfumes.
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