Fragrance market expected to see rapid growth in lieu of increased consumer spending

Mumbai, India – May 21, 2014 - Some of the major factors that are responsible for the growth of the fragrance market is the growing urbanization, rising concerns regarding appearance and higher spending capacity. Furthermore, the increased demand for youth oriented, exotic and floral fragrances is fuelling this segment further. With men becoming engrossed in personal grooming, the men fragrance market is also predicted to see significant growth. Women’s perfume segment is however, not far behind. All these aspects have moreover opened up new opportunities fragrance market.

Growth driven by innovative product launches

Estimated to reach an overall value of USD 45.6 billion by 2018, the fragrance industry analysis reveals that this growth will be spurred by the underpenetrated emerging markets and innovative product launches. The heightened sense of personal appearance and grooming and increased spending propensity will drive this growth further where celebrity perfumes along with youth oriented ones will set the pace for market expansion.

Currently, international players are focusing on China and Japan where huge untapped opportunities still exists. The finer perfume market segment is also looking at the teenage segment as a potential growth market. However, it has been found that till date, it is the women’s fragrances that have the maximum number of launches and innovations.

Scenario about to change

As per the fragrance industry trends the scenario is about to change with men’s fragrance segment seeing strong growth prospects with importance of grooming rapidly gaining popularity among men. Till date, it was only confined to the after shave fragrances but now there are perfumes for specific occasions. With the demand of these perfumes growing, the segment is expected to witness growth.

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