Increase in population coupled with rise in consumer expenditure on personal and beauty care products, growth in awareness about the therapeutic benefits fragrance, and innovative product push strategy by key global players are the major drivers for the global fragrance and perfume market.
Portland, OR -- (SBWIRE) -- 08/24/2017 -- Fragrance and Perfumes have impeccably altered the personal grooming habits of individuals. Previously perceived as a commodity of the affluent, these have gradually become the essential day-to-day products for the general public. These products are also used to express personal panache, self-reliance, and individuality. The growth in importance of fragrance and the ever-changing fashion trends fuel the growth in demand for these products.
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The fragrance and perfume market is based on usage, type, distribution channel, and geography. By usage, it comprises female, male, and unisex. Based on type, it is divided into perfume, deodorant, and others. On the basis of distribution channel, the market is segmented into specialty retail stores, multi-retail stores, online, and others. By geography, it is studied across North America, Europe, Asia-Pacific, and LAMEA. As per the analysis, premium fragrances continue to witness trouble to attain increased sales due to high prices, particularly for global brands, whose sales figures are expected to register a CAGR of 5% during the forecast period.
Increase in population coupled with rise in consumer expenditure on personal and beauty care products, growth in awareness about the therapeutic benefits fragrance, and innovative product push strategy by key global players are the major drivers for the global fragrance and perfume market. However, availability of counterfeit products and use of chemical ingredients with probable side-effects are expected to hamper the growth during the forecast period.
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Owing to better growth prospect in the fragrance segment, the market is witnessing new entrants, who may not be the manufacturers but sell products under their brand name and split the profit margin with manufacturer. Some of the major companies operating in the global fragrance market are Coty UK, Procter & Gamble Prestige Beaut, Loreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, Kilian, Firmenich, and Symrisee.