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(Vocus/PRWEB) February 21, 2011 -- GIA announces the release of a comprehensive global report on Fragrances and Perfumes market. The global market for fragrances and perfumes is forecast to reach over US$33 billion by the year 2015, driven by growing trend towards consumer urbanization, higher spending propensity and heightened importance of personal appearance and grooming. In addition, increased demand for youth-oriented, floral and exotic fragrances and celebrity perfumes will set the pace for rapid market expansion. Although women’s perfumes continue to remain the mainstay and garner maximum sales, the hitherto dark horse, men’s perfumes category is projected to plod ahead at a rapid pace, underpinning today’s metrosexual male’s desire to both look and smell good.
Fragrances, and perfumes today have evolved into a mainstream business in the cosmetics, and personal care industry. From being non-essential and frivolous, fragrances have emerged as essentials, owing to the increasing trend of appearance and personal care becoming part of pride, self reliance, and confidence. No longer considered as an extravagant grooming accessory, Fragrances, and perfumes have metamorphosed into a “feel good” factor, which complements the consumer’s need for expressing individuality, and personal style. The wide range of themes and choices enable consumers to choose fragrances that complement respective personal, and characteristic traits. Economic prosperity in growing markets, together with increased demand for youth-oriented fragrances and celebrity scents that are largely recognized in developed and maturing markets are expected to drive the global fragrance market growth. Dictated by the fickle trends of haute fashion, the world of fragrances and perfumes is beginning to witness the entry of new apparel designers, and pop, music, and movie superstars making a dent on the market. The fragrance industry is primarily consumer driven. Consumers have a unique cultural attitude to “fragrance” and an uncritical concept of possessing a certain kind of identity through wearing fragrance Although a growing market, the global fragrances and perfumes industry does not reflect consistent growth across geographic regions. Fragrances and perfumes in some countries are aspirational purchases, and are influenced by demographic perception of style, luxury and status/prestige. Sales of fragrances, and perfumes are driven by the strength of big name endorsements. Demand for celebrity inspired scents shows no signs of abating, thanks to the increasing number of celebrity fragrances hovering in the market.
Currently on the global radar are low penetration markets such as China, and Japan, where huge untapped opportunities are the focus of large international players. Fine fragrances market is increasingly looking at the teenage segment as a potential growth market. Women’s fragrances continue to dominate the market, with maximum number of product launches and innovations aimed at the fairer sex. The scenario is however set to change with men’s fragrance segment beginning to witness strong growth patterns, as the importance of grooming tops the list of men's priorities. Typically, the men’s market was confined to the after-shave fragrances, but today the cards are being turned and men’s fragrances for specific occasions are witnessing huge growth, holding the promise of emerging into a mainstay market. Custom fragrance is an emerging segment with significant growth potential. Competition in the custom fragrance market grew intense due to increasing consumer preference for personalization and growing popularity of the Internet.
The global fragrances and perfumes market was not deeply impacted by the global recession, witnessing average sales pattern during the period 2008-09. The market in developed countries were recording average to downright poor sales even before the onset of the economic crisis. As a result, the financial crunch that followed the recession only led to a further worsening of the scenario, as evidenced by retail de-stocking and decline in consumer spending. Europe performed marginally better than North America in terms of sell-through, although manufacturers as well as suppliers suffered due to a decline in inventory by the retailers. However, stable growth in emerging markets of Asia-Pacific, Latin America and Eastern Europe, provided a boost to the global fragrance market. The economic downturn spurred the demand for perfumes that offer nostalgia and comfort such as strong floral scents of violet and rose, which performed particularly well during the period. The niche segments of luxury as well as custom fragrances remained more or less unaffected by the recession and continued to show marginal growth in sales.
Europe represents the largest worldwide market for fragrances and perfumes, as stated by the new research report on Fragrances and Perfumes.European consumers rank among the finest of connoisseurs of fragrances and perfumes. Carrying out their legacy, European companies continue to dominate the global market and produce majority of the world’s most desirable brands. In terms of market potential, the Middle East market is projected to forge ahead at the fastest compounded annual rate of over 5.0% over the analysis period. Several of Middle East's local favorites such as deep, strong and silky notes of musks, ouds, sandalwoods and ambers, and the exotic, oriental perfumes are already making a comeback in the western market. By segment, Men’s Fragrances and Perfumes is forecast to take market growth to the next level, expanding at a high CAGR of over 2.5% through 2015. In contrast, the traditionally strong Women’s Fragrances and Perfumes segment continues to remain the market favorite, garnering a large share of world market.
The international market for fragrances and perfumes is highly polarized and fragmented, given the extreme faddish fashion trends dictating the market’s fortunes. Key market participants in the report include Avon Products, Inc, Bulgari S.p.A, Chanel SA, Coty, Inc, Elizabeth Arden, Inc, Estee Lauder, Inc, Gucci Group NV, Gianni Versace S.p.A, Liz Claiborne, Inc, L’oreal SA, LVMH Group, Procter & Gamble, Puig Beauty & Fashion Group S.L, Polo Ralph Lauren Corporation and Revlon, Inc.
The research report titled “Fragrances and Perfumes: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of industry overview, end-user profile, market trends, key industry drivers, demographic trends, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and the Middle East & Africa. Market analytics are provided in terms of Value (US$) for product segments including Women's Fragrances and Perfumes, Men's Fragrances and Perfumes and Unisex Fragrances and Perfumes. The study also provides historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Fragrances_and_Perfumes_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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