Fragrance products make up one of the largest segments in personal care industry and is expected to grow at a double digit CAGR over the forecast period 2015-2025. The global fragrance product market is largely driven by the westernized daily grooming routines and increasing consumer spending on personal care products across the globe. Perfumes and deodorants are the two main categories of fragrance products among which deodorant is the fastest growing segment when compared to the perfumes. Deodorants are cheaper in price in comparison of perfumes and affordable for all category of consumer.
Speedily increasing demand of fragrance products by young population is one of the major factor driving growth of the fragrance product market all over the world. Deodorants and perfumes are of utmost importance for young generation especially in female category for daily grooming routines.
Global Fragrance Product Market: Drivers and Restraints
Variety of fragrances offered by fragrance product manufacturing companies, innovative technology used in perfume and deodorant bottles, increasing consumer spending on fragrance products, various offers and discounts offered by fragrance product companies and various functional advantages of fragrance products are some of the prime factors that are ballooning the demand for fragrance products. These factors are expected to drive fragrance product market to a great extent during the forecast period.
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However, skin problems such as skin irritation and darkening of skin, caused by some harmful ingredients used in fragrance products may hamper the demand of perfumes and deodorants. In addition, environmental concern due to parabens that release out of deodorant spray which are responsible for the ozone layer depletion, may act as a restraining factor for the growth of global fragrance product market.
Global Fragrance Product Market: Market Segmentation
The Fragrance product market is broadly classified into three segments on the basis of demography
• Male Fragrance products
• Female Fragrance Products
• Unisex fragrance products
The Fragrance product market is broadly classified into three segments on the basis of product prices
Global Fragrance Product Market: Regional outlook
Depending on geographic regions, global fragrance product market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. Maximum population of developed countries use fragrance products on daily basis and these countries are faring better in global fragrance product market.
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As of 2014 North America dominated the global fragrance product market followed by Western Europe and both of these regions are lucrative market for fragrance products. Moreover, Asia Pacific region is anticipated to be the fastest growing region during the forecast period owing to the increasing per capita spending power and westernization of the daily grooming routines. Furthermore, young population of growing economies such as India and China is expected to drive the demand for fragrance products in Asia Pacific region.
Global Fragrance Product Market: Market Players
The key players operating in global fragrance market are Lutens’ Borneo, Eau de Vert Eau de Parfum, L’eau Serge Lutens, Clive Christian, L’Oreal SA, Floris, Coty Inc., Revlon Inc. Eastee Lauder, Aramis, Christian Dior, BulgariS.p. A., Louis Vuitton, Calvin Kelin, LVMH Group, Chanel, Fifth & Pacific Companies, Procter and Gamble, Gucci, Bourjois, Prada. These market players are offering variety of fragrances with multiple advantages in order to get the competitive advantages.