Cosmetics and Toiletries is a segment of beauty and personal care industry. The various sub-segments of cosmetics and toiletries include skin care cosmetics, hair care cosmetics, fragrances, and others. The fragrances market is expected to record a double digit growth and emerge as a potentially viable segment by 2020. Fragrances industry is experiencing a growth of around 7% to 8% annually during 2014-2020. The growth is primarily driven by varied product launches and increasing consumer spending on personal care products across the globe. Although, developed regions such as North America and Europe show a slow growth for fragrances market, the growth in developing regions such as The Association of Southeast Asian Nations (ASEAN), parts of Asia Pacific, and Countries such as Brazil is expected to outpace the growth of the matured markets during the forecast period i.e. 2014–2020. The growth is driven by urbanisation and inclination of consumers specially the youth consumers in the emerging nations wherein the youth population is increasing at a rapid pace.
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The fragrances market is driven by factors such as increasing disposable income of consumers, product diversification offered by the companies, increasing product visibility through online retailing, and others. In addition, increasing visibility of natural and organic products is anticipated to fuel the demand for fragrances market during the forecast period. However, high prices of these products restrict the adoption among mass consumers which is restricting the market growth. In order to curb the rising prices, companies such as L’oreal SA have adopted various marketing techniques such as gift hampers, introduction of eco-friendly products, and other techniques to penetrate the untapped markets.
The global fragrances market is segmented on the basis ofend-use consumers, ingredients, fragrance type and distribution channels. The different types of fragrances include perfumes, deodorants, and others. Based on type of end-use consumers, the classification includes premium fragrances and mass fragrances. Further, premium fragrances are sub-segmented as premium men’s fragrance, women’s fragrances, and premium unisex fragrances.The mass fragrances segment comprises mass men’s fragrances, mass women’s fragrances, and mass unisex fragrances.Among, the aforementioned sub-segments, the premium men’s fragrance market is anticipated to record a higher growth as compared to other sub-segments. Based on the type of ingredients, the segmentation includes synthetic, natural and organic fragrances. The natural fragrances sub- segment is expected to record a double digit growth owing to increasing consumer preferences for greener products. These products are available through varied distribution channels such as supermarkets, hypermarkets, speciality stores, and others.
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Asia Pacific region is expected to witness tremendous potential in terms of growth. Factors such as increasing disposable income, rising middle class population, shifting consumer preferences for premium products and rising product availability are expected to drive the demand for fragrances in this region. North America and Western Europe are lucrative markets for synthetic fragrances however, demand for organic fragrances is expected to still dominate the market in next five to six years. MEA is expected to record a substantial single digit growth accounting for around 10% of the overall fragrances market during the forecast period. Furthermore, Asia Pacific is expected to account for around 23% of the total fragrances market by 2020.
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