The global and Chinese perfume and fragrances market is anticipated to exhibit a healthy growth rate from 2013 to 2023 (forecast period), according to a report on Radiant Insights, Inc. Changing lifestyle choices, awareness of cosmetic products, and expanding youth demographic are factors expected to drive market growth. Increased expendable income of consumers and proliferation of premium fragrances in various retail outlets are anticipated to augur demand during the forecast period.
Custom-made fragrances and perfumes containing natural ingredients are gaining traction in the industry. The use of social media channels to promote and present new products to create awareness among consumers can act as a useful tool for the market. In addition, use of customized blends to create ambiences in homes and stores can further impel market growth. Introduction of unisex fragrances can also propel market over the forecast period.
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The move by manufacturers to produce eco-friendly fragrances to cater to consumer demand can bolster perfume and fragrances market in the forthcoming years. However, high costs of essential oils are predicted to impede the expansion over the forecast period. Counterfeit fragrances and use of harmful chemicals in perfumes can also hamper market growth Endorsements of perfumes by celebrities and increased ad spending by manufacturers are expected to positively influence consumer buying patterns. Furthermore, rise in online shopping and presence of e-commerce stores can impact the market.
The global and Chinese perfume and fragrances market is segmented by usage, distribution channel, and region. By usage, the market is divided into male, female, and unisex. Key distribution channels are categorized into multi-retail stores, specialty retail stores, and others.
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Regions covered in the market report include North America, Europe, Asia Pacific excluding-China (APEC), China, and Latin America, Middle East, and Africa (LAMEA). The North America market is projected to dominate during the forecast period due to establishment of premium brands in the region, expendable incomes, and launch of new products.
The APEC perfume and fragrances market is dominated by India on account of preference of natural scented fragrances. The array of scents and fragrances derived from natural sources is expected to have a high value in foreign markets. The LAMEA market is anticipated to expand due to high standards of living and increased income per capita of consumers in the Middle East. The Latin America market is expected to be driven by economies of Brazil, Chile, Spain, and Portugal. Improving economic growth of these countries is expected to provide major fillip to the market in near future.
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The China perfume and fragrances markethas high growth potential. However, socio-economic factors in the region can hamper the demand over the forecast period. Emphasis placed on gift-giving for forging new relationships is expected to bolster domestic sales in the forthcoming years. Major retailers are anticipated to form partnerships with local perfume makers for distribution channels to break into the market. In addition, unisex perfumes targeted at couples seem to be garnering popularity on account of being a perfect gift. Digital channels and social media influencers are being used by companies to spread the word among Chinese consumers.
Key players in the global perfume and fragrances marketinclude Chanel S.A.; The Estée Lauder Companies Inc.; Gucci; Coty, Inc.; and Bulgari. The market is highly competitive due to the presence of multiple vendors and retail chains. Specialist stores may face a threat from major retailers due to their capacity to offer products at lower prices. Mergers and acquisitions are a common strategy to gain a larger market share. In 2017, Firmenich acquired Agilex Fragrances to increase its offerings to the public.
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