Female fragrance leads the way as Mexico develops a penchant for perfume
Having released similar data on the fragrance markets in India, China and Brazil, researcher Canadean has turned its attention to Mexico, naming it the fastest growing Health and Beauty sector in Mexico, with Female Fragrances taking the lead.
Driven by the rising affluence of the middle class, Canadean says that Fragrances is the fastest growing Health and Beauty sector in Mexico, with a value CAGR of 7.8 percent; with the overall sector volume to grow at a CAGR of 8.4per cent towards 2017.
Female Fragrances holds the majority share of the sector, with value and volume shares of 66.9 percent and 67.8 percent respectively.
Figures
This stronghold looks to continue over the next five years as the category boasts the highest growth rate; growing at value and volume CAGRs of 8.1 percent and 8.7 percent respectively towards 2017.
Male Fragrances is the second-largest category, with value and volume shares of 25 and 24.5 v percent, growing at a CAGR of 7.3 and 8.1 percent respectively towards 2017.
Unisex Fragrances make up the rest of the sector, with value shares of 8.1 percent and volume shares of 7.7 percent, and will grow at a value and volume CAGR of 6.9 and 7.6 percent respectively.
Trends
The trends helping the sector as a whole focus primarily on Premium fragrances. These were traditionally sold only at premium points of sale, but are now starting to move towards less exclusive channels, such as modern grocery retailers and pharmacy chains.
This is driven by an attitude change amongst middle-income consumers, who have started to increase their expenditure on beauty and personal care, with companies therefore trying to get closer to the channels frequented by these consumers.
In Mexico, direct selling companies lead fragrances. Ranked first in 2012 according to Euromonitor, was Jafra Cosmetics, accounting for a fifth of overall value sales.
It was followed by Avon Cosmetics and House of Fuller, with shares of 17 and 6 percent respectively.
In the premium segment, the leader in 2012 was Puig Prestige México, with a 5 percent share of overall fragrances, which represented a 15 percent share within premium fragrances.
