According to Global Industry Analysts, the large market, Europe, Latin America and the US, will continue to benefit from demand, as it is a launch driven market with a large number of new product launches being witnessed every year.
This is because the market is highly fragmented with a large number of players in the market competing intensely for greater market presence.
The global market for fragrances and perfumes is also dominated by premium fragrances as the larger markets, including Europe and the US, are led by the premium or fine fragrances segment, says the researcher’s report.
The US emerges as the single largest market for premium fragrances followed by European countries including France and Germany.
In contrast, the mass fragrances segment draws its strength from the fragrances markets in developing regions including Brazil, which emerged as the largest market for mass fragrances globally.
Developing markets emerge victorious
It is in the emerging markets that the strongest growth is to be expected though. This is because in the developed regions there has become limited population growth and a growth in the aging population, lessening the use of perfumes.
The younger population in these markets have boosted the situation slightly, and men’s fragrances are expected to see an increase, but the growth emanating from the developing regions including Asia-Pacific and Latin America is looking strongest.
The global market for Fragrances and Perfumes traditionally represents one of the strongest and largest sectors within the Cosmetics and Toiletries market.
GIA says that the global fragrances and perfumes market is comprised of the largest regional markets of Europe, Latin America, and the US as well as emerging markets, such as Asia-Pacific.
Europe represents the largest regional market, followed by Latin America and the US. Regionally, the global fragrances and perfumes market is highly polarized and fragmented, given the extremely faddish fashion trends dictating the market's fortunes.