The global market for fragrances and perfumes traditionally represents one of the strongest and largest sectors within the Cosmetics and Toiletries market.
Of course when we think global, we speak of the world. The global fragrance and perfumes market is comprised of the largest markets in Europe, Latin America and the US. Emerging markets such as the Asian Pacific has joined these countries as part of the global market.
Some of the major factors triggering growth in the fragrance and perfume industry are men's fragrances, new product innovations and the growing population of celebrity scents.
One of the strongest and steadily growing markets for fragrances and perfumes is the Middle-East and Africa. These countries are expected to garner high growth along with volume growth.
Segments in Perfumes and Fragrances
Women's fragrances have been the traditional leaders in the overall market and this is backed with the association of women in the beauty and fragrance industry.
Mens's fragrances, which is traditionally a difficult segment to generate sales, is beginning to rise. Because perceptions toward the importance of male grooming and the importance of looking and smelling good, the men's fragrance segment is expected to show greater growth than ever before.
I can't leave out the teenagers and young adults, they too are expected to boost the market segment in the coming years.
Who Dominates the Global Fragrance Market
There's the Global market and the Mass market. The Global market for fragrances and perfumes is dominated by retailers in the Premium fragrance market. The US emerges as the single largest market for premium fragrances, followed by France and Germany.
The Mass fragrance market draws its strength from fragrance markets in developing regions including Brazil, which emerged as the largest mass market globally.
The market for fragrances and perfumes is a launch driven market with a large number of new products coming to market every year.
The players in this market are companies like Avon, Bulgari Parfums, Chanel SA Elizabeth Arden, Estes Lauder, Gucci, Gianni Versace L'Oreal, LVMH Group, Procter & Gamble and Revlon.
Life Never Smelled So Sweet!