According to a new report from market research firm Canadean, the fragrance sector is thriving in India. With a value compound annual growth rate (CAGR) of 20.2%, the sector is the second fastest growing in the Indian health and beauty industry towards 2017, with only the personal hygiene sector ahead of it. Fragrance volume is predicted to grow at a CAGR of 16.5% for the same period.
Canadean adds that popular western female fragrances, particularly those with notes of jasmine and bergamot, are being used by both men and women in the country, which has helped the female fragrance category hold the largest share of the fragrance sector in 2012, with value and volume shares of 45.6% and 47.1% respectively. The company also predicts that female fragrance will display the highest growth over the next five years at a value CAGR of 21.0% and volume CAGR of 17.2% to 2017. Both the male and unisex categories will grow at a value of CAGR of 19.5% towards 2017, with unisex growing ahead of male fragrances in terms of volume, at a CAGR of 16.2% to male fragrancesí 15.7% for the same period.
Retail wise, health and beauty stores have held the majority share of the fragrance sector in India over the past few years, and there are little signs of change. This said hypermarkets and supermarkets also increased their share of the sector at the expense of department stores.
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