As niche perfumery continues to grow in popularity and availability, particularly with the millennial generation, brands are taking a leaf out of the niche book to create ever more unusual and beguiling fragrance compositions
Globally, the fragrance market has fared well over the course of the 2016/17 period, with key gains in Spain (+5.2% to $US1.5bn), the UK (+4.7% to $2.5bn) and Asia Pacific (+4.3% to $3.9bn), according to Euromonitor International. Any hope of recovery in the key markets of France, Russia and the US remained lacklustre however, as figures continued to flatline for the period due to economic pressures, savvier shopping by consumers and decreased tourist flows following the swathe of terrorist attacks across the continent and in the UK.
Mintel estimates the global figure for 2017 will be $27.5bn. “A recovering economy and sustained habit persistence following years of acquiring new and invested users has acted as a trigger for the industry’s good fortunes. Both Western Europe and the US continue to grow but at a sluggish pace, owing to the decline in the mass segment, which is not offset in volume terms by the dynamism in premium,” explains Hannah Symons, Beauty & Personal Care Analyst, Euromonitor International.
Symons cites a lack of real innovation as a hurdle for growth potential in Western Europe. “Western Europe will struggle to grow because it relies so heavily on . . .
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