Wednesday, June 19, 2013

Fragrance Market to Spread its Aroma

Now-a-days it has become a trend to use more fragrances and perfumes. Its demand is persistently increasing because of the changing lifestyles of the consumers laying emphasis on the luxury and status as well as the physical condition of the environment.

There has been a rapid expansion in the concerned market as more demands are driven by youth consumers for exotic, floral and celebrity fragrances. Even though perfumes for females acquire a major market sector with maximum sales till now, but the craze for male perfumes has shown a growth in the market as they desire to look and smell good. Men’s fragrance industry outlook is proposed to enlarge the compound annual growth rate (CAGR) of 2.5 percent by the year 2015. A global industry analysis report states that the perfume and fragrance industry is projected to surpass an amount of 36 billion dollars by the year 2017.

Primarily when the concept of fragrance and perfumes came into existence it was extracted from plants and animal sources. In ancient times, fragrances participated in religious performances and were considered to have healing powers. Greeks thought perfumes can be used as a link to the Gods. For the Egyptians, it was a sign of status and was a part of funeral rites. The Romans used perfumes for seduction. There had been an increased use of environmental perfumes like sandalwood, jasmine, lavender, rose, musk etc. for personal and home care.

The pie graph shows the percentage of sales of perfumes in different countries.

Globally, Europe is considered to be the chief market for perfumes and fragrances thus helping the companies to manufacture desirable brands demanded by the customers. The fragrance market outlook in India will develop a CAGR of 40 percent worth Rs 10000 by 2015 and currently it is hovering at Rs 1500 crore. Fragrances help in changing the moods with reducing the level of stress and provide calmness. Major perfume brands include Armani, Hugo Boss, Park Avenue, Wildstone, Yardely, Azzaro, Burberry, Axe etc.


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