Due to strong economic growth in emerging markets across Latin America, fragrances are forecast to be one of the fastest growing health and beauty industries in Brazil, with strong growth into 2017, according to market research firm Canadean.
Canadean said the country’s growing affluence means an increasing number of Brazilians can treat themselves to both mass market and premium fragrances. In fact, it projects the fragrance industry in Brazil will grow by a Compound Annual Growth Rate (CAGR) of 11.7% during 2012-2017. By 2017, the fragrance industry will have the largest share among all Brazilian health and beauty industries, Canadean has predicted.
The firm also noted that women's fragrances hold the largest value and volume share and will continue to do so through 2017; it is the strongest category within the Brazilian fragrance industry, with a value share of 49.6% and volume share of 49.5% in 2012. It is closely followed by men's fragrances with a value share of 42.6% and volume share of 42.2%.
The unisex fragrances category is in third place with a relatively small value share of 7.9% and volume share of 8.3% in 2012 in the country. In terms of growth during 2012-2017, each of the three categories is forecast to perform well. The unisex category is leading the way with a strong value CAGR of 13% and volume CAGR of 8.4%.
Women's fragrance is projected to see the second fastest value CAGR with 11.6% and men's fragrance will follow closely with a value CAGR of 11.5% and a volume CAGR of 8.1% (Click here to read more reports about Brazil's fragrance market outlook).