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A new report by Global Industry Analysts expects the global fragrances and perfumes market to reach about $45.6 billion by 2018, driven primarily by growth in under-penetrated emerging markets and innovative product launches as well as relatively new growth areas such as men’s fragrance.
According to the research report “Fragrances and Perfumes: A Global Strategic Business Report,” developed regions have matured market profiles for fragrances and perfumes driven by the growing aging population, which uses perfumes and fragrances less than younger groups. However, the report added that the “feel good factor” associated with fragrances and perfumes coupled with increasing demand from young men and women, the men’s fragrance segment, new product innovation and growing popularity of celebrity fragrances are the major factors triggering growth in the maturing markets.
Meanwhile, growth from developing regions including Asia-Pacific and Latin America is expected to be very strong, which analysts predict will be the single largest factor propelling the fragrances market in the coming years.
By segment, women’s fragrance have been traditionally leading the overall market and is expected to continue to generate strong demand over the coming years thanks to innovative products. Following the change in perceptions towards the importance of male grooming and smelling good, the men’s fragrance segment is expected to exhibit greater growth than ever before. In addition, the growing importance of grooming among teenagers and young adults is also expected to boost market prospects in the coming years.
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