Despite its small contribution to the U.K. fragrance market, the unisex fragrance sector in the U.K. is expected to grow at the fastest rate, both by value and volume, up to 2017 according to research firm Canadean.
Unisex fragrances are set to lead growth at a Compounded Annual Growth Rate (CAGR) of 3.7% by value and 3.1% by volume. Out of the nine health and beauty categories reported by Canadean, fragrances is projected to be only the fifth fastest growing sector in the U.K. up to 2017.
The fragrances market however is expected to improve following the recession, as is indicated by a value and volume CAGR of 3.5% and 3.1% respectively for 2017. This suggests that consumers are feeling more optimistic about their financial situations, and are better prepared to pay for premium, quality products, as the country returns to a stronger economic status.
Women's fragrance is the largest category in the U.K. fragrances sector, with 62% of both value and volume in 2012 but is projected to be the slowest growing over the next five years, with a value and volume CAGR of 3.6% and 3.1% respectively up till 2017.
While unisex fragrances took the lowest share of the sector in 2012, with value and volume shares of 3.9% and 4.0% respectively, Canadean predicts it will grow above the sector average and display the highest value growth over the next five years. In contrast, men's fragrance is forecast to fall below the line for both value and volume growth; 3.4% and 2.9% respectively for the same period. The category accounted for an almost 34% share of volume in 2012, with value at the same level.