‘Phenomenal’ future growth predicted in Russian perfume market
The Russian perfumery market will grow at a CAGR of around 12.6 per cent over the next year, according to RNCOS.
The cosmetics market in Russia weathered the global economic slowdown without any severe dent and posted year-on-year positive growth, according to the RNCOS report.
The expanding cosmetics product lines and focus on untapped regions rescued the industry from negative growth and demand contraction. Various segments, particularly perfumery, contributed to overall market development, say RNCOS.
The study revealed premium fragrances contribute the majority of sales in the Russian market. Increasing incomes and cultural shifts mean the premium perfumery segment is fast gaining popularity.
It is anticipated that the trend will continue to accelerate segment growth in coming years, and will witness various new players entering the market.
