The following insight from market research firm Euromonitor International is based on its data and insights from its ‘Fragrances in Beauty and Personal Care: Selling with Scents’ market report.
Fragrance is essential in the beauty industry, playing an active role in the sensorial side of products, as Euromonitor confirms.
“Fragrance is far more than merely a way to mask unpleasant odours from active chemicals,” the firm explains.
“Specific fragrances can also play a range of marketing roles, helping to position products and to enhance the overall sensory experience.”
On the rise
Euromonitor’s research shows that the market for fragrance in personal care is set to grow.
“Use of fragrance in personal care applications totalled 105,000 tonnes in 2016, representing almost a quarter of total fragrance volume,” the firm says.
“Sales increased at a CAGR of 2.3% over 2011-2016 and are set to maintain this level over 2016-2021.”
LATAM & MENA: regions to watch
Latin America and the Middle East and Africa will be the most important growth regions for fragrances over 2016-2021, says Euromonitor.
The firm says each boast forecast CAGRs of over 3.5%, and Asia Pacific is now the largest market overall and is forecast a 2.4% CAGR.
Bath and shower is the largest single market for fragrance in every region of the world, accounting for 46% of total volume in 2016, with hair care second in most.
Deodorants are most important in developed markets and take second place in West Europe and Australasia.