FRAGRANCE AND PERFUME MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics:-

Growing demand for beauty and personal care products is a major factor driving growth of the fragrance and perfume market. According to the U.S. Department of Commerce, International Trade Administration (ITA), Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion in 2016 and it is expected to exhibit a CAGR of 5-6% during the forecast period (2017-2021). Changing standards of living and rising awareness regarding personal grooming products are leading to expansion of consumer base for fragrances and perfumes. According to Trading Economics Statistics on United States Disposable Personal Income, the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in November 2018.

Development of innovative products and rising promotional activities adopted by key players is supporting growth of the global fragrance and perfume market. For instance, in May 2019, HE deodorants launched a new advertising campaign to increase market visibility of its products. In February 2019, Unilever launched deodorant wipes and deodorant mini sprays.

Market Drivers

Restaints