FRAGRANCE PRODUCT MARKET ANALYSIS

Fragrance Product MarketSize and Trends

MARKET DYNAMICS

The growth of fragrance product market is expected to be driven by increasing awareness about personal grooming and high expenditure on personal care products. For instance, according to the U.S. Department of Commerce and International Trade Administration (ITA), the local production of cosmetics and personal care products in Mexico was valued at US$ 6.5 billion in 2015, and it increased to reach around US$ 7.3 billion in 2018.

MARKET OUTLOOK

Among regions, Asia Pacific is expected to witness significant growth over the forecast period, owing to increasing disposable income and awareness about personal grooming among the populace. For instance, according to the India Brand Equity Foundation, India’s per capita GDP was US$ 1,942 in 2017, and is expected to reach US$ 3,273.85 by 2023.

Among distribution channel, the online channel segment is expected to witness significant growth in the market over the forecast period. This is due to increasing use of mobile phones and internet, and inclination of people towards online purchases, and emergence of various e-commerce companies, which is expected to drive growth of the online channel segment. For instance, according to India Brand Equity Foundation (IBEF), India e-commerce market was valued at US$ 15 billion in 2016, in which the personal care segment accounted for a market share of 8%. The India e-commerce market is expected to witness a CAGR of 44.7% to reach US$ 63.7 billion by 2020.