Market outlook of the global perfumes and fragrances market
The global fragrances and perfumes market is expected to grow at a CAGR of around 2% by 2019. The rise in demand from emerging markets, such as APAC, Latin America, and Eastern Europe, and increased online sales of fragrances and perfumes are predicted to bolster the prospects for growth in this market during the forecast period.
Technavio's market research analyst has estimated eminent factors, such as the recent rise in e-retail of fragrances and perfumes, to drive market growth during the forecast period. Recently, it has been observed that individuals prefer to shop online as it helps to save time and is more convenient. This trend of online shopping is envisaged to bolster market growth as it helps vendors to augment sales and spread brand awareness.
Segmentation by product and analysis of the fragrances and perfumes market
Premium Mass The premium segment currently dominates the global fragrances and perfumes market and is anticipated to maintain its dominance over the market by the end of 2019. Factors like the rising disposable income of the populace and a rise in the availability of all brands through online channels are examples of some growth-promoting factors in this segment.
Geographical segmentation of the fragrances and perfumes market
APAC Europe North America ROW Technavio market research analysts estimate the North American region to dominate the global market for perfumes and fragrances by the end of 2019. Factors like the improving economy, the rise in the sales of premium brands, and the launch of new products in this region are some of the significant factors that spur market growth in this region during the forecast period.
Competitive landscape and key vendors
The global fragrances and perfumes market is highly competitive and consists of multiple vendors and large retail chains. The specialist retailers in this market face serious challenges from the retail giants as they have the ability to offer products at lower prices when compared to specialist retailers.
The top vendors in the market are -
Bvlgari Chanel Coty Estee Lauder Gucci Other prominent vendors in the market are Abdul Samad Al Qurashi, Azzaro, Carolina Herrera, Clarins, Kate Spade, LVMH, Nina Ricci, Oriflame, Shiseido, Versace.
Key questions answered in the report include
What will the market size and the growth rate be in 2019? What are the key factors driving the global perfumes and fragrances market? What are the key market trends impacting the growth of the perfumes and fragrances market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the vendors in the global perfumes and the fragrances market? Trending factors influencing the market shares of the North Americas, APAC, Europe, and ROW. What are the key outcomes of the five forces analysis of the perfumes and fragrances market? Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Perfumes and Fragrances Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Fragrances and Perfumes Market: Bvlgari, Chanel, Coty, Estee Lauder and Gucci
Other Prominent Vendors in the market are: Abdul Samad Al Qurashi, Azzaro, Carolina Herrera, Clarins, Kate Spade, LVMH, Nina Ricci, Oriflame, Shiseido, and Versace.
Commenting on the report, an analyst from Technavio’s team said: “The ease of availability of foreign brands through online portals, specialty stores, and the growth in organized retail outlets are some of the factors resulting in higher spending on foreign brands. The growth in organized retail is another trend that is expected to contribute to the growth of the market during the forecast period.”
According to the report, the rise in demand from emerging markets, such as APAC, Latin America, and Eastern Europe, and increased online sales of fragrances and perfumes are predicted to bolster the prospects for growth in this market during the forecast period.
Further, the report states that the major challenge hindering the growth of this market is the availability of counterfeit products. These products are available in packages similar to original products and consumers sometimes cannot see much difference between the original and the fake product.
Bvlgari, Chanel, Coty, Estee Lauder, Gucci, Abdul Samad Al Qurashi, Azzaro, Carolina Herrera, Clarins, Kate Spade, LVMH, Nina Ricci, Oriflame, Shiseido, and Versace.