The global perfume market is expected to reach a value of roughly $45.6(£29.10)billion by 2018, driven primarily by growth expected in the under-penetrated emerging markets and innovative product launches, according to a recent report.
The current value of sales has had a large increase of 8% since 2010,
which has caused a growth in sales within the perfumery economy. For example, a
lot of beauty retailers account for 42% of the fragrance sales, leaving
Department stores to sell only 19%; leaving 39% to the individual brand itself.
According to the report, the scenario is however set to change with men's fragrance segment beginning to witness strong growth patterns, as the importance of grooming tops the list of men's priorities. For the men's market, typically the market was confined to the after-shave fragrances. But now, the cards are being turned and men's fragrances for specific occasions are witnessing huge growth, holding the promise of emerging into a mainstay market.
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