Published on : Aug 21, 2017
Albany, New York, August 21, 2017: Fragrances are today a vital and mainstream element of the cosmetics industry and have gained much attention from consumers across the globe. The fragrance market flourishes in a consumer-driven industry, dictated by fashion and beauty trends. According to the latest study, in U.K. fragrance purchase is on the rise, which has given a positive boost to the market growth. To elaborate further, a new study titled “U.K. Fragrances- August 2017” has been added to the online repository of Market Research Hub (MRH). This report analyzes the market size of the fragrance market for 2016 in U.K. and presents forecast for the next six years. The global market size of fragrance is presented in terms of volume and revenue.
Fragrance is a mixture of essential oils or aroma compounds, fixatives and solvents commonly used to provide pleasant scent to the human body, animals, food, objects and any living space. In the first part, the study provides precise market outlook covering companies & brands details, consumer trends and attitudes, key insights on issues and opportunism as well as market segmentation. The segmentation of the market comprises the details of UK retail value sales of fragrances only, by outlet type, by sector, by companies and by launch type. According to the study findings, after two years of disappointing sales performance, the fragrance sector is estimated to see modest growth in 2017.
As per the consumer perspective, Increasing usage of perfumes among the young population, increasing online retail penetration, product push strategy by market players and increasing consumer spending on personal and beauty care products are major factors expected to drive the growth of the global fragrances market over the forecast period of 2017-2022. The research also finds that with high interest in fragrances with added benefits, further driving innovation could encourage greater spending as well as introducing new usage occasions in the sector.
The research study also analyzes the usage of fragrances in U.K. consumers, which displays that the Body sprays are increasing in popularity and there is no change in the usage of scented toiletries. The consumers want fragrance should be strong, and women are more experimental while choosing a brand of fragrance. Beauty brands are as popular as fashion brands and millennial show preference for high street fashion brands. The premium fragrances segment is expected to see the strongest performance, underpinned by premium unisex fragrances. Further, the report also adds that NPD in both the fragrances and body spray sector has encouraged people to spend more, however, consumers remain price-savvy and high-end fashion brands increasingly face competition from beauty and high street fashion brands.
Major companies’ operating in the U.K. fragrance market are Gucci, Clinique, Tom Fords, DKNY, Lancôme, Chanel, Hugo Boss and Jennifer Lopez fragrances.
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