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The Scent of Recession: Italian Fragrance Sector Faces Hard-Won Growth to 2017

02 August 2013

Growth rates for the Italian Fragrance sector are not to exceed 2% until 2017 thanks to reduced consumer spending power, according to a new report by market research firm Canadean.

Italy’s Fragrance sector feels the impact of recession

Italy has been in recession since mid-2011, and the country’s Gross Domestic Product has fallen sharply since 2007. These factors have impacted consumer spending on both essential and non-essential products, such as Fragrances. The Fragrances sector in Italy is forecast to grow by a volume Compound Annual Growth Rate (CAGR) of just 1.4% during 2012-2017, while value growth is forecast to be even lower, at just 0.8%.

Male Fragrances to grow more than Female Fragrances, but not by much

Although it is the largest category with over 60% of the sector, Female Fragrances is projected to show the slowest growth. The category will just meet average growth with a value CAGR at 0.7% and a volume CAGR of 1.4%,. Male Fragrances is expected to perform slightly better in both value and volume terms, with CAGRs of 0.9% and 1.5%, respectively. The category commanded just above a 38% share in both volume and value terms in 2012.

Unisex Fragrances, although a small fraction of the sector, to show most growth

Unisex Fragrances will be the best performing category, although possessing a much lower market share, with 1.5% for both value and volume in 2012. Growth in this category is projected to be just slightly above sector levels, with value and volume CAGR at 1.1% and 1.6%, respectively.

This information was based on Canadean’s report “The Future of the Fragrance Market in Italy to 2017”, published in July 2013.

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