Unisex Fragrances to Lead Growth in the UK Fragrance Sector up to 2017
14 August 2013
Despite its small contribution to the UK fragrance market, the Unisex Fragrances sector is expected to grow at the fastest rate, both by value and volume, up to 2017 according to Canadean. Unisex Fragrances are set to lead growth at a Compounded Annual Growth Rate (CAGR) of 3.7% by value and 3.1% by volume.
Share of fragrances in the Health and Beauty sector is growing as the economy improves
Out of the nine Health and Beauty categories reported by Canadean, Fragrances is projected to be only the fifth fastest growing sector in the UK up to 2017. The fragrances market however is expected to improve following the recession, as is indicated by a value and volume CAGR of 3.5% and 3.1% respectively for 2017. This suggests that consumers are feeling more optimistic about their financial situations, and are better prepared to pay for premium, quality products, as the country returns to a stronger economic status.
Female Fragrances is the largest category in the UK fragrances sector, with 62% of both value and volume in 2012 but is projected to be the slowest growing over the next five years, with a value and volume CAGR of 3.6% and 3.1% respectively up till 2017.
Whilst Unisex Fragrances took the lowest share of the sector in 2012, with value and volume shares of 3.9% and 4.0% respectively, it will grow above the sector average and display the highest value growth over the next five years. In contrast, Male Fragrances is forecast to fall below the line for both value and volume growth; 3.4% and 2.9% respectively for the same period. The category accounted for an almost 34% share of volume in 2012, with value at the same level.
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