Revenues in the fragrance industry have been developing - and are likely to continue to develop - at dynamic rates for the next eight years, according to a new market research report by Ceresana.
"We forecast global revenues of more than US$15.6 billion to be generated in 2019," explains Oliver Kutsch, CEO of Ceresana. Particular growth engines are the emerging countries in South America and Asia-Pacific.
A few trends are also highlighted in the 536-page report. These include the consumer's increasing demand for exotic scents. At the same time, many consumers are demanding harmonic fragrances that allow them to enjoy short moments of relaxation. The report also says that the development of innovative new products will be crucial to growth, due to strong competition.
Sustainability is another key trend. Consumer demand will result in further efforts to develop and manufacture natural products that pose no risk to people and the environment. Products that are most appealing now are those made from processing methods that don't use any hazardous substances.