The latest research carried out by the market analyst states the fragrance sector in India is forecast to grow at a CAGR of approximately 20 per cent between 2011 and 2014.
The double digit growth for fragrances puts the cosmetics industry on the road to healthy growth, which is estimated to have a CAGR of approximately 17 per cent for the same period of time.
The boom in both the industry and the sector is thanks to changing lifestyles, an increase in disposable incomes and the rising influence of media and western culture in the country.
The rise in disposable incomes has been a result of the increasing population of working men and women; with women’s fragrances dominating the market, which has presented the big cosmetics players with an opportunity to target this demographic.
According to the report, “female fragrances were found to contribute majorly to the overall sales of the Indian fragrance market”.
Few players dominate
However, the industry as a whole is dominated by a few major international players such as L’Oréal, Unilever and Colgate-Palmolive as well as domestic players such as Dabur.
The report titled “Indian Cosmetic Sector Analysis” provides an insight into key trends and behaviour in the industry.
The report also takes a look in depth at the Indian cosmetics market, focusing on areas such as skin care, hair care, colour cosmetics, and oral care as well as fragrances.