Perfume market is driven by various consumer behaviours and demands from differing consumer segments. The Indian market is complex and has developed over the millennia. The consumers of perfumes are presented with a vast array of offerings from multinationals, from prestigious brands to independent manufacturers, with some perfumes produced according to traditional formulae laid out in the ancient Hindu Ayurvedic texts. Due to the historic abundance of natural aromatic resources present in the Indian geographic region, there is a glut of natural raw materials from which perfumes and scents are extracted. All these products are exported from India to the international perfume houses of the world, and are also being used by a broad segment of local unorganized manufacturers.
At present, the Indian perfume market is set to grow considerably and offer innumerable opportunities for new entrants to establish themselves in this market. The perfume market is operated under the organized as well as unorganized players. Earlier, the market was overpowered by unorganized players, as India was a land of attars, Kannauj (Uttar Pradesh) being the capital city for attars.
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Indians were mesmerized by the fragrance of attars and was a favourite amongst many. As new players are entering into the organized market with innovations like perfumes, deodorants and colognes, attars is somewhat losing its essence to these products. With the introduction of perfumes having synthetic ingredients, products like attars have started getting competition and are facing tough times as synthetic laid perfumes are taking over a major segment of the perfume market.
“India Perfume Market Overview, 2016-2022″, the demand for perfume products has been driven by rising personal grooming, brand awareness, increasing disposable income, growing demand from middle class population and affordable range of perfumes. Perfumes see a hike in sales in the festive season, as it is considered a perfect gifting option to friends, family and relatives. Companies that are already established in other fragrance related segments are now foraying into the perfume market by expanding their product portfolios. Women are also emerging as the desirers for different perfumes suiting their personality and making them feel confident about themselves. Major contributors to the perfume markets have mostly been international players like Coty, Avon, P&G, etc. Indian manufacturers have also started venturing into the perfume market such as Vini Cosmetics with brand Fogg. Fogg is currently the leading brand in Indian deodorant market and now plans to take on big players in the perfume category. Many more big Indian names are setting up their eyes on the perfume market and are planning to launch affordable perfume for the price sensitive Indian consumers.
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