Accessories and outfits get a glam quotient when the man is smelling good. Nearly 60 per cent of the whole fragrance market is dominated by the men's category which is also highly fragmented and is still in a nascent stage. However, it is briskly evolving with changes in attitudes and lifestyle. Besides, high-end perfumes in the male category are a rage; courtesy the growing urge among urbane Indian males to stay well-groomed. Fragrances – comprising of perfumes, deodorants and roll-ons - are an important part of accessories and many brands are endeavouring to give best fragrances to their customers.
The fragrance industry's rapid growth is attributed primarily to the factors like higher disposable income, luxurious lifestyles and increased exposure to international trends. The earliest scents known to Indians were the healing scents introduced through Ayurveda. Ayurvedic remedies recommending the use of aromatic herbs and fragrant plants for well-being, hygiene, treatment of ailments, beauty and age-control are well known even today. India has been a traditional country so far but now, like every other industry, the fragrance industry is also witnessing a paradigm shift.
The fragrance industry in India is one of the largest in terms of production, consumption, import and is in the process of embarking an impeccable growth trajectory as more youngsters wear a fragrance in the form of perfumes and deodorants. At present, the Indian fragrance market is set to grow; and offer innumerable opportunities for new entrants to grow in this market. Armani, Azzaro, Burberry, Chanel, CK 1, Dior, Escada, Estee Lauder, Ferrari, Hugo Boss, Lacoste, Nina Ricci Polo, Shiseido etc. are certain most sold leading perfume brands in India. Amid the deodorant category Axe, Park Avenue, Nivea, Set Wet, Wild Stone, Garnier, Yardley etc. are leading.
Indian and international fragrances are available through conventional models (like malls) as well as contemporary methods (online stores). People have the ease and benefits of online shopping from the comfort of their homes, at their fingertips. There easy payment options, hassle free returns and fast and secure shipping of products to name a few.
The India fragrance Market is growing with a compounded annual growth rate (CAGR) of 32.71 percent from last five years (2010-2015) and is projected to enhance by more than ten times by the year 2021 due to rising personal care, brand awareness, increasing disposable income, growing demand in middle class people and affordable price of fragrance in the form of mass perfumes and deodorants. Indian women are ready to blossom their individuality and are thrilled to have personal grooming and feel-good products.
According to India Fragrance Market Overview, India's fragrance market is anticipated to increase at a CAGR of 11.94 percent over six years.
On the back of such factors, another report revealed that the overall size of the perfume industry of India is currently estimated at Rs 2000 crores, which is projected to grow by 50 percent to Rs 3000 crores by next 5 years. The current online perfume market is at Rs 148 crores which is projected to grow by approximately 120 percent to Rs 345 crores. As Indian women are increasingly turning to online shopping, the online market share of the perfume category, which is currently 7 percent of the total perfume market, is ready to increase to around by 11 percent by next 5 years.