Fragrances represent the fastest growing health and beauty category in Mexico, according to a new report from Canadean.
With a value CAGR of 7.8%, fragrances currently dominate the market, driven by the rising affluence of the middle class. Looking at future forecasts, Canadean states that the overall sector volume will grow at a CAGR of 8.4% towards 2017.
Female fragrances account for the lion’s share of the sector, with value and volume figures standing at 66.9% and 67.8%, respectively. The growth rate of female fragrances looks set to continue on its upward trajectory over the next five years, with value and volume CAGR expected to grow 8.1% and 8.7% respectively, towards 2017.
Meanwhile, male fragrances account for the second largest sub-sector, with value and volume shares of 25% and 24.5%, respectively. Growth predictions are expected to reach 7.3% in value CAGR and 8.1% in volume, towards 2017.
Unisex fragrances make up the rest of the sector, with value shares of 8.1% and volume shares of 7.7%. Growth is predicted to reach a value and volume CAGR of 6.9% and 7.6% respectively, towards 2017.