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Markets & trends

Brazil: fragrances sector set to continue growing rapidly

The Brazilian fragrances market, already the most valuable in the world, is set to continue growing quickly, helped by a broad consumer base, the experience-seeking behaviour of consumers, and a young and increasingly affluent population, according to a new report by Canadean.

High per capita volume consumption

By 2013 Brazil was already the most valuable fragrances market in the world, worth more than US$6 billion. This is built on the back of high per capita consumption as Brazilians use, on average, three times more fragrances by volume than consumers in the US, the next most valuable market.

Not only is consumption of fragrances already high, it is also set to grow quickly with both men and women using high volumes of fragrances, and often looking to treat themselves to new and novel experiences. Meanwhile, Brazil’s population is young and increasingly affluent. “These three pillars - a broad consumer base, experience-seeking consumers and a young affluent population - will be the basis of the market’s continued rapid growth,” highlights Canadean. [1]

Mass and premium products

According to the market research firm, opportunities exist to target men and women with both mass and premium products. Actually, fragrances consumption in Brazil is broad, meaning manufacturers have a variety of consumer groups and price points they can target. For instance, men play a prominent role in the Brazilian fragrances market, consuming 48.7% of fragrances by volume. Furthermore, consumers in the poorest 50% of households consume almost as many fragrances as those in the richest 50% of households. This means there are opportunities for almost all product types and price categories to succeed in the market.

Identity and experiences

Regarding consumption motivations, Canadean has found that when Brazilians come to select what fragrance to use, 25.5% of consumption by value is the result of consumers seeking to either affirm particular visions of femininity or masculinity, including the use fragrances to deliberately break gender stereotypes. Meanwhile consumers’ desire to experience new or novel scents are a key motivation behind the consumption of just under a quarter of all fragrances in Brazil by value, while the desire to treat oneself is also important.

Young and increasingly affluent population

Almost 100 million people, half the total Brazilian population, are aged between 16 and 35. In addition to their large numbers, these consumers use fragrances more frequently than consumers in other age groups. “Add in their growing spending power, with GDP per capita in Brazil growing by over US$4,000 between 2007 and 2012, and young Brazilians will drive rapid growth in the market,” the market research firm concludes.

Source: Canadean

Footnotes

[1] “Market Focus: Trends and Developments in the Fragrances Sector in Brazil,” Canadean, Jan. 2014, p. 38.

© 2014 - Premium Beauty News - www.premiumbeautynews.com
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