Emerging Opportunities in Gourmand Fragrance Market with Current Trends Analysis

Market Outlook

A gourmand fragrance is a mixture of scented essential oils or aroma compounds, sprays, and solvents. Gourmand fragrances tend to smell edible, usually featuring notes such as honey, chocolate, candy, vanilla, caramel, almonds and so on. These top and middle notes may be combined with non-edible base notes like musk or patchouli.

The global gourmand fragrance industry sets well ahead of the broad beauty market, providing steady positive growth and a firm ascendant trajectory. Outdoing the baseline beauty and personal care industry, a feat accomplished by both color cosmetics and fragrances, gourmand fragrances experienced a revitalization in mature markets in the face of a fresh customer, while simultaneously gaining new vendors in continually advancing evolving nations. Gourmand fragrances are also called foodie fragrances, and can be both feminine and masculine. Usually, they are warm and most wearable in the colder seasons. The gourmand fragrance market is becoming more consolidated over a period of time as large companies are acquiring smaller and niche brands.

Urbanization is Driving the Global Gourmand Fragrances Market

Gourmand fragrances are genuinely tempting and appealing, equipped with enticing essential oils and aromatic compounds. The applications of gourmand fragrances for those having a sweet tooth prompts a nirvana-like state in the consumers. Driven by continually-rising customer demand for air travel, travel retail has appeared as a reliable distribution channel for luxurious fragrances like gourmand fragrances in the past few years. The gourmand fragrance trend has gradually increased in popularity since 1992. In 1992, Thierry Mugler’s company MUGLER launched its first gourmand fragrance “Angel”; it was credited as the first modern Gourmand scent. “Angel” along with its companion scent Alien accounted for $280 Mn in annual sales which set the tone of the gourmand fragrance market. Furthermore, advancing technology is empowering the customization of fragrances, diverging custom blending from a luxury to a mainstream service. Going forward, the market is expected to see continuing sales growth in smaller fragrance products. 

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Global Gourmand Fragrance: Market Segmentation

On the basis of Application, the global gourmand fragrance market has been segmented as –

Personal Care Fragrance
Home Care Fragrance
Pet and Animal Care Fragrance
On the basis of Nature, the global gourmand fragrance market has been segmented as –

Natural
Synthetic
On the basis of Region, the global gourmand fragrance market has been segmented as –

North America
Western Europe
Eastern Europe
Latin America
Asia Pacific Excluding Japan
Japan
MEA
On the basis of Source, the global gourmand fragrance market has been segmented as –

Honey
Chocolate
Vanilla
Almond
Others (Caramel, Milk, and Candy)
Global Gourmand Fragrance Market: Key Players

Some of the key players operating in the global gourmand fragrance market are INITIO Parfums Prives Perfumes and Colognes, Yves Saint Laurent Beauté, Dior, Lancome, MUGLER, Guerlain, CARNER BARCELONA S.L., Serge Lutens, Tom Ford, Xerjoff Lira, Acqua di Parma, Viktor&Rolf, Maison Francis Kurkdjian, Maison Margiela, Lolita Lempicka, KILIAN, Elie Saab, Kat Von D, Commodity, Prada, Marc Jacobs among others.

The global gourmand fragrance market has evolved on the framework of new products inventions, launching new products, the emergence of the small-scale players in the market creating a fuss about the benefits of gourmand fragrances through advertising activities and programs are some of the significant drivers reinforcing the growth of the gourmand fragrance market.

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Key Developments:

In 2016, the online sales of Fragrances in U.K observed a raise of 20%. Total sales recorded in 2016 was £162 million, according to the NPD Group. Amazon is one of the internet giants, a growing seller of fragrances, including cosmetics. Also, in 2016, Prada, a key player in the gourmand fragrance market extended their extended the Prada Candy perfume range with new Prada Candy Sugar Pop eau de toilette Candy Kiss had musk as its hero ingredient. The packaging box featured a kiss motif inspired by the iconic Prada lip print. Owing to this product launch the company strengthened their grip in the gourmand fragrance market.

Opportunities for Market Participants in the Gourmand Fragrance market

The divergence of volume and value growth of the gourmand fragrance market grew robust over the past few years. Thanks to the redefined niche genre of the market, which saw gourmand fragrances positioned as a piece of investment, cosseting a “less is more” outlook. Many luxury brands are expanding into fragrances as an entry point for consumers. Regionally, consumers of Western Europe as united represent the most valuable gourmand fragrance unit. In individual market terms, the United States trailed by Brazil claimed the accolade of largest fragrance nations. Furthermore, a significant trend recognized in the market is the influence exerted by millennials. Millennials are heavy fragrance customers in many markets. Because of this, brands are trying to win them over by launching new products very often. Tapping into their communication and consumer experience codes. Furthermore, Fragrances are usually more reasonable than luxury goods such as bags or shoes, allowing the vendors to draw into the middle- and lower-income consumer segments, which is assisting the growth of the gourmand fragrance market.

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Advanced Analytics Market to reach US$ 13,500 Mn by 2022

Future Market Insights (FMI) has published a new report, which is titled, “Advanced Analytics Market: APEJ to Remain Most Lucrative Market for Advanced Analytics: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2022).” According to the report, the global advanced analytics marketis anticipated to expand at a 5.5% CAGR from 2017 to 2022 and reach a market value of US$13,500 mn by 2022. The growing need to address diverse business requirements is one of the key factors fueling the adoption of advanced analytics.

Businesses are increasingly focusing on expanding their reach so as to gain higher market shares on account of the increasing competition and for this they require intelligence which may help them for predicting future scenarios and preparing them for the future. Businesses also require intelligence to identify opportunities that lie ahead, anticipating the problems that they might encounter in the future, as well as improve the processes. For all these problems, advanced analytics emerge as an effective solution.

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The adoption of advanced analytics has also risen on account of a number of niche players who have entered the market and are providing advanced analytics solutions at a relatively lower cost. Moreover, many small and medium sized industries are also offering advanced solutions and updated services so as to optimize businesses at low cost. This is fueling the adoption rates of advanced analytics solutions across businesses and organizations. Businesses are benefiting from incorporating advanced analytics solutions such as Big Data Analytics, data mining, and location intelligence, which enable them to extract valuable information and make smart business decisions.

The perception that advanced analytics can be an expensive technique for adoption is common among many enterprises. However, this perception is soon changing and enterprises are realizing the various benefits of adopting advanced analytics so as to develop market strategies and make customer oriented moves which will bring success to their business.

On the basis of geography, the global advanced analytics market is segmented into Asia Pacific except Japan, North America, Europe, and the Middle East and Africa. Of these, the fastest expansion is predicted in North America and this region is anticipated to cross US$2500 mn by 2022. For gaining insights, many enterprises within North America are adopting advanced analytics solutions which are helping them to identify various industry trends as well as future opportunities. It is estimated that APEJ will emerge as the largest market for advanced analytics by revenue. Europe will also follow the footsteps North America and expand at a rapid CAGR in the forecast period. However, the Middle East and Africa will experience a slow growth in the advanced analytics market.

By end use, the advanced analytics solution is witnessing fastest sales from the retail and consumer goods industry. By 2022, this segment is expected to cross US$3000 mn by revenue. The BFSI industry segment will exhibit a low CAGR throughout the forecast period whereas the government and healthcare industry segment will expand at a high CAGR through 2022. In terms of revenue however, BFSI will remain one of the most lucrative segments in the market.

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On the basis of solution, it is estimated that both visual analytics and big data analytics will witness parallel expansion in terms of sales. The report further states that one third of the total share of the market in 2017 has been contributed by the revenues received from Big Data Analytics and business analytics segments. Surprisingly, in terms of sales, these two segments will exhibit the lowest CAGR between 2017 and 2022 whereas the predictive analytics segment will register the highest CAGR in terms of sales and will become popular as an attractive solution for advanced analytics. The risk analytics segment could also witness rapid expansion by 2022.

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