Despite its small contribution to the U.K. fragrance market, the unisex fragrances sector is expected to grow at the fastest rate, both by value and volume, up to 2017 according to Canadean. Unisex Fragrances are set to lead growth at a CAGR of 3.7% by value and 3.1% by volume.
The research also shows, out of the nine health and beauty categories reported by Canadean for the U.K., fragrances is projected to be only the fifth fastest growing sector in the U.K. up to 2017. The fragrances market however is expected to improve following the recession, as is indicated by a value and volume CAGR of 3.5% and 3.1%, respectively, for 2017. This suggests that consumers are feeling more optimistic about their financial situations, and are better prepared to pay for premium, quality products, as the country returns to a stronger economic status.
Female fragrances is the largest category in the U.K. fragrances sector, with 62% of both value and volume in 2012 but is projected to be the slowest growing over the next five years, with a value and volume CAGR of 3.6% and 3.1%, respectively, up until 2017.
While unisex fragrances took the lowest share of the sector in 2012, with value and volume shares of 3.9% and 4%, respectively, it will grow above the sector average and display the highest value growth over the next five years.
In contrast, male fragrances is forecasted to fall below the line for both value and volume growth; 3.4% and 2.9%, respectively, for the same period. The category accounted for an almost 34% share of volume in 2012, with value at the same level.