Mexico Perfume Market Research Report, 2027

Mexico Perfume Market Research Report, 2027

Actual Market Research 30-11-2022 60 Pages Figures : 7 Tables : 20 Region : North America Country : Mexico Category : Consumer Goods & Services Beauty & Personal Care

In Mexico, fragrances and perfumes contribute to personal hygiene, aromatherapy, confidence boosting, and many other uses. The growth of the fragrance and perfume market is primarily influenced by unpredictable and continuously changing fashion trends. Thus, key market players are focusing on developing exciting, unique, and new fragrances to attract different consumer groups worldwide. A fragrance is a blend of organic substances that has a distinct odor. It is a liquid concoction used to create a pleasant scent. It is produced from synthetic aromatic compounds or spicy essential oils extracted from plants and spices. According to the report, "Mexico Perfume Market Research Report, 2027," published by Actual Market Research, the market is anticipated to add USD 0.29 Billion from 2022 to 2027. The market's growth is attributed to the growing trend of personal grooming, coupled with increasing demand for luxury and exotic fragrances. As the overall economic situation worsens, the challenges for the fragrance market within the country are expected to grow, and therefore the once significant growth prospects of the market are anticipated to suffer a blow. The women's segment leads the markets, as women's populations are largely inclined towards sustainable fragrances for their personal grooming purposes. Increasing personal hygiene and grooming awareness among men is fueling segmental growth. Men's fragrances are stronger and more aromatic in nature, which, in turn, may increase the product's adoption. In addition, the rising demand for fragrant flavours is likely to boost product demand. The fragrance market in Mexico is that of premium men’s fragrances. The growth in this particular market segment has been driven by the major promotional campaigns undertaken by various companies to stimulate sales among young men, who increasingly consider fragrances an essential daily element of personal care. Most of the packages of the men’s mass-market fragrances being sold in Mexico are made of glass bottles with atomizers, with the bottles using different colors and opacity levels. However, mass-produced women's fragrances frequently use decorative elements such as small chains or belts to make the package more appealing to female buyers. When a new fragrance is launched in the Mexican fragrance market, the launching companies usually engage in strong product sampling, while premium brands in particular also use heavy price discounts during the Christmas festive season as well as around other holidays, such as Mother’s Day, Father’s Day, and Valentine’s Day, in order to encourage sales as well as promote the sale of gift sets to further boost their sales volumes. There are differences between premium and mass fragrances in terms of the sources from which consumers can obtain products in each category. In the case of premium fragrances, in Mexico these are usually sold through department stores, chemists and pharmacies, and parapharmacies and drugstores, with department stores still being the preferred outlets. On the other hand, mass-market fragrances are mainly sold through direct sellers and grocery retailers, offering more affordable prices, frequent price discounts and bundling, and attractive gift sets. The offline segment is especially driven by sales from specialty stores that provide premium products. The layouts of supermarkets and promotional campaigns by leading brands have also increased the sales volume within the supermarket and hypermarket segments. The expansion of the organized retail sector has been driving the market by providing ample space and visibility for the existing brands to offer their products. The online platform is predicted to witness the fastest growth during the next few years. The evolution of online retail channels like Flaconi, Amazon, and Parfumdreams has turned out to be a new and convenient way of distributing perfumes, despite consumers not having the ability to test the fragrance before purchase. Various modes of advertisements and promotions within the market are very prominent, thereby driving consumers to prefer online channels. Covid-19 Impact on Perfume Market The lockdown restrictions across the country led to a serious disruption in the supply chain, which negatively affected the perfume market. Moreover, the slowdown as a result of the suspension of various manufacturing activities and the ban on international travel in order to contain the spread of the pandemic has impeded the market's growth. Lockdowns and isolation during pandemics restricted the varied industrial operations, which created several complications for the market’s production and provide. The loss of revenue thanks to the suspended operations and the postponed activities across the industries led to reduced deliveries of perfume, further hampering the market’s growth. However, the COVID-19 crisis is probably going to accelerate market trends such as the rise of the middle-class population and the use of e-commerce, which may favour market growth. Moreover, players are adopting various safety measures to propel market growth on an outsized scale, together with the new planning and strategies introduced by the fragrance market players. Considered in this report • Geography: Mexico • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Mexico Perfume market with its value and forecast along with its segments • City-wise perfume market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Eau De Parfum • Eau De Toilette • Eau De Cologne • Eau Fraiche • Parfum • Others By End User • Men • Women • Others By Ingredient Type • Natural • Synthetic By Product • Premium • Mass By Distribution Channel • Online • Offline The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Perfume industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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