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South Korea fragrances market: 6% CAGR growth forecast between 2012-17
Fragrances in South Korea - a new market research report on 2014-04-15 17:41:01
Espoir maintained the leading position in the South Korea fragrances market with a 6% value share in 2012. The brand´s value share decreased slightly due to a weak performance of mass offerings in general. John Varvatos Artisan continued to gain value share while actual sales rose by 25% in 2012. Sales of The Faceshop increased by 9% thanks to the introduction of a new fragrance line in 2012.

In 2012, super premium fragrances was responsible for much of the healthy 8% value growth of the fragrances category. Premium fragrances increased by 10% although mass fragrances recorded a contracting growth rate in current value terms. Consumers tended to prefer unique and new super premium brands rather than traditional premium fragrances, such as Kenzo, Davidoff and Bvlgari. In response to this trend, department stores and beauty specialist retailers endeavoured to distribute less familiar but super premium fragrances brands, such as Diptyque and Jo Malone. Even though the price of these super premium brands is up to ten times more expensive than mass fragrances, they still performed strongly in 2012.

Fragrances is expected to grow by a CAGR of 6% in constant value terms over the forecast period. As the number of super premium brands increase, both constant value and volume sales will rise, although constant value sales will increase more than volume. On the other hand, mass fragrances is expected to decrease by a CAGR of 4% in constant value terms over the forecast period. Volume sales of mass brands will decrease due to more consumers shifting from mass fragrances to body care products and sprays.

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