Russian Perfumery Market Poised for Phenomenal Future Growth
Fast rising demand for premium perfumes will drive the Russian perfumery market to grow at a CAGR of around 12.6% during 2010-2012, says RNCOS.
- (1888PressRelease) September 15, 2010 - According to our recent research report "Russian Cosmetics Market Forecast (2008-2012)", the cosmetics market in Russia withered global economic slowdown without any severe dent and posted year-on-year positive growth. The expanding cosmetics product lines and focus on untapped regions rescued the industry from negative growth and demand contraction. Various segments, particularly perfumery, have contributed strongly to the overall market developments. The Russian cosmetic market is expected to grow at a CAGR of 12.6% till 2012.
The study reveals that premium fragrances constitute the major part of sales value of perfumery segment in Russia. Fueled by increasing incomes and cultural shifts, the premium perfumery segment is fast gaining popularity especially in urban areas. Particularly upper middle class consumers now prefer high priced premium perfumery products over general fragrance offerings. It is anticipated that the trend will continue to accelerate segment growth in coming years, and will witness various new players entering the market.
Apart from perfumery, other emerging segments like sun care, male grooming etc have shown tremendous market performance and received wide acceptance among the Russian consumers within a few years of their market inception. The segment of self-tanning products is developing most actively (by 20% per year). Besides, the sales of multifunctional sun protection products of premium class are expected to increase with increasing income levels and aggressive promotional strategies of companies.
"Russian Cosmetics Market Forecast (2008-2012)" is an outcome of extensive research and thorough analysis on the burgeoning cosmetics industry in Russia and its segments. The report also discusses the market structure, current and past market performance and factors critical to the success of the concerned industry in Russia. Most importantly, the report has also given the segment wise industry forecast based on correlation of past drivers, challenges and opportunities for expansion. In this way, the report presents a complete and coherent analysis of the Russian cosmetics industry and will prove valuable for clients.
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