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Cosmetics and Fragrances Market Report Plus 2006
Key Note Publications Ltd, March 2006
This Market Report Plus examines women's colour cosmetics that are primarily used for adornment, and male and female perfumes and fragrances. In 2005, retail sales of cosmetics and fragrances, as covered by this report, increased in value by an estimated 6.7% to £1.7bn at retail selling prices (rsp). Between 2001 and 2005, decorative cosmetics showed the strongest growth.
According to figures from National Statistics, published on 15th December 2005, the volume of total UK retail sales across all sectors in the 3 months from September to November 2005 was 1% higher than in the previous 3 months, the highest since August 2004. More importantly, for the 3 months to November, the value of retail sales was 0.3% higher than in the same period a year earlier. However, expenditure on beauty products and treatments is discretionary, and is tied in with disposable income. In 2004/2005, households in the lowest 10% by gross income decile group spent a weekly average of just £2.80 on such products, compared with £16.40 among those in the highest 10%.
Although there are specialist personal-care manufacturing companies, such as L'Oréal, at the forefront of the market, clear leaders are the multinationals Unilever and The Procter & Gamble Company, whose diversified interests include cosmetics and fragrances. Procter & Gamble's acquisition of Gillette in 2005 created a consumer products group with annual sales of £32bn, pushing rival Unilever into second place.
The competitive marketplace means that such companies require substantial resources to maintain a product's market position, let alone to launch a new one. For example, in the year ending September 2005, main media advertising expenditure on women's fragrances was £45.3m. Fragrance is a consumer product sector worth the considerable investment — according to BMRB International Ltd's Target Group Index (TGI) survey, in 2005, 88.7% of female respondents had used perfume in the preceding 6 months.
While Western Europe and the US remain the main markets for cosmetics and fragrances, those of Eastern Europe and China are growing rapidly, and companies are increasingly looking to expand in these regions as their own domestic markets become oversupplied. For example, in late 2005, L'Oréal announced the opening of a research centre on the outskirts of Shanghai.
The value of retail sales of cosmetics and fragrances, as covered by this report, is anticipated to grow at a fairly modest rate (by between 1.9% and 2.2% a year) over the next 5 years (to 2010).
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