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MarketLine Industry Profile
Fragrances in China
March 2019
Reference Code: 0099-0703
Publication Date: March 2019
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China - Fragrances
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EXECUTIVE SUMMARY
Market value
The Chinese fragrances market grew by 2.2% in 2018 to reach a value of $859.2 million.
Market value forecast
In 2023, the Chinese fragrances market is forecast to have a value of $1,011.2 million, an increase of 17.7% since 2018.
Market volume
The Chinese fragrances market grew by 0.2% in 2018 to reach a volume of 15.5 million units.
Market volume forecast
In 2023, the Chinese fragrances market is forecast to have a volume of 15.9 million units, an increase of 2.5% since
2018.
Category segmentation
Female fragrances is the largest segment of the fragrances market in China, accounting for 83.9% of the market's total
value.
Geography segmentation
China accounts for 21.6% of the Asia-Pacific fragrances market value.
Market share
Chanel S.A. is the leading player in the Chinese fragrances market, generating a 20.4% share of the market's value.
Market rivalry
Many of the leading players are highly diversified companies, both in terms of products and geography, ameliorating
rivalry within the market.
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TABLE OF CONTENTS
Executive Summary......................................................................................................................................................... 2
Market value ................................................................................................................................................................ 2
Market value forecast .................................................................................................................................................. 2
Market volume ............................................................................................................................................................. 2
Market volume forecast ............................................................................................................................................... 2
Category segmentation ............................................................................................................................................... 2
Geography segmentation ............................................................................................................................................ 2
Market share................................................................................................................................................................ 2
Market rivalry ............................................................................................................................................................... 2
Market Overview.............................................................................................................................................................. 7
Market definition .......................................................................................................................................................... 7
Market analysis............................................................................................................................................................ 7
Market Data ..................................................................................................................................................................... 9
Market value ................................................................................................................................................................ 9
Market volume ........................................................................................................................................................... 10
Market Segmentation .................................................................................................................................................... 11
Category segmentation ............................................................................................................................................. 11
Geography segmentation .......................................................................................................................................... 12
Market share.............................................................................................................................................................. 13
Market distribution ..................................................................................................................................................... 14
Market Outlook .............................................................................................................................................................. 15
Market value forecast ................................................................................................................................................ 15
Market volume forecast ............................................................................................................................................. 16
Five Forces Analysis ..................................................................................................................................................... 17
Summary ................................................................................................................................................................... 17
Buyer power .............................................................................................................................................................. 18
Supplier power........................................................................................................................................................... 19
New entrants ............................................................................................................................................................. 20
Threat of substitutes .................................................................................................................................................. 21
Degree of rivalry ........................................................................................................................................................ 22
Leading Companies....................................................................................................................................................... 23
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Chanel S.A. ............................................................................................................................................................... 23
Coty Inc. .................................................................................................................................................................... 24
L'Oreal SA ................................................................................................................................................................. 27
LVMH Moet Hennessy Louis Vuitton SA ...................................................................................................................30
Macroeconomic Indicators............................................................................................................................................. 34
Country data .............................................................................................................................................................. 34
Methodology .................................................................................................................................................................. 36
Industry associations ................................................................................................................................................. 37
Related MarketLine research .................................................................................................................................... 37
Appendix........................................................................................................................................................................ 38
About MarketLine ...................................................................................................................................................... 38
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LIST OF TABLES
Table 1: China fragrances market value: $ million, 2014–18 ..........................................................................................9
Table 2: China fragrances market volume: million units, 2014–18................................................................................10
Table 3: China fragrances market category segmentation: $ million, 2018...................................................................11
Table 4: China fragrances market geography segmentation: $ million, 2018 ...............................................................12
Table 5: China fragrances market share: % share, by value, 2018...............................................................................13
Table 6: China fragrances market distribution: % share, by value, 2018 ......................................................................14
Table 7: China fragrances market value forecast: $ million, 2018–23...........................................................................15
Table 8: China fragrances market volume forecast: million units, 2018–23 ..................................................................16
Table 9: Chanel S.A.: key facts ..................................................................................................................................... 23
Table 10: Coty Inc.: key facts ........................................................................................................................................ 24
Table 11: Coty Inc.: key financials ($) ........................................................................................................................... 25
Table 12: Coty Inc.: key financial ratios......................................................................................................................... 25
Table 13: L'Oreal SA: key facts ..................................................................................................................................... 27
Table 14: L'Oreal SA: key financials ($) ........................................................................................................................28
Table 15: L'Oreal SA: key financials (€) ........................................................................................................................28
Table 16: L'Oreal SA: key financial ratios......................................................................................................................28
Table 17: LVMH Moet Hennessy Louis Vuitton SA: key facts.......................................................................................30
Table 18: LVMH Moet Hennessy Louis Vuitton SA: key financials ($) ..........................................................................31
Table 19: LVMH Moet Hennessy Louis Vuitton SA: key financials (€) ..........................................................................31
Table 20: LVMH Moet Hennessy Louis Vuitton SA: key financial ratios .......................................................................32
Table 21: China size of population (million), 2014–18...................................................................................................34
Table 22: China gdp (constant 2005 prices, $ billion), 2014–18 ...................................................................................34
Table 23: China gdp (current prices, $ billion), 2014–18...............................................................................................34
Table 24: China inflation, 2014–18................................................................................................................................ 35
Table 25: China consumer price index (absolute), 2014–18 .........................................................................................35
Table 26: China exchange rate, 2014–18 .....................................................................................................................35
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LIST OF FIGURES
Figure 1: China fragrances market value: $ million, 2014–18 .........................................................................................9
Figure 2: China fragrances market volume: million units, 2014–18...............................................................................10
Figure 3: China fragrances market category segmentation: % share, by value, 2018 ..................................................11
Figure 4: China fragrances market geography segmentation: % share, by value, 2018...............................................12
Figure 5: China fragrances market share: % share, by value, 2018 .............................................................................13
Figure 6: China fragrances market distribution: % share, by value, 2018 .....................................................................14
Figure 7: China fragrances market value forecast: $ million, 2018–23 .........................................................................15
Figure 8: China fragrances market volume forecast: million units, 2018–23.................................................................16
Figure 9: Forces driving competition in the fragrances market in China, 2018 .............................................................17
Figure 10: Drivers of buyer power in the fragrances market in China, 2018 .................................................................18
Figure 11: Drivers of supplier power in the fragrances market in China, 2018..............................................................19
Figure 12: Factors influencing the likelihood of new entrants in the fragrances market in China, 2018........................20
Figure 13: Factors influencing the threat of substitutes in the fragrances market in China, 2018.................................21
Figure 14: Drivers of degree of rivalry in the fragrances market in China, 2018 ...........................................................22
Figure 15: Coty Inc.: revenues & profitability.................................................................................................................25
Figure 16: Coty Inc.: assets & liabilities......................................................................................................................... 26
Figure 17: L'Oreal SA: revenues & profitability..............................................................................................................29
Figure 18: L'Oreal SA: assets & liabilities......................................................................................................................29
Figure 19: LVMH Moet Hennessy Louis Vuitton SA: revenues & profitability ...............................................................32
Figure 20: LVMH Moet Hennessy Louis Vuitton SA: assets & liabilities .......................................................................33
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MARKET OVERVIEW
Market definition
The fragrances market consists of the retail sale of female fragrances, male fragrances and unisex fragrances. The
female fragrances segment consists of mass female fragrances and premium female fragrances. The male fragrances
segment consists of mass male fragrances and premium male fragrances. The unisex fragrances segment consists of
mass unisex fragrances and premium unisex fragrances. The market is valued according to retail selling price (RSP) and
includes any applicable taxes. All currency conversions used in the creation of this report have been calculated using
constant annual average 2018 exchange rates.
For the purpose of this report, the global figure comprises North America, South America, Europe, Asia-Pacific, the
Middle East, and South Africa.
The Americas comprises Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States.
North America comprises Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia and Peru.
Europe comprises Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Turkey,
Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Japan, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South
Korea, Hong Kong, Taiwan, and Thailand.
The Middle East comprises Saudi Arabia, Egypt, Israel and the United Arab Emirates.
Market analysis
The Chinese fragrances market recorded moderate growth during the review period (2014-2018). The growth of the
market is expected to accelerate over the forecast period (2018-2023).
The Chinese fragrances market contributed 21.6% of the overall Asia-Pacific fragrances market value in 2018. The
market is quite mature; therefore manufacturers are focusing more on promotional activities and celebrity endorsements
to retain their market share. Sales were also supported by increasing disposable income and awareness about personal
hygiene. Furthermore, the rising popularity of fragrances appealing to the niche population, who indulge in niche brands
rather than mass brands, is also contributing to the market’s growth.
The Chinese fragrances market had total revenues of $859.2m in 2018, representing a compound annual growth rate
(CAGR) of 2.5% between 2014 and 2018. In comparison, the Singaporean and Indian markets grew with CAGRs of
3.0% and 22.1% respectively, over the same period, to reach respective values of $111.4m and $580.4m in 2018.
Market consumption volume increased with a CAGR of 0.4% between 2014 and 2018, to reach a total of 15.5 million
units in 2018. The market's volume is expected to rise to 15.9 million units by the end of 2023, representing a CAGR of
0.5% for the 2018-2023 period.
Female fragrances accounted for the highest value in the Chinese fragrances market in 2018, with total sales of
$720.6m, equivalent to 83.9% of the market's overall value. In comparison, sales of male fragrances reached a value of
$124.7m in 2018, equating to 14.5% of the total market value.
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The performance of the market is forecast to accelerate, with an anticipated CAGR of 3.3% for the five-year period 2018
- 2023, which is expected to drive the market to a value of $1,011.2m by the end of 2023. Comparatively, the
Singaporean and Indian markets will grow with CAGRs of 2.7% and 19.6% respectively, over the same period, to reach
respective values of $127.3m and $1,423.1m in 2023.
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MARKET DATA
Market value
The Chinese fragrances market grew by 2.2% in 2018 to reach a value of $859.2 million.
The compound annual growth rate of the market in the period 2014–18 was 2.5%.
Table 1: China fragrances market value: $ million, 2014–18
Year
$ million
CNY million
€ million
% Growth
2014
779.4
5,159.7
660.7
2015
799.8
5,294.7
678.0
2.6%
2016
821.0
5,435.2
695.9
2.7%
2017
840.5
5,563.8
712.4
2.4%
2018
859.2
5,688.1
728.3
2.2%
CAGR: 2014–18
2.5%
SOURCE: MARKETLINE
MARKETLINE
Figure 1: China fragrances market value: $ million, 2014–18
SOURCE: MARKETLINE
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Market volume
The Chinese fragrances market grew by 0.2% in 2018 to reach a volume of 15.5 million units.
The compound annual growth rate of the market in the period 2014–18 was 0.4%.
Table 2: China fragrances market volume: million units, 2014–18
Year
million units
% Growth
2014
15.2
2015
15.3
0.6%
2016
15.3
0.4%
2017
15.4
0.6%
2018
15.5
0.2%
CAGR: 2014–18
0.4%
SOURCE: MARKETLINE
MARKETLINE
Figure 2: China fragrances market volume: million units, 2014–18
SOURCE: MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Female fragrances is the largest segment of the fragrances market in China, accounting for 83.9% of the market's total
value.
The Male fragrances segment accounts for a further 14.5% of the market.
Table 3: China fragrances market category segmentation: $ million, 2018
Category
2018
%
Female fragrances
720.6
83.9%
Male fragrances
124.7
14.5%
13.9
1.6%
859.2
100%
Unisex fragrances
Total
SOURCE: MARKETLINE
MARKETLINE
Figure 3: China fragrances market category segmentation: % share, by value, 2018
SOURCE: MARKETLINE
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Geography segmentation
China accounts for 21.6% of the Asia-Pacific fragrances market value.
India accounts for a further 14.6% of the Asia-Pacific market.
Table 4: China fragrances market geography segmentation: $ million, 2018
Geography
2018
%
China
859.2
21.6
India
580.4
14.6
South Korea
541.4
13.6
Japan
306.5
7.7
Singapore
111.4
2.8
Rest of Asia-Pacific
1,578.5
39.7
Total
3,977.4
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 4: China fragrances market geography segmentation: % share, by value, 2018
SOURCE: MARKETLINE
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Market share
Chanel S.A. is the leading player in the Chinese fragrances market, generating a 20.4% share of the market's value.
Coty, Inc. accounts for a further 16.5% of the market.
Table 5: China fragrances market share: % share, by value, 2018
Company
% Share
Chanel S.A.
20.4%
Coty, Inc.
16.5%
LVMH Moet Hennessy - Louis Vuitton
15.2%
L`Oreal S.A.
3.9%
Other
44.0%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 5: China fragrances market share: % share, by value, 2018
SOURCE: MARKETLINE
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Market distribution
eRetailers form the leading distribution channel in the Chinese fragrances market, accounting for a 26.9% share of the
total market's value.
Health & Beauty Stores accounts for a further 22.9% of the market.
Table 6: China fragrances market distribution: % share, by value, 2018
Channel
% Share
eRetailers
26.9%
Health & Beauty Stores
22.9%
Hypermarkets & Supermarkets
19.0%
Department Stores
18.0%
Other
13.2%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 6: China fragrances market distribution: % share, by value, 2018
SOURCE: MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2023, the Chinese fragrances market is forecast to have a value of $1,011.2 million, an increase of 17.7% since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 3.3%.
Table 7: China fragrances market value forecast: $ million, 2018–23
Year
$ million
CNY million
€ million
% Growth
2018
859.2
5,688.1
728.3
2.2%
2019
887.8
5,877.4
752.6
3.3%
2020
915.5
6,060.4
776.0
3.1%
2021
945.5
6,259.2
801.4
3.3%
2022
977.2
6,469.1
828.3
3.4%
2023
1,011.2
6,693.7
857.1
3.5%
CAGR: 2018–23
3.3%
SOURCE: MARKETLINE
MARKETLINE
Figure 7: China fragrances market value forecast: $ million, 2018–23
SOURCE: MARKETLINE
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Market volume forecast
In 2023, the Chinese fragrances market is forecast to have a volume of 15.9 million units, an increase of 2.5% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 0.5%.
Table 8: China fragrances market volume forecast: million units, 2018–23
Year
million units
% Growth
2018
15.5
0.2%
2019
15.6
0.6%
2020
15.6
0.5%
2021
15.7
0.5%
2022
15.8
0.5%
2023
15.9
0.5%
CAGR: 2018–23
0.5%
SOURCE: MARKETLINE
MARKETLINE
Figure 8: China fragrances market volume forecast: million units, 2018–23
SOURCE: MARKETLINE
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FIVE FORCES ANALYSIS
The fragrances market will be analyzed taking personal care products manufacturers and large fashion houses as
players. The key buyers will be taken as retailers, and manufacturers of chemicals, packaging, and manufacturing
equipment as the key suppliers.
Summary
Figure 9: Forces driving competition in the fragrances market in China, 2018
SOURCE: MARKETLINE
MARKETLINE
Many of the leading players are highly diversified companies, both in terms of products and geography, ameliorating
rivalry within the market.
The large size of the typical buyers in this market allows them to negotiate favorable contracts with manufacturers,
thereby enhancing buyer power. On the other hand, strong branding is utilized to build loyalty towards manufacturers,
which works to undermine buyers’ power. This factor becomes even more important in a market where end users have
no switching costs.
For some ingredients, there are no substitutes, augmenting supplier power, but suppliers are often small in scale
compared to the large manufacturers, causing asymmetric bargaining positions.
Chemicals used for manufacturing consumer products must adhere to environmental and safety standards and
established players have developed and acquired extensive portfolios of well-known brands, backed by large marketing
and advertising budgets. These trends pose significant barriers to new entrants. One method of establishing a new brand
is through celebrity endorsement, but this can prove very costly for new players.
Some personal hygiene products can be used as substitutes to products in this market. The low price of such products
compared to those of many fragrances increases the threat of this.
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Buyer power
Figure 10: Drivers of buyer power in the fragrances market in China, 2018
SOURCE: MARKETLINE
MARKETLINE
The main distribution channel for the Chinese fragrances market is e-retailers, which account for 26.9% of the market
value in 2018, followed by health and beauty stores with 22.9%.
Advertising plays a crucial role in this market, with the transmission of a fragrances’ smell not always feasible. Strong
branding is utilized to build loyalty towards manufacturers, which works to undermine buyers’ power. This factor
becomes even more important in a market where end users have negligible switching costs. Celebrity endorsement of
marketing campaigns or the celebrity developing their own fragrance is becoming more prominent. This reduces buyer
power, as most retailers must stock popular brands in order to maintain their own sales volumes, with little option
regarding alternatives.
Moreover, end users in this market are quick to abandon old products in return for the novelty of a new fragrance. This
behavior reduces buyer power by forcing retailers to follow trends closely in order to attract new clients.
Retailers often occupy a strong position in the supply chain in this industry, which allows them to negotiate favorable
contracts with manufacturers, thereby enhancing buyer power. That said, direct selling is also possible in the fragrances
market: for example, manufacturer Avon uses a direct sales force to bypass the retail distribution channels.
Overall, buyer power in the fragrances market is assessed as moderate.
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Supplier power
Figure 11: Drivers of supplier power in the fragrances market in China, 2018
SOURCE: MARKETLINE
MARKETLINE
The quality of raw materials is of great importance in the fragrances market. Chemicals used for manufacturing
consumer products must adhere to safety regulations and standards. For some ingredients, there are no substitutes,
augmenting supplier power. This is particularly true with the regards to fragrances’ essence.
Suppliers are often small in scale compared to the large manufacturers, causing asymmetric bargaining positions.
However, this factor is counterbalanced by the fact that chemical producers generate revenues from a wide variety of
sources, reducing their dependence on fragrance product manufacturers.
Overall, supplier power is assessed as moderate.
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New entrants
Figure 12: Factors influencing the likelihood of new entrants in the fragrances market in China,
2018
SOURCE: MARKETLINE
MARKETLINE
The fragrances market is primarily monitored by the International Fragrance Association (IFRA), which is mainly
responsible for regulating worldwide legislative trends and keeping track of health problems related to fragrance usage,
such as allergies or asthma. Fragrance formulas are treated as "trade secrets" and manufactures are not obliged to
reveal them, even to regulatory agencies. However, products must meet environmental and safety standards. This
presents a barrier to new entrants.
Established players have developed and acquired extensive portfolios of such products, backed by large marketing and
advertising budgets. New entrants have to contend with these formidable barriers, as branding has a heavy influence on
consumer purchasing choices in this market.
Additionally, substantial funds are necessary to start up a business in this market, with capital required for investment in
production, distribution, and also advertising, which is crucial to success. One potential method of establishing a new
brand is through celebrity endorsements, but this too can be very costly for new players. China has the largest
population in the world; however, its fragrance market's value sales are considerably lower that its western counterparts.
Although the concept of perfume is relatively new to its consumers, China is slowly opening up to Western fragrance
standards among its affluent Chinese consumers. This means that while China has a low penetration level and is still
developing, there is huge potential for growth, attracting newcomers.
The moderate rate of growth during the review period makes the Chinese fragrances market attractive to prospective
entrants. Overall, the threat of new entrants is assessed as moderate.
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Threat of substitutes
Figure 13: Factors influencing the threat of substitutes in the fragrances market in China, 2018
SOURCE: MARKETLINE
MARKETLINE
Fragrances, perfumes in particular, used to be considered luxury products. This trend is changing, however, with these
products increasingly being sold at prices affordable to the general public.
To a certain extent, many personal hygiene products provide a fragrance, and these traits are often used by
manufacturers to differentiate their product lines. The low price of such products compared to that of fine fragrances
increases the threat of substitution.
Counterfeit goods cause a great threat to the fragrance industry and cost the industry billions in lost revenues. Clear
imitations of a particular fragrance can make it hard to differentiate between the two. EBay poses a great problem when
it comes to filtering between genuine and counter goods; there is no guarantee that the picture you see on an eBay
auction is an actual picture of the fragrance bottle. In addition to this, flea markets, street strands and bargain stores are
also rife with fake perfume. The problem with identifying counterfeit fragrances is that it may smell similar to the original
fragrance.
Overall, the threat of substitutes is moderate.
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Degree of rivalry
Figure 14: Drivers of degree of rivalry in the fragrances market in China, 2018
SOURCE: MARKETLINE
MARKETLINE
The Chinese fragrances market is relatively consolidated, with the top four players, Chanel, Coty, LVMH and L`Oreal,
accounting for 56.0% of the total market value in 2018; Chanel leads the market with a 20.4% share. Many of the leading
players are highly diversified companies, both in terms of products and geography, ameliorating rivalry within the market.
Fixed costs are high in this market, as most companies own large production facilities. The need to divest such assets
upon exiting the market constitutes an exit barrier, enhancing rivalry.
There is some collaboration between players, as certain fragrance products can be sold and manufactured under license
via other companies, granting better access to different geographies and benefitting both parties. Many players are very
similar, and feature a broad array of well-known brands in their portfolio.
The Chinese fragrance market is an untapped market and one in which many fragrance companies can experience
exceptional growth. The Chinese fragrance industry is expected to consolidate as international players increase their
presence and competition intensifies. The advantage international players have in China is that domestic players do not
hold a strong presence, allowing these companies to establish themselves as fragrance leaders.
Furthermore, the fragrance industry is well known for using the flanking marketing strategy; companies diversify their
products and services to reach a greater number of consumers. Demand for a product gives rise to companies
introducing new products or innovations, but they may also be able to reposition an existing product for the target
market. There are many perfumes that have the same name as the previous release, however, with an evocation word
or two added. Flankers are a way for manufacturers to double down on a scent's success; an example of this is Chanel
Coco versus Coco Mademoiselle. This further increases rivalry. However, moderate market growth during the review
period will alleviate the rivalry to an extent.
Overall, rivalry in the Chinese fragrances market is assessed as moderate.
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LEADING COMPANIES
Chanel S.A.
Table 9: Chanel S.A.: key facts
Head office:
135 Avenue Charles de Gaulle, Cedex, 92200 Neuilly Sur Seine, FRA
Telephone:
33 146 434 000
Fax:
33 147 476 034
Website:
www.chanel.com
SOURCE: COMPANY WEBSITE
MARKETLINE
Chanel S.A. (Chanel) is engaged in operating boutiques. The company offers designer apparel, footwear, watches,
jewellery, leather goods, perfumes and eyewear. Chanel also offers beauty care products such as bases, foundations,
powders, micro liquid essence, nail colors, mascara, eyeshadows, pencils and liners, lipsticks, brushes, and other
accessories. Its product portfolio also includes shoes, small leather goods, costume jewellery, scarves, camellias, belts
and various other accessories. The company also offers services such as the maintenance of its products, such as
watches. Chanel is headquartered in Paris, France.
Key Metrics
As a privately held company, Chanel S.A. is not obliged to publish its financial statements.
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Coty Inc.
Table 10: Coty Inc.: key facts
Head office:
350 Fifth Avenue, New York, New York, USA
Telephone:
Telephone:
1 212 389 7300
Coty Prestige Shanghai Ltd., 8F Room C, No. 666 Fuzhou Road,
Shanghai, CHN
86 216 391 7979
Website:
www.coty.com
Financial year-end:
June
Ticker:
COTY
Stock exchange:
NYSE
Local office:
SOURCE: COMPANY WEBSITE
MARKETLINE
Coty Inc (Coty or ‘the company’) is a multi-segment beauty company that offers a wide range of beauty products,
including fragrances, color cosmetics, and skin and body care products. The company operates in more than 46
countries and markets, sells and distributes its products in over 150 countries and territories across the Americas, EMEA
and Asia-Pacific. The company operates 14 manufacturing facilities across the US, Europe, and Brazil.
Coty operates through three business segments: Luxury, Consumer Beauty, and Professional Beauty.
The company markets its products through 75 brands including Lacoste, Jil Sander, Clairol Professional, Mexx, Enrique,
Beyonce, Adidas, Beckham, and Monange, among others.
Under the Consumer Beauty segment, the company offers mass fragrances, color cosmetics, retail hair coloring and
styling products, and body care products through supermarkets, hypermarkets, drug stores and pharmacies, traditional
food and drug retailers, and mid-tier department stores. As of June 2018, the company operates five manufacturing
facilities to carry out its Consumer Beauty business. In FY2018, the segment reported revenue of US$4,268.1m, which
accounted for 45.4% of the company’s revenue.
Under the Luxury segment, Coty offers prestige fragrances, premium cosmetics, and premium skincare through prestige
retailers, including perfumeries, duty-free shops, and department stores. As of June 2018, the company operates five
manufacturing facilities to carry out its Luxury business. In FY2018, the segment reported revenue of US$3,210.5m,
which accounted for 34.2% of the company’s revenue.
Under the Professional Beauty segment, the company offers hair and nail care products for salon professionals. The
segment markets its products to nail and hair professionals, nail and hair salons, and professional stores. In FY2018, the
segment reported revenue of US$1,919.4m, which accounted for 20.4% of the company’s revenue.
Geographically, the company classifies its operations into three regions: North America, Europe, and ALMEA (Asia, Latin
America, the Middle East, Africa and Australia). In FY2018, the Europe segment accounted for 44.7% of the company's
revenue; followed by North America (31.6%) and ALMEA (23.7%).
In China, the company sells its products under Adidas, Davidoff, Hugo Boss and other brand names.
Key Metrics
The company recorded revenues of $9,398 million in the fiscal year ending June 2018, an increase of 22.8% compared
to fiscal 2017. Its net loss was $169 million in fiscal 2018, compared to a net loss of $422 million in the preceding year.
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Table 11: Coty Inc.: key financials ($)
$ million
2014
2015
2016
2017
2018
4,551.6
4,395.2
4,349.1
7,650.3
9,398.0
(97.4)
232.5
156.9
(422.2)
(168.8)
Total assets
6,592.5
6,018.9
7,035.6
22,548.2
22,630.2
Total liabilities
5,748.7
5,049.1
6,675.4
13,233.5
13,780.5
Revenues
Net income (loss)
SOURCE: COMPANY FILINGS
MARKETLINE
Table 12: Coty Inc.: key financial ratios
Ratio
2014
2015
2016
2017
2018
Profit margin
(2.1%)
5.3%
3.6%
(5.5%)
(1.8%)
Revenue growth
(2.1%)
(3.4%)
(1.0%)
75.9%
22.8%
1.9%
(8.7%)
16.9%
220.5%
0.4%
15.5%
(12.2%)
32.2%
98.2%
4.1%
Debt/asset ratio
87.2%
83.9%
94.9%
58.7%
60.9%
Return on assets
(1.5%)
3.7%
2.4%
(2.9%)
(0.7%)
Asset growth
Liabilities growth
SOURCE: COMPANY FILINGS
MARKETLINE
Figure 15: Coty Inc.: revenues & profitability
SOURCE: COMPANY FILINGS
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Figure 16: Coty Inc.: assets & liabilities
SOURCE: COMPANY FILINGS
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L'Oreal SA
Table 13: L'Oreal SA: key facts
Head office:
41 rue Martre, Clichy, FRA
Telephone:
Telephone:
33 147 567 000
L'Oreal (China) Co., Ltd., 25F, Park Place, 1601 West Nanjing Road,
Jingan, Shanghai, CHN
86 216 272 1988
Fax:
86 216 272 9553
Website:
www.loreal.com
Financial year-end:
December
Ticker:
OR
Stock exchange:
Euronext
Local office:
SOURCE: COMPANY WEBSITE
MARKETLINE
L'Oreal SA (L'Oreal), a French company, is engaged in the production and marketing of a range of perfumes, make-up,
coloring, hair and skin care products.
The company classifies its business operations into four reportable segments: Professional Products, Consumer
Products, L’Oreal Luxe, and Active Cosmetics.
L’Oreal’s research and development activities focus on skin, haircare, color cosmetics, beauty, and sun protection,
among others.
The company's Professional Products segment sells haircare, coloring and styling products to hair salons and beauty
institutes under the L'Oreal Professionnel, Kerastase, Redken, Matrix, Pureology, Shu Uemura Art of Hair, Carita,
Mizani, Essie and Decleor brands.
The Consumer Products segment sells coloring products, hair care, make-up and skin care products through massmarket retailing channels under the L'Oreal Paris, Garnier, Maybelline New York, Softsheen-Carson, Essie and NYX
brands.
Under the LOreal Luxe segment, the company sells skin care, make-up and perfume products through department
stores, perfumeries, travel retail shops, the company’s own boutiques and certain e-commerce websites. Major brands in
this division include Lancome, Giorgio Armani, Yves Saint Laurent, Biotherm, Kiehl's, Ralph Lauren, Shu Uemura,
Cacharel, Helena Rubinstein, Clarisonic, and Diesel, among others.
The Active Cosmetics segment sells dermo-cosmetic skin care products through healthcare channels such as
pharmacies, drugstores, parapharmacies, and medi-spas. The brands in this division include Vichy, La Roche-Posay,
Roger & Gallet, Sanoflore and SkinCeuticals.
In China, the company sells its products under Diesel, Lancôme, Giorgio Armani and other brand names.
Key Metrics
The company recorded revenues of $31,783 million in the fiscal year ending December 2018, an increase of 3.5%
compared to fiscal 2017. Its net income was $4,596 million in fiscal 2018, compared to a net income of $4,226 million in
the preceding year.
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Table 14: L'Oreal SA: key financials ($)
$ million
2014
2015
2016
2017
2018
26,585.1
28,659.6
29,398.3
30,704.9
31,783.0
5,793.5
3,890.7
3,664.4
4,225.6
4,596.1
Total assets
37,825.7
39,775.4
42,039.5
41,696.0
45,375.4
Total liabilities
13,999.9
11,913.8
13,130.1
12,416.4
13,603.0
Revenues
Net income (loss)
SOURCE: COMPANY FILINGS
MARKETLINE
Table 15: L'Oreal SA: key financials (€)
€ million
2014
2015
2016
2017
2018
22,532.0
24,290.2
24,916.3
26,023.7
26,937.4
4,910.2
3,297.5
3,105.7
3,581.4
3,895.4
Total assets
32,058.8
33,711.3
35,630.2
35,339.1
38,457.5
Total liabilities
11,865.5
10,097.4
11,128.3
10,523.4
11,529.1
Revenues
Net income (loss)
SOURCE: COMPANY FILINGS
MARKETLINE
Table 16: L'Oreal SA: key financial ratios
Ratio
2014
2015
2016
2017
2018
21.8%
13.6%
12.5%
13.8%
14.5%
Revenue growth
1.8%
7.8%
2.6%
4.4%
3.5%
Asset growth
3.8%
5.2%
5.7%
(0.8%)
8.8%
Liabilities growth
44.0%
(14.9%)
10.2%
(5.4%)
9.6%
Debt/asset ratio
37.0%
30.0%
31.2%
29.8%
30.0%
Return on assets
15.6%
10.0%
9.0%
10.1%
10.6%
Profit margin
SOURCE: COMPANY FILINGS
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Figure 17: L'Oreal SA: revenues & profitability
SOURCE: COMPANY FILINGS
MARKETLINE
Figure 18: L'Oreal SA: assets & liabilities
SOURCE: COMPANY FILINGS
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LVMH Moet Hennessy Louis Vuitton SA
Table 17: LVMH Moet Hennessy Louis Vuitton SA: key facts
Head office:
22, Avenue Montaigne, Paris, FRA
Telephone:
33 144 132 222
Fax:
33 144 132 223
Website:
www.lvmh.fr
Financial year-end:
December
Ticker:
MC
Stock exchange:
Euronext
SOURCE: COMPANY WEBSITE
MARKETLINE
LVMH Moet Hennessy Louis Vuitton SE (LVMH) is a luxury goods company that manufactures and sells wines, spirits,
perfumes, cosmetics, watches, jewelry, and fashion and leather products.
The company operates through six business segments: Fashion and Leather Goods; Selective Retailing; Wines and
Spirits; Perfumes and Cosmetics; Watches and Jewelry; and Other Activities and Holding Companies.
The Fashion and Leather Goods segment includes the following brands: Louis Vuitton, Fendi, Christian Dior Couture,
Loewe, Marc Jacobs, Celine, Kenzo, Givenchy, Thomas Pink, Emilio Pucci, Berluti, Loro Piana, Rimowa, and Nicholas
Kirkwood. Louis Vuitton brand offers a range of products, including leather goods, ready-to-wear for men and women,
shoes and accessories, watches and jewelry. Fendi specializes in furs, and also offers leather goods, accessories and
ready-to-wear products. Donna Karan offers a ready-to-wear line, DKNY. Loewe specializes in leather goods and readyto-wear, and Marc Jacobs specializes in fashion for men and women. Celine develops a ready-to-wear line, leather
goods, shoes and accessories; Kenzo operates in the areas of ready-to-wear for men and women, fashion accessories,
leather goods and home furnishings. Givenchy is known for its collections of men and women's ready-to-wear and its
fashion accessories. Thomas Pink specializes in high-end shirts in the UK, and Emilio Pucci in casual fashion in luxury
ready-to-wear. Berluti designs and markets men's shoes, a line of leather goods, and a ready-to-wear line for men. Loro
Piana creates luxury fabrics and products, particularly from cashmere. Nicholas Kirkwood manufactures luxury footwear.
The Selective Retailing segment operates through two divisions: travel retail and selective retail. The travel retail division
includes the Duty Free Shoppers (DFS) and Starboard Cruise Services businesses, both of which sell luxury products to
international travelers. The Sephora and Le Bon Marche banners represent selective retail business. Sephora is a
selective fragrance and cosmetics retail chain. Le Bon Marche consists of two activities: department store (Le Bon
Marche Rive Gauche in Paris) and food stores (La Grande Epicerie de Paris and Franck et Fils located on rue de
Passy). These companies operate in Europe, the Americas, Asia and the Middle East.
The Wines and Spirits segment operates through two divisions: champagne and wines, and cognac and spirits. The
champagne and wines division markets champagne brands such as Moet & Chandon, Dom Perignon, Veuve Clicquot
Ponsardin, Krug, Mercier and Ruinart. It also develops and distributes high-end still and sparkling wines from France,
Spain, California, Argentina, Brazil, Australia, New Zealand, India and China. These wines are sold under brands such
as Chateau d'Yquem, Cloudy Bay, Cape Mentelle, Newton, Cheval des Andes and Terrazas de los Andes. The cognac
and spirits division sells cognac under the Hennessy brand and vodka under the Belvedere brand. It also sells single
malt whisky brands Glenmorangie and Ardbeg, and white liquor under the Wen Jun Spirits brand.
The Perfumes and Cosmetics segment offers a portfolio of brands including Christian Dior, Guerlain, Givenchy, Kenzo,
Benefit Cosmetics, Fresh, Acqua di Parma, Loewe, Maison Francis Kurkdjian, Fenty Beauty by Rihanna, Kat Von D,
Marc Jacobs Beauty and Make Up For Ever.
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The Watches and Jewelry segment operates in two segments: jewelry and high jewelry with Bvlgari, Chaumet and Fred;
and high-end watchmaking with TAG Heuer, Hublot, Zenith, and Dior Montres.
The Other activities segment includes the media business managed by the Les Echos group; Royal Van Lent; and
Cheval Blanc's hotel operations. The Les Echos group includes Les Echos, a financial newspaper in France;
LesEchos.fr, a business and financial website in France; the business magazine, Enjeux-Les Echos; as well as other
specialized business services. Les Echos group also holds several other financial and cultural media titles that were
previously owned by LVMH: Investir - Le Journal des Finances; Connaissance des Arts; and the French radio station,
Radio Classique. Les Echos group also publishes trade journals, with titles produced by SID Presse, and is active in the
business-to-business segment through Les Echos Formation and Les Echos Conferences, the trade show Le Salon des
Entrepreneurs, and Eurostaf market studies. La Samaritaine is a real estate complex located in Paris, France. Royal Van
Lent designs and builds luxury yachts and markets them under the Feadship brand. Cheval Blanc handles the
development of the LVMH group's hotel businesses.
Geographically, the company classifies its business into six regions: Asia (excluding Japan), the US, Europe (excluding
France), France, Japan and Other Markets.
Key Metrics
The company recorded revenues of $55,249 million in the fiscal year ending December 2018, an increase of 9.8%
compared to fiscal 2017. Its net income was $7,497 million in fiscal 2018, compared to a net income of $6,330 million in
the preceding year.
Table 18: LVMH Moet Hennessy Louis Vuitton SA: key financials ($)
$ million
Revenues
Net income (loss)
2014
2015
2016
2017
2018
36,149.3
42,079.4
44,363.6
50,305.5
55,249.2
6,664.0
4,215.7
4,797.4
6,330.1
7,497.0
Total assets
62,961.0
67,962.5
70,340.0
82,302.8
87,665.4
Total liabilities
37,283.2
39,245.3
39,205.2
48,122.7
49,563.4
SOURCE: COMPANY FILINGS
MARKETLINE
Table 19: LVMH Moet Hennessy Louis Vuitton SA: key financials (€)
€ million
Revenues
Net income (loss)
2014
2015
2016
2017
2018
30,638.0
35,664.0
37,600.0
42,636.0
46,826.0
5,648.0
3,573.0
4,066.0
5,365.0
6,354.0
Total assets
53,362.0
57,601.0
59,616.0
69,755.0
74,300.0
Total liabilities
31,599.0
33,262.0
33,228.0
40,786.0
42,007.0
SOURCE: COMPANY FILINGS
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Table 20: LVMH Moet Hennessy Louis Vuitton SA: key financial ratios
Ratio
2014
2015
2016
2017
2018
18.4%
10.0%
10.8%
12.6%
13.6%
5.6%
16.4%
5.4%
13.4%
9.8%
(5.0%)
7.9%
3.5%
17.0%
6.5%
Liabilities growth
7.9%
5.3%
(0.1%)
22.7%
3.0%
Debt/asset ratio
59.2%
57.7%
55.7%
58.5%
56.5%
Return on assets
10.3%
6.4%
6.9%
8.3%
8.8%
Profit margin
Revenue growth
Asset growth
SOURCE: COMPANY FILINGS
MARKETLINE
Figure 19: LVMH Moet Hennessy Louis Vuitton SA: revenues & profitability
SOURCE: COMPANY FILINGS
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Figure 20: LVMH Moet Hennessy Louis Vuitton SA: assets & liabilities
SOURCE: COMPANY FILINGS
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MACROECONOMIC INDICATORS
Country data
Table 21: China size of population (million), 2014–18
Year
Population (million)
% Growth
2014
1,366.6
0.5%
2015
1,372.5
0.4%
2016
1,378.0
0.4%
2017
1,383.1
0.4%
2018
1,387.8
0.3%
SOURCE: MARKETLINE
MARKETLINE
Table 22: China gdp (constant 2005 prices, $ billion), 2014–18
Year
Constant 2005 Prices, $ billion
% Growth
2014
5,224.3
7.4%
2015
5,597.6
7.1%
2016
5,987.8
7.0%
2017
6,390.7
6.7%
2018
6,805.2
6.5%
SOURCE: MARKETLINE
MARKETLINE
Table 23: China gdp (current prices, $ billion), 2014–18
Year
Current Prices, $ billion
% Growth
2014
10,033.4
9.3%
2015
11,072.8
10.4%
2016
12,241.0
10.5%
2017
13,438.5
9.8%
2018
14,639.6
8.9%
SOURCE: MARKETLINE
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Table 24: China inflation, 2014–18
Year
Inflation Rate (%)
2014
2.2%
2015
2.9%
2016
3.1%
2017
3.3%
2018
3.4%
SOURCE: MARKETLINE
MARKETLINE
Table 25: China consumer price index (absolute), 2014–18
Year
Consumer Price Index (2005 = 100)
2014
131.1
2015
134.9
2016
139.1
2017
143.7
2018
148.5
SOURCE: MARKETLINE
MARKETLINE
Table 26: China exchange rate, 2014–18
Year
Exchange rate ($/CNY)
Exchange rate (€/CNY)
2014
6.1456
8.1643
2015
6.2288
6.9109
2016
6.6441
7.3513
2017
6.7514
7.6363
2018
6.6199
7.8098
SOURCE: MARKETLINE
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METHODOLOGY
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
-
International data (official international sources)
-
National and International trade associations
-
Broker and analyst reports
-
Company Annual Reports
-
Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
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Industry associations
International Fragrance Association
Avenue des Arts, 6 1210, Brussels, BEL
Tel.: 32 2 214 20 60
Fax: 32 2 214 20 69
www.ifraorg.org
China Association of Fragrance Flavor and Cosmetic Industries
Room 507 508, Building No2 Jiaye Plaza, No.21 Songzhuang Rd Shunsan tiao, Fengtai District, Beijing 100079, CHN
Tel.: 86 10 67663110
Fax: 86 10 67663114
www.caffci.org
Related MarketLine research
Industry Profile
Global Fragrances
Fragrances in Australia
Fragrances in Japan
Fragrances in India
Fragrances in Singapore
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APPENDIX
About MarketLine
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What we do
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Our dedicated research professionals aggregate, analyze, and cross-check facts in line with our strict research
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With stringent checks and controls to capture and validate the accuracy of our data, you can be confident in MarketLine
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Disclaimer
All Rights Reserved.
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The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that
the findings, conclusions and recommendations that MarketLine delivers will be based on information gathered in good
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MarketLine can accept no liability whatever for actions taken based on any information that may subsequently prove to
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