Chile’s fragrance market has experienced strong growth in recent years, according to new research published by Mintel.

The market is forecast to achieve a compound annual growth rate of 5.8 percent by 2017. Mintel figures show that the Chilean fragrance market has grown steadily in recent years. The sector’s turnover in dollars was US$120m in 2007; US$172 m in 2010; US$220m in 2012, with the forecast for 2017 reaching US$266m.

In percentages this represents a growth of 8.6 percent in 2007; 24 percent in 2010 and 10.3 percent in 2012.

Chile’s fragrances market had a turnover of 96 billion Chilean pesos in 2011, divided into a turnover of 53 billion on products for women and 43 billion on products for men. Turnover in 2012 was 107 billion Chilean pesos, divided into a turnover of 61 billion on products for women and 46 43 billion on products for men.

The Mintel report shows that from 2008-2012 Chile’s mean annual growth rate in the fragrances segment was 12.1 percent.

Key companies dominating the market include: Grupo Puiq, which had a 21.5 percent share in 2011 and a 23.1 percent share in 2012; Comercial Davis also had a strong market share of 17.2 percent of the market in 2011 and 16.3 percent in 2012. Laboratorio Petrizzio had a 11.9 percent market share in 2011 and a 13.7 percent share in 2012.