The Fragrance Foundation Arabia (FFA), the Middle East wing of The Fragrance Foundation, the international industry body, announced on Sunday the launch of the summit which will be held on September 26 and 27, 2011. The announcement was made by Shahzad Haider, Chairman, FFA at a Press conference in the presence of fragrance industry leaders from the region.
The Middle East fragrance market has high potential for growth, and is set to touch $10 billion by 2015, backed by a young and largely fashion-conscious population with a growing trend towards consumer urbanization and higher spending propensity.
Organized under the theme, “Bridging Innovation,” the summit, which aims to bring together the leading international and regional players of the fast growing fragrance industry under one roof, will initiate an innovative dialogue on a global platform, with a view from the Middle East. It will also provide regional industry players with tremendous opportunities to showcase the rich and authentic fragrance culture of the Middle East.
“Despite the recession, the market for perfumes in the Middle East was not impacted adversely” FFA Chairman Shahzad Haider said. The per capita consumption of perfumes in the region is among the highest in the world, and this is estimated to be $380 per person, Haider added.
The fragrance summit has been organised at an opportune time when the global and regional fragrance industry is witnessing significant growth, with the global market set to almost double from $17 billion in 2010, to touch $33.5 billion by 2015. Industry experts also estimate that over the next five years the Middle East fragrance market, which is currently valued at $3.5 billion, will prove to be one of the fastest growing segments of the industry worldwide.
Uniquely characterized by a mixture of both traditional Arabian perfumes and well known international brands, the Middle East Fragrance industry is at a significant point in its growth trajectory.
“Well known international brands have begun to recognize the untapped potential in the regional market, and are beginning to target Arab clientele. At the same time, the growing interest in traditional Arabian scents offers regional perfumers a huge opportunity to extend their reach beyond Middle Eastern shores to the more developed markets of the West. We believe the summit is crucial for the industry, and presents the ideal plattform for a dialogue between the two seemingly emerging elements of tradition and modernity,” Haider said.
The MEFS will enable international and regional industry players to meet and discuss mutual challenges and opportunities in the Middle East fragrance industry, and integrate the innovation aspect of the developed world with the expertise of the region.