The female fragrances market generates around $20bn globally each year and its value is double that of the male market but men seem to be catching up.
In their buying habits men are also following their female counterparts as the celebrity endorsement trend takes off in the men's market, according to Euromonitor.
Celebrity trend Manufacturers were hesitant to market celebrity scents to men because they are generally less adventurous about their grooming and are not such big spenders as women when it comes to fragrances.
However, perfume makers are now waking up to the potential of celebrity endorsement for male fragrances and recent launches such as Sean John Unforgivable and Intimately Beckham for Him have been highly successful on both sides of the Atlantic.
The celebrity trend has helped fuel high sales growth in the male fragrance market and the current level of growth is expected to continue.
Future growth The men's fragrances market is forecast to reach $13bn by 2012, according to Euromonitor, representing a 17 per cent rise on the current figure.
"When inflation is taken into account, this suggests only a moderate slowdown on historic dynamism," said Euromonitor analyst Diana Dodson.
Looking at the potential of different companies to exploit the growing market, Dodson said Coty is particularly well placed with a diverse portfolio of celebrity scents and a number two global ranking in the men's premium fragrances market.
Procter & Gamble, to a lesser extent, is also associated with the celebrity trend and has been pumping resources into its prestige fragrances business in recent years, added the analyst.
She said Elizabeth Arden, on the other hand, will have more difficulty tapping into the trend without a top 10 position in the premium men's segment despite being the creator of Elizabeth Taylor White Diamonds, the world's most enduring celebrity fragrance.