The end of the year is a time for looking back—think of all those "Best [Blank] Of 2013 ..." lists you've been seeing pop up on Facebook and in your Twitter feed (and on Fortune.com)—and also for looking forward in anticipation of what's to come.
Trend forecasting can be big business for companies with a lock on certain niche areas of focus; take Seven Scent, Ltd., for example. The company, which was established as a developer of fragrances 25 years ago as part of the PZ Cussons group, established itself as a standalone business in 2010. While its primary business is still centered on fragrance development, Seven has also established itself as a leader in fragrance forecasting and trend tracking.
According to the International Fragrance Association of North America, the global fragrance market is worth between $8-10 million, with fine fragrances accounting for 21% of sales, personal care products 25% and household goods at 49% of the market.
Given the scope of the industry, fragrance trend forecasting can have a major impact on the marketplace, driving perfume blending choices as well as informing the development of product lines. Seven Scent recently released its biannual fragrance forecast for Fall/Winter 2014-15; look—or sniff!—for these perfume notes in product releases ranging from shampoo to candles to dish soap.