If using an array of products:

my @products;

...
if (/^Product\sname:\s(\w.*)/) {
   push(@products, { name => $1, opts => [] });
}

if (/^Option\sName:\s(\w.*)/) {
   push(@{$products[-1]{opts}}, $1);
}
...

foreach my $product (@products) {
    my $name = $product->{name};
    my $opts = $product->{opts};
    print($name, ': ', join(' ', @$opts), "\n");
}
[download]

If using a hash of products:

my %products;

...
if (/^Product\sname:\s(\w.*)/) {
   $name = $1;
   $products{$name} = [];
}

if (/^Option\sName:\s(\w.*)/) {
   push(@{$products{$name}}, $1);
}
...

foreach my $name (keys %products) {
    my $opts = $products{$name};
    print($name, ': ', join(' ', @$opts), "\n");
}
[download]

Update: Pluralized the array/hash name (@products/%products) to avoid confusion with $product.

Update: Added initialization code.