A report by Fortune Business Insights states that the global perfume market size is projected to reach $43.2 billion by 2028, at a CAGR of 5%.
In 2020, the global perfume market size was $29.8 billion. The high demand for quality beauty products and accessories among consumers is expected to boost the market growth.
Highlights of the report include:
- The incorporation of strong fragrances, oils and other materials is expected to attract consumer demand.
- Rising demand for waterless scents are expected to surge product demand.
- Women consumers lead the global perfume market.
- Based on product type, the market is segmented into extrait de perfum, eau de perfume, eau de toilette, eau de cologne and eau fraiche.
- Though store closures and supply chain issues during the pandemic caused a negative impact on sales, it also promoted hygiene habits and health consciousness among consumers, encouraging them to shop for fragrances that supported both cleanliness and emotional wellbeing.
- Innovative, touchless scent devices and AI-based solutions are also driving market growth by making personalized scents even easier to find by individual consumers.
- The global perfume market size is flourishing across all regions due to online shopping.
- The report cites that the Asia Pacific market will see the fastest growth during the forecast period due to an increase in the younger population and disposable income.