The COVID-19 pandemic had a negligible impact on the global beauty and personal care industry (at fixed USD current terms) as growth in skin care and bath and shower offset the negative impact from other categories. But sales bounced back strongly with double-digit growth between 2020 and 2022, driven by remarkable performance in fragrances. Globally, the fragrances industry is expected to record a 4% CAGR between 2023 and 2028 (in USD fixed constant terms), following a 14% year-on-year increase in 2023a in current terms. This can be mainly ascribed to a change in fragrance usage patterns. Earlier being positioned for out-of-home occasions, fragrances’ role has shifted towards wellness and emotional well-being, especially after the pandemic. The trend shows no sign of a slowdown as habit persistence in fragrances continued into 2024.
