The Saudi Arabian fragrance market is projected to reach $3.5 billion by 2030, growing at a 6.1% CAGR during the forecast period, according to market research from P&S Intelligence. The market was valued at $2.05 billion in 2021. Some factors driving demand identified in the report include the expanding awareness of grooming and personal hygiene in the country and an increased interest in Western fragrance brands.
Saudi Arabia is among the most significant markets for color cosmetics and fragrances in the Middle East because of its sizable economy, per the report. The economy is expected to continue to grow due to high levels of income and thriving oil and gas and BFSI industries in the country. Luxury goods accounted for roughly 80% of sales in the Saudi Arabian fragrance market in 2021.
Increased e-commerce sales are expected to accelerate the market growth, with the internet playing a significant role in raising consumer awareness of products. That includes shifting tastes to Western fragrance brands and men increasing their use of fragrances, which are expected to contribute to the market’s growth.
Market leaders include Al Majed 4Oud Company, Bath & Body Works Direct Inc., Candle-Lite Company LLC, Johnson & Johnson, Rasasi Perfumes Industry LLC, The Procter & Gamble Company, Christian Dior SE, Unilever Group, Victoria's Secret & Co., Arabian Oud and Abdul Samad Al Qurashi.