A report by Fact.MR cites that the global perfume market could reach beyond $40.4 billion in 2022, expanding at a CAGR of 5.6% over the forecast period of 2022 to 2032. The market registered an annual growth of 2.9% during 2017-2021, and Fact.MR predicts that the introduction of touchless fragrance testing will contribute to this growth.
Highlights of the market study include:
- Eau de parfum, under product type, is likely to witness sales of close to $25.7 billion by 2032.
- Based on customer orientation, the female and male segments are likely to have a market share of around 39% and 31%, respectively, by 2032.
- The natural segment is likely to expand at a CAGR of 5.8% over the forecast period of 2022–2032.
- Based on region, demand for perfumes is expected to increase at a CAGR of 6.3% and 6.7% in East Asia, and South Asia Oceania, respectively, over the forecast period.
- North America and Europe combined are likely to represent over 58% of the total market share in 2022.
- The East Asia market for perfumes is expected to be valued at $11.6 billion by 2032-end.
- Another trend driving market growth is sustainable packaging for perfumes, stemming from consumers’ awareness the environmental impact of their consumption habits.