The Asian fragrance market is expected to grow at a 3.03% CAGR until 2028, according to Statistica.
The market reached $11.87 billion in 2023, with $8.71 million revenue generated by the United States.
Mintel predicts that China's fragrance sector will increase at a CAGR of 17% over the next five years. Sales are expected to reach $2.13 billion by 2025.
Bluebell Group’s Asia Lifestyle Consumer Profile report found that 46% of Chinese respondents said that fragrance was their top beauty category in 2021.
Perfumes are becoming increasingly popular as a luxury item. In 2021, perfumes were the top selling beauty product for men, according to Zalora's TRENDR report.