The fragrance and perfume market is estimated to grow by $19.48 billion from 2023 to 2028, growing at a CAGR of 5.84%, according to a new report.
The fragrance and perfume market is expected to witness growth driven significantly by the rising impact of social media.
Its emerging trend is fueled by the escalating desire for natural and sustainable ingredients. This shift caters to the preferences of perfume enthusiasts seeking niche fragrances or designer fragrances free from synthetic elements.
The main challenge the fragrance and perfume market faces is due to stringent regulations and compliance standards governing the use of raw materials.
Brick-and-mortar retail will contribute the largest share of the market.
Europe will have the largest share of the market. The region will contribute 29% to the global market growth.