Report: Global Perfume Market Growth

The high demand for quality beauty products and accessories among consumers is expected to boost market growth.
The high demand for quality beauty products and accessories among consumers is expected to boost market growth.
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A report by Fortune Business Insights states that the global perfume market size is projected to reach $43.2 billion by 2028, at a CAGR of 5%. 

Related: Future Market Insights: Perfume Market Trends

In 2020, the global perfume market size was $29.8 billion. The high demand for quality beauty products and accessories among consumers is expected to boost the market growth. 

Highlights of the report include:

  • The incorporation of strong fragrances, oils and other materials is expected to attract consumer demand.
  • Rising demand for waterless scents are expected to surge product demand.
  • Women consumers lead the global perfume market.
  • Based on product type, the market is segmented into extrait de perfum, eau de perfume, eau de toilette, eau de cologne and eau fraiche.
  • Though store closures and supply chain issues during the pandemic caused a negative impact on sales, it also promoted hygiene habits and health consciousness among consumers, encouraging them to shop for fragrances that supported both cleanliness and emotional wellbeing.
  • Innovative, touchless scent devices and AI-based solutions are also driving market growth by making personalized scents even easier to find by individual consumers.
  • The global perfume market size is flourishing across all regions due to online shopping.
  • The report cites that the Asia Pacific market will see the fastest growth during the forecast period due to an increase in the younger population and disposable income.

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