Fragrances Market Size (2018–2028)
With beauty ranking among the top online shopping categories, starting a store in this industry seems like a lucrative business opportunity. After all, revenues from the global beauty industry are forecast at a record-high $646.2 billion in 2024.
But before you jump into launching a beauty brand, it would help to get a sense of some of its best-performing product types, such as fragrances. Here’s a look at the fragrance industry worldwide and a breakdown of its revenues.
How much is the fragrance industry worth?
According to recent data, the global fragrance sector is expected to generate $59.87 billion in revenues in 2024. This marks a 2.75% annual increase from the previous year—the fourth consecutive year revenues have increased.
It’s also set to be the third-fastest growing beauty product in 2024, after cosmetics and beauty tech, and constitute 9.3% of the entire beauty industry’s revenues. In other words, nearly $1 out of every $10 spent on beauty items in 2024 is expected to be on fragrances.
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The global fragrance market has generally been growing its annual revenues in recent years. In 2018, revenues were at $53.08 billion, which held relatively steady in 2019, growing fractionally by 0.38%. In 2020, as the economic impact of the COVID-19 pandemic hit, the global fragrance industry shrunk, along with many other sectors. That year, revenues from the fragrances market contracted 12.65%, as revenues declined to $46.54 billion.
The global fragrance market size quickly rebounded in 2021, with overall revenues growing by 8.68%, to a total of $50.58 billion. In 2022, it rose another 5.65%, to $53.44 billion, before a 9.04% increase in 2023 took revenues to $58.27 billion.
Global fragrance industry: 2025–2028 revenue forecast
Looking ahead, the global fragrance sector is set to continue growing. Revenues from 2025 are forecast to increase by 2.71%, to $61.49 billion. They’re expected to rise another 3.35% and 4.19%, to $63.55 billion and $66.21 billion in 2026 and 2027, respectively.
In 2028, the fragrances market size is predicted to hit $67.4 billion, a 1.8% annual rise, the smallest increase expected in eight years.
From 2025 to 2028, the global fragrance market is forecast to increase its revenues by nearly $6 billion, rising at an average annual growth rate of 3%.