Fragrances have been part of our daily lives since ancient times and stand as one of the most beloved and popular beautification products. Used not only for personal care but also for home care, fragrances can take on special meanings depending on who is using or wearing them. The global revenue of fragrances was forecast to increase continuously, going from 53.44 billion U.S. dollars to approximately 67.4 billion U.S. dollars by 2028. Prestige fragrances are among the most profitable segments of the prestige beauty market, and they are also expected to experience an increase in revenues, as they keep on drawing consumers’ interest. In fact, Sauvage by Dior and Eros by Versace were the leading fragrances worldwide as of 2022.
Consumer behavior in the United States
In March 2023, around 42 percent of surveyed respondents in the United States stated that they used perfumes and fragrances regularly: perfumes are indeed some of the most popular beauty products among U.S. consumers, and in the previous year, nearly 500 million U.S. dollars of women’s perfumes, colognes, and body powders were sold in the North American country. That same year, deodorants also recorded high sales: Dove and Old Spice were the leading deodorant brands, with sales amounting to about 847 million U.S. dollars and 666 million U.S. dollars, respectively. In terms of the home care market, air fresheners were some of the most profitable fragrances for the home, generating over 2.6 billion U.S. dollars in multi-outlet sales, followed by potpourri and sachets.
What is happening in the fragrance industry?
The fragrance industry is also constantly evolving, as shoppers’ preferences and tastes do. Recently it is possible to observe several trends emerging or resurfacing: for example, celebrity fragrance brands are taking over again, as they did at the beginning of the 2000s. Moreover, new formats and innovations such as stick forms and refillable packagings are sparking the interest of consumers, who are also gradually more concerned about sustainability issues. Fragrance e-commerce is also gaining in popularity, as more and more people opt for online shopping, even when it comes to beauty categories. Forecasts show that in 2025, about 33 percent of the global fragrance market revenue will be generated through online channels.
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Research expert covering Cosmetics, Personal Care, Health & Hygiene industries.