Global Perfume Market Trends: Key Insights and Forecast 2023-2030
The global perfume market was valued at USD 50.85 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. This robust growth can be attributed to several factors, including the rising trend of personal grooming and an increasing demand for luxury and exotic fragrances. The growing consumer interest in maintaining a polished appearance and enhancing personal confidence through grooming is one of the primary drivers of the perfume market. As consumers increasingly associate fragrances with luxury, status, and individual identity, the demand for perfumes continues to rise, particularly in regions with higher disposable incomes. An important factor contributing to the market’s growth is the increased spending on premium and luxury fragrances, driven by higher income levels and improving living standards across the globe. In...