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.
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%.