Fragrances Market Size (2018–2029)
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 to reach a record-high $670.2 billion in 2025.
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.
Global fragrance industry market size: table
|
Year |
Fragrance industry revenues |
Annual change |
|
2018 |
$53.08 billion |
|
|
2019 |
$53.28 billion |
+0.4% |
|
2020 |
$46.54 billion |
-12.7% |
|
2021 |
$50.58 billion |
+8.7% |
|
2022 |
$53.44 billion |
+5.7% |
|
2023 |
$58.21 billion |
+8.9% |
|
2024 |
$60.13 billion |
+3.3% |
|
2025 |
$61.99 billion |
+3.1% |
|
2026 |
$63.96 billion |
+3.2% |
|
2027 |
$66.42 billion |
+3.8% |
|
2028 |
$67.73 billion |
+2.0% |
|
2029 |
$69.01 billion |
+1.9% |
How much is the fragrance industry worth?
According to recent data, the global fragrance sector is expected to generate $61.99 billion in revenues in 2025. This will mark a 3.1% annual increase from the previous year, when revenues totaled $60.13 billion. It will also be the fifth consecutive year that revenues have increased.
Fragrances are also set to be the third-fastest growing beauty product in 2025, after beauty tech and cosmetics, and will constitute 9.2% of the entire beauty industry’s revenues. In other words, nearly $1 out of every $10 spent on beauty items in 2025 is expected to be on fragrances.
The global fragrance market has generally been growing its annual revenues in recent years. In 2018, revenues stood at $53.08 billion, which held relatively steady in 2019, growing fractionally by 0.4%. In 2020, as the economic impact of the COVID-19 pandemic hit, the global fragrance industry contracted, along with many other sectors. That year, revenues from the fragrances market declined by 12.7%, to $46.54 billion.
The global fragrance market size quickly rebounded in 2021, with overall revenues growing by 8.7%, to a total of $50.58 billion. In 2022, they rose another 5.7%, to $53.44 billion, before a 8.9% increase in 2023 took revenues to $58.21 billion.
Global fragrance industry: 2026–2029 revenue forecast
Looking ahead, the global fragrance sector is set to continue growing. Revenues in 2026 are forecast to increase by 3.2%, to $63.96 billion. They’re expected to rise another 3.8% and 2%, to $66.42 billion and $67.73 billion in 2027 and 2028, respectively.
In 2029, the fragrances market size is predicted to hit $69.01 billion, a 1.9% annual rise. From 2026 to 2029, the global fragrance market is forecast to increase its revenues by more than $5 billion, rising at an average annual growth rate of 2.7%.