Strong Growth Forecast For Global Perfume Market, Report Says

By the end of 2016, the world market for perfumes is forecast to grow to $39.67 billion, according to Future Market Insights. Data from the market research firm's report, “Perfumes Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” revealed the global perfume market will expand at a CAGR of 5.9 percent in 2016‒2026, driven in part by growing demand from millennial consumers. Also, growth in the fragrance segment has been driven by expansions in online retail business and marketing efforts of market leaders, such as Estee Lauder, LVMH, and Coty. Demand for fragrances is also benefiting from consumers' willingness to spend on luxury personal care products.