The perfume market in China is experiencing accelerated growth and has become a new growth engine in the global beauty industry.
In the past two years, the strong growth of perfumes has offset the decline in products like foundation and lipstick. Based on development trends, it is predicted that the average annual growth rate from 2023 to 2028 will reach 20%, approximately three times the overall growth rate of the global perfume market.
Over the past four years, numerous new brands have emerged, with the number of brands in the Chinese market at least doubling, representing different backgrounds and cultures. This expansion includes not only perfumes but also various fragrance-related products. In terms of brands, the market has shown great inclusivity, embracing diversity and fostering a state of healthy competition.
Consumers are increasingly paying attention to the emotional value of scents. Their demands have become more diversified, and the olfactory aesthetics expressed through perfumes for self-enjoyment are continuously evolving.
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