Pros:** 1. Growing demand for luxury fragrances, with a global market worth $12. 6 billion in 2023 and projected to reach $20. 5 billion by 2032.
2. Increased usage among younger generations, with Gen Z's usage increasing from 5% to 83% in 2023.
3. Innovations in perfumery, such as Bella Hadid's fragrance line "r+bella", offering a new future in perfumery with its alcohol-free and moisturizing parfum.
4. Significant expansion of the global perfume market, with a valuation of $50. 85 billion in 2022 and expected to grow at a CAGR of 5. 9% between 2023 and 2030.
5. Mood-enhancing properties of fragrances, with 80% of fragrance users claiming that a scent has a significant impact on lifting or enhancing their mood.
6. Exclusive retail debut of "r+bella" on May 10th, 2024, "on Orebella."com and Ulta Beauty... Inc. (NASDAQ: ULTA), offering a new retail experience. **Cons:** None mentioned in the provided text.
As we have noted in our article, ⁘20 Most Luxurious Feminine Perfumes in the World⁘ , the global market for luxury fragrances was estimated to be worth $12.6 billion in 2023, as per IMARC Group . This research states that the market will reach $20.5 billion by 2032, growing at a CAGR of 5.4% between 2024 and 2032.
The broader global perfume market has also seen significant expansion. Grand View Research reports that the global perfume market was valued at $50.85 billion in 2022 and is anticipated to surge at a CAGR of 5.9% between 2023 and 2030. For an insight into the global perfume market, check out our article on the ⁘ 20 Highest Quality Perfumes in the World⁘ .
