The Austrian Fragrances and Personal Care market exhibited consistent growth from 2013 to 2023, with a notable dip in 2020 due to external factors likely related to the global pandemic. However, the market rebounded strongly in subsequent years, achieving a value of €1,268.8 million by 2023, reflecting a year-on-year increase of 3.65%. The last five years leading up to 2023 had a Compound Annual Growth Rate (CAGR) of 3.15%, indicating steady expansion.
Looking ahead from 2024 to 2028, the market is forecasted to continue growing, albeit at a modest CAGR of 2.5%. The projected total market value in 2028 is anticipated to reach €1,485.7 million, representing overall growth of 13.15% from 2023.
Future trends to watch for:
- Increased demand for organic and natural products as consumers become more health-conscious.
- Rising influence of e-commerce and digital marketing channels driving purchases.
- Innovations in sustainable packaging and environmentally friendly formulations influencing brand preferences.
- Potential economic fluctuations impacting disposable incomes and spending on personal care products.