The Perfumes and Toilet Waters market in India has shown a steady growth trajectory over the past decade, reaching a value of $921.03 million in 2023. This market is expected to continue its expansion, with forecasted values reaching $1066.2 million by 2028. The year-on-year growth for the past two years has been around 3.66% and 3.46%, respectively, while the CAGR over the last five years stands at 5.34%.
When analyzing trends from 2013 to 2023, significant growth was seen in 2015 with a 22.14% increase. However, growth varied, with a notable decline in 2020, potentially attributed to the COVID-19 pandemic. The forecasted CAGR from 2024 to 2028 is 2.31%, suggesting a slower growth rate.
Future trends to watch for include:
- Sustained consumer interest in premium and niche fragrance products
- Increased online retail penetration driving market accessibility
- Growing influence of sustainability and eco-friendliness in product choice
- Impact of economic factors on discretionary spending patterns
- Innovations in fragrance formulations and personalization
