Between 2013 and 2017, Finland had no sold production of perfumes and toilet waters. This trend shifted in 2018 with a substantial increase to 51,790 euros, which continued to rise until peaking at 169,000 euros in 2021. However, since 2021, there has been a notable decline. In 2023, the value stood at 117,380 euros, reflecting a year-on-year decrease of 9.26%. Over the last five years, the average annual growth rate was 17.78%. By 2028, it's forecasted that the value will drop further to 59,250 euros, resulting in a compound annual growth rate (CAGR) of -10.9% from 2024 onwards.
Future Trends to Watch For:
Considering the declining trend post-2021, the industry should monitor consumer preferences closely and explore niche markets or product innovations to reverse the downward trajectory. Environmental sustainability and personalized scents might become key drivers in reshaping the market.
