In-depth analysis of the global fragrance market: leaders, figures and trends

The global perfume and fragrance market has been unstoppable in recent years. In 2023, it reached an approximate value of 64.4 billion dollars at the retail level, with double-digit growth in both the luxury segment (+12.2% in value) and the mass market segment (+10.8%) (Cosmetics Business). Western Europe is the region with the highest consumption (approx. 28% of the global market in value), followed by North America and the emerging markets of Asia and Latin America (Euromonitor, 2024). This expansion has occurred both due to the increase in consumers who "upgrade" to high-end fragrances, and due to an emerging interest in affordable options (body sprays, "clones" or dupes, etc.). In other words, the fragrance market is growing on all fronts, from premium brands to mass-market alternatives.Within this expanding market, the performance of several international cosmetic groups stands out. Below are the most recent figures (as of 2023) on the business volume in fragrances and the market share of the main groups: L'Oréal, Estée Lauder, Shiseido, Puig, Interparfums, Chanel and Coty.Main fragrance groups and their market share (2023 and 2024)L'OréalL'Oréal is a world leader in beauty and also one of the leaders in the fragrance business. Its perfumes are managed mainly through the L'Oréal Luxe division, which includes brands such as Yves Saint Laurent, Giorgio Armani, Lancôme, Prada (license acquired in 2020), Valentino and Maison Margiela, among others. L'Oréal Luxe has achieved a 14% increase in its fragrance sales in 2024 compared to the previous year, consolidating its position as the leader in perfume and fragrance sales in the United States (L'Oréal Finance, 2025). This performance was driven by the success of its high-end "couture" lines, especially Yves Saint Laurent, Prada and Valentino. In 2024, the group also highlights the sales boost in the Fine Fragrance category.According to Euromonitor in its report dedicated to fragrances in 2023, L'Oréal holds around 16% of the global market share in luxury perfumery, making it the number 1 company worldwide in this segment. L'Oréal reinforced its leadership in fragrances in 2023, especially in Europe, taking advantage of the continued success of launches such as Libre from YSL, La Vie Est Belle from Lancôme or Acqua di Giò from Armani.Regarding geographic segmentation, Europe and North America are traditionally the largest markets for L'Oréal fragrances. In 2024, L'Oréal Luxe has experienced the greatest growth in the United States and Europe, which has helped mitigate the effects of the slowdown in consumption in North Asia, which continues to be a real challenge for the French cosmetic giant. L'Oréal also points out that it is in full expansion into emerging markets such as Brazil, Mexico and India, which also showed great growth potential for the perfume and fragrance division.L'OréalEstée Lauder CompaniesEstée Lauder (ELC) is the second largest luxury beauty group and a very influential player in the Prestige segment. Its portfolio includes important brands and licenses: Estée Lauder, Clinique, Tom Ford Beauty, Jo Malone London, Le Labo, Frederic Malle or By Kilian, among others. After difficult years due to the pandemic, ELC saw a notable rebound in fragrances: in its fiscal year 2024, net fragrance sales increased by 2%, mainly driven by mid-single-digit growth from the company's luxury brands, which increased by double digits in Asia Pacific and America. Fragrance operating income decreased, due to strategic investments aimed at expanding consumer reach worldwide, such as advertising and promotional activities, to support the growth of the company's luxury brands.In terms of market share, Estée Lauder is considered the world's number 2 in luxury fragrances, with around 13% participation (MorningStar). This percentage, which contains the 2023 data, reflects its weight in the Prestige segment, where it competes very closely with L'Oréal. Thanks to strategic acquisitions (for example, the incorporation of Tom Ford in 2023) and the diversification of its portfolio, Estée Lauder has maintained its position against historical rivals.Its best-selling fragrances include classics such as Beautiful (Estée Lauder) and niche successes converted into mass, such as Santal 33 from Le Labo, which enjoy global loyalty (Cosmetics Design Europe).Referring to geographic segmentation, ELC's fragrance business presented an increase in 2024 in regions of Latin America, such as Brazil, derived from consumers' interest in carrying out more promotional launch actions in the territory. In the United States, Estée Lauder Companies registers a decrease in sales in the makeup area that is compensated thanks to the growth of the fragrance division, especially luxury ones. Its British brands (Jo Malone) have a lot of strength in Europe and North America, while others such as Tom Ford and Le Labo have grown in Asia/Pacific (for example, Jo Malone London suffered from the weakness of travel retail in Asia, but Tom Ford and Le Labo compensated with growth in China and the Middle East) (Cosmetics Design).Estee LauderShiseidoShiseido, despite being a group focused mainly on skin care, also participates in selective perfumery through licenses and own brands. Its fragrance portfolio has historically included names such as Issey Miyake, Narciso Rodriguez, Elie Saab, Zadig & Voltaire, Serge Luten and more recently Dolce&Gabbana (license it had between 2016 and 2021). The Japanese giant has not yet made public the global results for 2024, but in the last quarter of the year, the company acknowledged that the fragrance segment maintained strong growth, especially in Europe and America, but, on the contrary, noticed a decrease in travel retail by China and America.In 2023, Shiseido generated total sales of ¥973 billion (about $6.16 billion), of which fragrances represent a smaller portion compared to skincare and makeup. However, Shiseido has reiterated its commitment to this segment: for example, it signed an agreement with the Italian house Max Mara to develop fragrances and continues to successfully manage the licenses of Narciso Rodriguez (fragrances For Her and For Him) and Issey Miyake (with the emblematic L'Eau d'Issey), among others. Shiseido's global share in fragrances is modest compared to the Western giants. After the departure of the Dolce&Gabbana license (which migrated to another licensee in 2021), Shiseido was out of the Top 5. It is estimated that its participation in the luxury fragrance market is around 5% or less (2022 data), far behind L'Oréal, Estée Lauder, Coty or Puig. Even so, it maintains a relevant position: for example, Narciso Rodriguez for Her continues to be a sales success in Europe and Issey Miyake is a cult brand with more than 30 years in the market.ShiseidoPuigPuig, a perfume group from Spain, has consolidated itself as one of the major players in luxury perfumery worldwide. It is a family business that concentrates most of its business in fragrances (73% of its income comes from perfumes). Puig manages both own brands (such as Carolina Herrera, Paco Rabanne, Nina Ricci, Penhaligon's, L'Artisan Parfumeur) and prestige licenses (Comme des Garçons, Christian Louboutin, etc.). In 2023, Puig reached record sales of 4.3 billion euros (approximately 4.62 billion dollars), thanks to resounding successes in its fragrance division. In fact, its two largest franchises, Paco Rabanne and Carolina Herrera, had an exceptional year: Paco Rabanne became the first Puig brand to exceed €1 billion in annual sales (with modern classics such as 1 Million and Invictus), while Carolina Herrera consolidated the phenomenon of Good Girl, which became the number 1 perfume in sales in the United States in December 2023.In 2024, after several months and even years of speculation, Puig made its stock market debut to list. In 2024 Puig has consolidated its position as one of the main players in the global luxury perfumery market: it reached record net sales of 4.79 billion euros, which represents an increase of 11.3% in reported terms and 10.9% at constant perimeter and exchange rate compared to 2023. This growth exceeded that of the premium beauty market.The fragrance and fashion segment is the largest of the company, generating net sales of 3.538 billion euros, representing 73% of Puig's total sales and registering a growth of 13.6% compared to the previous year. Niche brands such as Penhaligon's, L'Artisan Parfumeur and Dries Van Noten continued to show solid growth, with double-digit results. Regarding geographic segmentation, EMEA reported net sales of 2.62 billion euros, representing 55% of total sales, with a growth of 12.8% in reported terms and 11.6% at constant perimeter. As for Americas, net sales of 1.715 billion euros, representing 36% of total sales, with a growth of 11.1% in reported terms and 9.5% at constant perimeter. Finally, Asia-Pacific, net sales of 455 million euros, representing 10% of total sales, with a growth of 3.7% both in reported terms and at constant perimeter. Despite being the smallest region in revenue contribution, Puig has established new subsidiaries in Korea, Japan and India to strengthen its presence in Asia.PuigInterparfumsThe French company Interparfums, specialized exclusively in luxury licensed fragrances, has closed the 2024 financial year with record figures that reaffirm its positioning in the sector. Its focus on managing perfumes for high-profile fashion brands without their own beauty structure, such as Jimmy Choo, Coach, GUESS, Donna Karan or Lacoste, continues to show strong results.Sustained growth in salesDuring 2024, Interparfums recorded net sales worth approximately 1.336 billion euros, which represents an increase of 10% compared to the 1.318 million dollars obtained in 2023. This growth has been driven by the strength of its portfolio and by expansion in different key regions. By operating areas, European operations generated about 877 million euros, which represents a year-on-year increase of 10%. In the United States, the company invoiced 511 million dollars (469 million euros), with a growth of 12% compared to the previous year.Performance of key brandsSeveral of the brands under the management of Interparfums have had outstanding performances: Jimmy Choo, the most relevant of the group, grew by 7%, driven by the continued success of its female line I Want Choo. GUESS experienced a notable increase of 13%, thanks to the strong pull of its classic fragrances and the launch of GUESS Iconic. Lacoste, in its first year under the management of Interparfums, exceeded expectations by reaching 85 million dollars in sales (78 million euros). Donna Karan/DKNY managed to become the company's fifth brand to exceed the barrier of 100 million dollars (approximately 92 million euros) in annual sales, highlighting the success of the Cashmere collection and the launch of DKNY 24/7.Market share and volumeThe participation of Interparfums in the global fragrance market reached 1.33% in 2024, compared to 1.30% of the previous year, according to estimates by CsiMarket. Although its share may seem modest compared to the large conglomerates, the company is positioned as one of the main independent and specialized players in the sector. Its focus on accessible luxury fragrances has been key to this positioning.The growth of Interparfums in 2024 has been remarkable in various regions: Western Europe led the expansion with a growth of 21%, due to the strong demand for luxury fragrances and the recovery of the travel retail channel, North America grew by 6%, consolidating its role as the company's second largest market. Asia-Pacific advanced by 3%, remaining below 10% of total sales, but offering clear opportunities for future expansion, especially in emerging markets such as China, South Korea and Southeast Asia.Interparfums continues to strengthen its portfolio and consolidate its long-term strategy through the extension of licenses since the company renewed its contract with Coach until 2031, ensuring the continuity of one of its most profitable brands. It also does so through acquisitions, the purchase of the French brand Goutal was formalized, consolidating the group's presence in the niche perfumery segment. And, finally, also with new alliances; it signed an agreement with Off-White, a brand of urban fashion and contemporary luxury, to develop a line of fragrances and beauty products with a planned launch in 2026.CotyIn fiscal year 2024, Coty reached approximately €3.49 billion) in net fragrance sales, representing nearly 61% of its total revenue, consolidating this category as its main source of income. The growth in revenue was double-digit organic, mainly driven by premiumization strategies and improvements in price/mix, as volume grew slightly.Coty maintained its global leadership in the fragrance market, with the largest market share in value worldwide, even surpassing the growth of the luxury market. In selective fragrances, its sales grew by 14% in 2024, above the 10% of the market.Its main brands showed outstanding performances. Gucci had a high single-digit growth, highlighting Gucci Flora Gorgeous Orchid as the number one female fragrance in its category. Burberry was the largest growth driver, with an increase of over 50% thanks to the success of Burberry Goddess. Hugo Boss, Calvin Klein, Marc Jacobs and Chloé also recorded double-digit increases, consolidating the strength of Coty's portfolio.In addition to its prestige brands, Coty also grew in the mass segment with brands such as Adidas, David Beckham and Playboy. The company discontinued the Lacoste license to focus resources on more strategic brands.Geographically, sales were well diversified: 45% in EMEA, 40% in America and 15% in Asia-Pacific. Coty grew in all regions: +10% in America, +11% in EMEA and +9% in Asia-Pacific, with a strong performance in Travel Retail and emerging markets such as Latin America and Southeast Asia. In the United States and Western Europe, its main markets, it reinforced its position in prestige fragrances.Coty