DUBAI: The Saudi fragrance market is poised to reach $3.8 billion by 2030, according to a market report, with an annual growth rate of 8.2 percent from last year.
India-based P&S Intelligence said a growing trend in grooming and personal care will drive this performance of the Kingdom’s perfume sector, which in 2020 was valued at $1.74 billion.
The predicted growth follows a challenging year for industry, as manufacturing plants were shut down due to the COVID-19 pandemic.
The report said luxury product bifurcation will witness the fastest growth in the sector, as more consumers opt for high-end brands.
The parfum category, which uses the highest concentration of essential oils, took most of the market share in the past.
Demand for natural and organic perfumes will also increase, the report said, amid increasing brand consciousness among consumers.
