According to forecasting firm Xerfi Global, the global perfume and cosmetics industry has grown at an average annual growth rate of 4 percent from 2013 to 2017, gaining a market size of over $352 million (300 million euros).
The report credits the growth to the rise of niche markets in men’s cosmetics, natural cosmetics as well as an aging population with high disposable incomes.
The firm also found that industry companies are spending less on traditional ad campaigns and more on digital and multi-channel advertising. This focus has allowed the industry to track advanced behavioral segmentation and develop personalized campaigns targeted through social media.