Market Insights Consumer Beauty & Personal Care

Fragrances - Colombia

Colombia

Colombia's Fragrances market is projected to generate a revenue of €0.59bn in 2024.
With an annual growth rate of 4.37% (CAGR 2024-2028), the market is expected to expand steadily.
In comparison to other countries, in the United States leads the global Fragrances market with a revenue of €8,102m in 2024.
When considering the population size, Colombia's per person revenue in the Fragrances market amounts to €11.34 in 2024.
Furthermore, Non-Luxury will account for 88% of total sales in the Fragrances market by 2024.
Colombia's fragrance market is experiencing a surge in demand for natural and botanical scents inspired by its rich biodiversity.

Key regions: South Korea, Worldwide, United Kingdom, Malaysia, United Arab Emirates

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Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.