The Russian fragrances market recorded strong growth in the reporting period (2015-2019) and is expected to slow down over the next five years (2019-2024). The market recorded strong growth despite the uncertain economic situation and a high inflation rate. This trend also forced consumers to look for value-added products. The growing influence of social media, coupled with the support of celebrities, has helped fuel the growth of the fragrance market.

In 2019, the Russian fragrance market recorded total sales of USD1,806.2 million, representing a five-percent annual growth rate between 2015 and 2019. With a compound annual growth rate (CAGR) of 0.1 percent, the market consumption volume rose between 2015 and 2019 to a total of 118.2 million units in 2019. The market volume is expected to grow to 118.7 million units by the end of 2024, representing a CAGR of 0.1 percent for the period of years from 2019 to 2024.

Sales of female fragrances in 2019 were the highest in the Russian fragrance market, with total sales of USD1,215.6 million, representing 67.3 percent of the total market value. That figure compares favorably with sales of male fragrances in 2019 of USD515.5 million, representing 28.5 percent of the total market value.

Market development is expected to lag, with an anticipated CAGR of 4.4 percent for the five years 2019-2024, expected to drive the market to USD2,242.0 million by the end of 2024.