Techniques are provided for aggregate inline deduplication and volume granularity encryption. For example, data that is exclusive to a volume of a tenant is encrypted using an exclusive encryption key accessible to the tenant. The exclusive encryption key of that tenant is inaccessible to other tenants. Shared data that has been deduplicated and shared between the volume and another volume of a different tenant is encrypted using a shared encryption key of the volume. The shared encryption key is made available to other tenants. In this way, data can be deduplicated across multiple volumes of different tenants of a storage environment, while maintaining security and data privacy at a volume level.