Market Analysis
The global luxury perfumes market is anticipated to grow at a favorable CAGR between 2019- 2023, as per the recent analysis by Market Research Future (MRFR). Luxury perfume is made of different solvents, aromatic compounds, essential oils, and fixatives that offer a pleasant scent. Eau de cologne (EDC), eau de toilette (EDT), eau de parfum (EDP), parfum, and others are the different types of luxury perfumes that are available for women, men, and also as unisex.
Various factors are propelling the global market growth. According to the latest MRFR analysis, such factors include the burgeoning demand for unisex perfumes and fragrances, easy accessibility of luxury perfume through online stores, celebrity endorsement, the rising influence of social media on people’s shopping habits, increasing trend to gift luxury perfumes, consumers’ rising expenditure on luxury goods especially luxury perfumes, and growing brand consciousness.
On the contrary, the high price of luxury perfumes coupled with a decline in demand owing to the ongoing COVID-19 pandemic are factors that may impede the global market growth over the forecast period.
Key Players
Eminent players profiled in the global luxury perfumes market report include Dolce & Gabbana S.R.L. (Italy), Gianni Versace S.p.A. (Italy), Hannaford Bros. Co., LLC (US), Louis Vuitton Malletier S.A (France), Clive Christian Perfume Limited (UK), Ralph Lauren Corporation (US), Hermès International S.A. (France), The Estée Lauder Companies Inc. (US), Guccio Gucci S.p.A. (Italy), and Chanel S.A. (France
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global luxury perfumes market value based on distribution channel, end user, and product type.
By product type, the luxury perfumes market size is segmented into eau de cologne (EDC), eau de toilette (EDT), eau de parfum (EDP), parfum, and others. Of these, the eau de toilette segment will lead the market over the forecast period. Increasing use as daywear is adding to the growth of the segment. This will be followed by the eau de parfum segment, which is predicted to grow at a high CAGR.
By end user, the global luxury perfumes industry is segmented into unisex, women, and men. Of these, the women segment will dominate the market over the forecast period. This will be followed by the unisex segment, which is predicted to grow at a high CAGR over the forecast period.
By distribution channel, the global luxury perfumes market is segmented into non-store based and store-based. The store-based segment is again sub-segmented into specialty stores, hypermarkets and supermarkets, and others. Of these, the store-based segment, especially hypermarkets and supermarkets, will have a major share in the market over the forecast period. Meanwhile, the non-store-based segment is anticipated to grow at a high CAGR over the forecast period.
Regional Analysis
Based on the region, the global luxury perfumes market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific, & the Rest of the World (RoW). Of these, Europe is predicted to dominate the market over the forecast period. Technological advances in the media industry, growing retail industry, consumers’ high purchasing power, and the increasing presence of luxury perfume brands are adding to the global luxury perfumes market growth in the region.
The global market in North America is predicted to have notable growth over the forecast period. The increasing popularity of light-scented luxury perfumes amid the millennial, attractive packaging, premiumization, demand for superior quality premium perfumes regardless of its soaring price, and demand for personalized products are adding to the global luxury perfumes market growth in the region.
The global luxury perfumes market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising penetration of global market players, rapid urbanization, and rising prevalence of consumers towards luxury goods such as luxury perfumes, which reflects an individual personality, is adding to the global market growth in the region.
The global market in the RoW is predicted to have sound growth over the forecast period. The rising popularity of different brands of luxury perfumes among people is adding to the global market growth in the region.
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