$ 16.8 Billion Luxury Perfume Market Expected to Grow at a CAGR of 5.3%
According to a new report published by Allied Market Research titled “Luxury Perfume Market by Price, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026”, the market size for luxury perfumes was estimated at 11.7 billion dollars in 2018 and is expected to reach $ 16.8 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026. In 2017, Asia-Pacific accounted for nearly 30.3% of the luxury perfumes.
Over the past two years, the traditional consumer perfume business has seen its sales decline as target customers seek out more premium fragrance brands. This has triggered a demand for various luxury perfume products around the world.
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Premiumisation has facilitated a bridge between the desirability of the luxury experience and the necessity of the mass market. As a result, premiumization is playing a key role in the overall growth of the luxury perfume market. Today’s customer is looking for superior quality and content when it comes to using any type of consumer product, including perfume, regardless of its premium price. This translates into an increase in demand for high-end branded fragrances.
Most developed countries have seen an increase in demand for luxury perfume products. For example, according to the sources, sales of high-end perfumes in the UK increased by almost 8.0% in 2016. However, the overall perfume market in the country saw a decline of 2.5%. This is explained by the increase in the per capita income of target customers coupled with the expansion of the product offering of luxury perfume manufacturers. Thus, the sharp increase in the demand for various perfume products is triggering the growth of the market.
According to the International Fragrance Association, craft and niche fragrances are the fastest growing segment of the fragrance segment. The significant growth of the segment is due to the fact that the majority of target customers are looking for natural or organic products for their consumption. Handcrafted fragrances are processed with natural and exotic ingredients instead of synthetic elements. They are generally produced in smaller quantities and are not widely distributed, but sold in limited retail formats. In view of this customer buying behavior, most of the key players in the global luxury perfume market have developed a strategy to acquire several key artisanal perfume manufacturers. For example, in 2015, the Japanese company Shiseido bought the independent perfumer Serge Lutens. Likewise, in 2016, L’OrÃ©al acquired Atelier Cologne. Major mergers and acquisitions initiated by manufacturers are expected to drive market growth over the luxury fragrance market forecast.
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Celebrity perfume is another segment contributing to the growth in analysis of the global luxury perfume market. Celebrity perfumes are the perfumes and scents that are branded and promoted by celebrities. Celebrity influence in the fragrance segment has shown positive growth in the overall parent market in terms of sales value. According to the sources, celebrity perfume sales have grown significantly in value over the past five years, especially in the US and UK. Hence, branding and celebrity endorsement is an avenue for the growth of the global luxury perfume market in terms of sales value.
Key Findings of the Luxury Fragrances Market:
In 2018, in terms of price, the luxury perfume segment priced at $ 100 to $ 200 accounted for approximately higher market share, with a CAGR of 5.6% from 2019 to 2026.
In 2018, by end user, the female segment accounted for a higher luxury perfume market share.
In 2018, by region, Asia Pacific accounted for the highest value luxury fragrance market share.
The major revenue opportunities, growth factors and trends of the luxury perfume market in the emerging economies are highlighted in the report.
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The main players in the luxury perfume industry are L&L Luxury Company Ltd., Pheonix Fragrance Ltd., Guccio Gucci SpA, Louis Vitton, Clive Christian, Floris London, Giorgio Armani SpA, Creed Boutique, LLC, EstÃ©e Lauder Companies Inc. , HermÃ¨s International SA, and others.
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