Report: Global Luxury Fragrance Market Expected to Grow USD 16.8 Billion by 2026, Registering a CAGR of 5.3% from 2019 to 2026
Premiumization has continued its trend in different industries including food industry, garment industry, cosmetic industry and others.
The luxury fragrance market size was valued at USD 11.7 billion in 2018 and is projected to reach USD 16.8 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Over the past two years, the traditional consumer fragrance business has seen a decline in sales as target customers seek out higher-end fragrance brands. This triggered a demand for various luxury perfumery products all over the world.
Premiumization has facilitated a bridge between the desirability of the luxury experience and the need of the mass market. Accordingly, premiumization plays a key role in the overall growth of the luxury fragrance market. Customers today are looking for superior quality and content when it comes to using any type of consumer product, including fragrances, regardless of its high-end price. This translates into an increase in the demand for premium branded perfumes.
Growing Demand For Luxury Perfumery Products 2019-2026 :-
Most of the developed countries have seen an increasing demand for luxury perfumery products. For example, according to the sources, sales of high-end perfumes in the UK increased by almost 8.0% in 2016. However, the country’s overall perfume market saw a decline of 2.5%. This is due to the rising per capita income of target customers coupled with the extensive product offering of luxury perfume manufacturers. Thus, the surge in demand for various perfumery products is triggering the growth of the market.
Sample Request:- https://www.alliedmarketresearch.com/request-sample/6189
Main mergers and acquisitions;-
According to the International Fragrance Association, artisan and niche fragrances are the fastest growing segment of the fragrance segment. The significant growth of the segment is attributed to the majority of the target customers seeking natural or organic products for its 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. Considering this customer buying behavior, most of the key players in the global luxury fragrance market have strategized to acquire several key artisanal fragrance manufacturers. For example, in 2015, the Japanese company Shiseido bought the independent perfumer Serge Lutens. Similarly, in 2016, L’Oréal acquired Atelier Cologne. Major mergers and acquisitions initiated by manufacturers are expected to drive the market growth during the luxury fragrance market forecast.
Celebrity perfume is another segment contributing to the growth of the global luxury perfume market analysis. Celebrity fragrances are perfumes and fragrances that are branded and promoted by celebrities. Celebrity influence in the fragrance segment showed positive growth across the parent market in terms of sales value. According to the sources, sales of celebrity perfumes have increased significantly in value over the past five years, especially in the US and UK. Hence, celebrity branding and endorsement provides an avenue for the growth of the global luxury fragrance market in terms of sales value.
Key players profiled for the luxury fragrance industry include;-
L AND L LUXURY COMPANY LTD.
PHEONIX PERFUME LTD.
GUCCI GUCCI SPA
GIORGIO ARMANI SPA
CREED BOUTIQUE, LLC
ESTEE LAUDER COMPANIES INC.
Get Detailed Analysis of Impact of COVID-19 on Luxury Perfume Market:- https://www.alliedmarketresearch.com/request-for-customization/6189?reqfor=covid
TABLE OF CONTENTS :-
CHAPTER 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY MARKET SEGMENTS
1.3. KEY BENEFITS
1.4. RESEARCH METHODOLOGY
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and templates
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
CHAPTER 3: MARKET LANDSCAPE
3.1. DEFINITION AND SCOPE OF THE MARKET
3.2. MAIN FINDINGS
3.2.1. The best investment pockets
3.2.2. The best winning strategies
3.3. PORTER’S FIVE FORCES ANALYSIS
3.3.1. Bargaining power of suppliers
3.3.2. The threat of new entrants
3.3.3. The threat of substitutes
3.3.4. Competitive Rivalry
3.3.5. Bargaining power between buyers
Purchase order :- https://www.alliedmarketresearch.com/purchase-enquiry/6189
Similar report :-
compression stockings market https://www.alliedmarketresearch.com/compression-stockings-market-A05953
after sun care products market https://www.alliedmarketresearch.com/after-sun-care-products-market