USD 13.91 billion
Luxury Perfume Market Size, Share, Growth Analysis, By Fragrance Type(Floral, Woody, Fresh and Amber), By Price Range($50 - $100, $101 - $200 and Above $200), By End User(Women, Men, and Unisex), By Distribution Channel(Offline Retail Stores, and Online Retail Stores), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2243 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
62
|Figures:
69
Luxury Perfume Market Insights
Global Luxury Perfume Market size was valued at USD 21.27 billion in 2022 and is poised to grow from USD 22.68 billion in 2023 to USD 36.73 billion by 2031, growing at a CAGR of 6.21% in the forecast period (2024-2031)
Perfumes made from rare and indulgent ingredients that provide premium fragrance are known as luxury perfumes. Evolving consumer preferences and increasing brand awareness regarding luxury personal care and cosmetics brands are estimated to be the key luxury perfume market drivers in the future. Growing focus on grooming and personal care among people across the world coupled with increased spending on luxury products are also forecasted to uplift luxury perfume sales outlook over the coming years. Social media and the expanding e-commerce industry are also contributing to the luxury perfume market development. The introduction of natural fragrances in luxury perfumes is also slated to be a key trend promoting market growth going forward.
A growing number of high net-worth individuals in developed economies and the rising purchasing power of people in developing economies are also slated to create bright growth scope for luxury perfume providers across the forecast period. Companies are also focusing on using innovative packaging solutions and creative marketing strategies to make their products more appealing in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline Sales Channels
Fastest Growth
Online Sales Channels
Growth Rate
5.4% CAGR
Global Luxury Perfume Market ($ Bn)
Country Share for North America Region (%)
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Luxury Perfume Market Segmental Analysis
Global Luxury Perfumes Market is segmented by Fragrance Type, Price Range, End User, Distribution Channel and region. Based on Fragrance Type, the market can be segmented into Floral, Woody, Fresh and Amber. Based on Price Range, the market can be segmented into $50 - $100, $101 - $200 and Above $200. Based on End User, the market is segmented into Women, Men and Unisex. Based on Distribution Channel, the market is segmented into Offline Retail Stores and Online Retail Stores. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by End User
Females account for a prominent share of the global luxury perfume market. Frequent purchase patterns of women are contributing to the high share of this segment. The expanding working women population and increased focus on aesthetics and personal care owing to the social media revolution have also contributed to the high demand for luxury perfumes among females. Females tend to use fragrances more than men and increasing spending potential coupled with wide availability of luxury perfumes also makes this a major segment.
Meanwhile, demand for unisex luxury perfumes is projected to soar at a notable pace across the forecast period. Expression of personality and individuality through fragrances is a trend that is predicted to boost sales of luxury perfumes over the coming years. Changing perceptions around gender surpassing the traditional male and female approach is also estimated to uplift the demand for unisex luxury perfumes in the future. Luxury perfumes with fragrances that are inimitable are estimated to be highly popular among people of all types of gender orientations in the long run.
Analysis by Sales Channel
Offline sales currently account for a dominant share of the global luxury perfume sales outlook. Consumers have a chance to experience the fragrance themselves by opting to purchase from offline channels and this is a major advantage that allows this segment to hold a dominant stance in the marketplace. The increasing availability of different types of luxury perfumes in retail establishments and the robust expansion of retail infrastructure are factors that are contributing to the growth of the offline sales channel segment. Moreover, the high availability of discounts in offline retail establishments also contributes to its dominant share.
Demand for luxury perfume via online sales channels is slated to increase at a rapid pace over the coming years. The increasing proliferation of the internet and rapid expansion of the e-commerce industry are contributing to the growth of this segment. The high preference of consumers to shop from the comfort of their homes and get products delivered to their doorstep are key prospects that are contributing to the growth of online sales channels. Social media trends are also estimated to have a substantial impact on the increasing luxury perfume demand via online sales channels in the long run.
Global Luxury Perfume Market By Sales Channel
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Luxury Perfume Market Regional Insights
North America accounts for a dominant share of the global luxury perfume market at present. The presence of several luxury perfume providers and high consumer spending potential are two key factors that make North America an unmissable space for luxury perfume vendors. The United States and Canada are slated to be top markets in this region. The presence of robust online as well as offline retail infrastructure is also contributing to the high market share of North America. Modernised lifestyles of people and the high availability of a wide variety of luxury perfumes are also factors that are favouring market development in this region.
Urbanisation and an expanding middle-class population are the key prospects that are making the Asia Pacific region the fastest-growing regional market in the world. Increasing foreign direct investments (FDI) in the retail infrastructure and the growing availability of luxury personal care products are also contributing to the market growth in this region. Growing adoption of modernised lifestyles, increasing influence of social media influencers and celebrities, rising consumer purchasing power, and development of online as well as offline retail infrastructure are other factors that could boost luxury perfume demand outlook in the future. China, India, Indonesia, Japan, and Singapore are estimated to emerge as popular markets for luxury perfume suppliers in the long run.
Global Luxury Perfume Market By Region
- Largest
- Fastest
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Luxury Perfume Market Dynamics
Drivers
Expanding e-Commerce Industry
- Online shopping has increased in popularity on a global level owing to the rapid expansion of the e-commerce industry and the high proliferation of the internet around the world. Increased preference of people to shop from their place of comfort and wide availability of discounted products are also contributing to increased sales of consumer goods via online channels.
Rising Purchasing Power
- The purchasing power of consumers around the world is increasing owing to rising disposable income and this is resulting in high spending on luxury products, which in turn, is slated to benefit luxury perfume sales going forward.
Restraints
Stringent Regulations Regarding Use of Certain Chemicals
- The use of certain chemicals in the manufacturing of luxury perfumes can cause skin irritation or other types of damage to the user if used in excess. These regulations impact the manufacturing process of companies and limit luxury perfume market development as well.
High Costs of Certain Products
- Luxury perfumes are expensive compared to their regular counterparts, but their limited edition and premium versions are much costlier. This high cost of certain products might slow down the luxury perfume market growth in the future.
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Luxury Perfume Market Competitive Landscape
The global luxury perfume market is highly consolidated with a few major companies accounting for a substantial share of the market. This consolidated nature of the market makes it difficult for new companies to enter the market. Luxury perfume suppliers are continually focusing on adding new fragrances to their product portfolio to maximise sales and revenue generation potential. The use of natural ingredients and the launch of limited-edition fragrances are also estimated to create new opportunities for luxury perfume vendors in the long run. Creative marketing strategies, endorsements from celebrities, and collaborations with other luxury brands are other key strategies that could create new opportunities for luxury perfume companies across the forecast period. Market players are also estimated to opt for sustainable packaging solutions to comply with the evolving sustainability mandates and attract eco-conscious consumers as well. Brand awareness and social media impact are slated to play a key role in determining the future of all kinds of luxury perfume providers in the future.
Top Player’s Company Profiles
- Ralph Lauren Corp.
- Chanel S.A.
- Coty Inc.
- Floris London
- Kering S.A.
- Estee Lauder Companies
- Giorgio Armani
- Gianni Versace S.p.A., Christian Dior S.A.
- Bulgari S.p.A
- Tom Ford
- Baccarat
- Prada S.p.A
- Hermes
- Moet Hennessy Louis Vuitton S.A. (LVMH)
Recent Developments
- In July 2023, Aranyam, a leading provider of luxury fragrances in India, announced the launch of new fragrances that are completely natural and vegan. The six new fragrances were under the aquatic and oudh categories.
- In September 2023, The Body Shop, a leading British company providing perfumes and skin care products, announced the launch of its new range of premium fragrances. The new perfumes are completely vegan and cruelty-free.
Luxury Perfume Key Market Trends
- Use of Natural Fragrances: Preference for natural fragrances has increased substantially in recent years and this trend is projected to push luxury perfume companies to incorporate the same in their products over the coming years. The use of premium and exclusive natural ingredients to give luxury perfumes a unique natural fragrance is slated to create new opportunities for market growth in the long run.
Luxury Perfume Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, evolving consumer preferences and rising disposable income are projected to be key factors driving the luxury perfume market growth in the future. The expanding middle-class population, increasing inclination of people towards luxury products, and modernization of lifestyles are other prospects that could augment luxury perfume market growth across the forecast period. However, the high costs of limited-edition luxury perfume are predicted to impede market development to a certain extent over the coming years. High consumer spending potential and a growing focus on personal care and grooming are slated to be key factors making North America a dominant market for luxury perfumes. Celebrity endorsement and brand awareness are key aspects that will determine the future of any luxury perfume provider going forward. The incorporation of natural fragrances will create attractive new growth opportunities for luxury perfume companies over the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.27 billion |
| Market size value in 2031 | USD 36.73 billion |
| Growth Rate | 6.21% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Perfume Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Perfume Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Perfume Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Perfume Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Perfume Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Perfume Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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