Booming Luxury Perfume Market Globally by 2026: Report Focused on Opportunities, Drivers & Challenges, Key Players
Luxury perfume companies have made several significant mergers and acquisitions to expand their business in the international and domestic market.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Sept. 14, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Luxury Perfume Market by Price, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026”, the luxury fragrance market size was valued at $11.7 billion in 2018 and is expected to reach $16.8 billion by 2026, registering a CAGR by 5.3% from 2019 to 2026. In 2017, Asia-Pacific accounted for nearly 30.3% of the luxury fragrance market.
Over the past two years, the traditional consumer fragrance business has seen a decline in sales as target customers seek out more premium fragrance brands. This triggered a demand for various luxury perfumery products all over the world.
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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.
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.
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 attributable 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 perfume market have strategized to acquire several key artisanal perfume 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.
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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 Findings of the Luxury Perfumes Market:
In 2018, by price, the $100-$200 luxury fragrance segment 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 market share for luxury fragrances.
In 2018, by region, Asia-Pacific accounted for the highest value luxury fragrance market share.
The key revenue opportunities, growth factors and market trends for luxury fragrances in emerging economies are highlighted in the report.
Major players in the luxury fragrance 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, Estée Lauder Companies Inc., Hermès International SA, and others such.
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