Luxury Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Luxury Perfume Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global luxury perfume market size reached US$ 11.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.14% during 2023-2028.

Luxury perfume is a category of perfume characterized by artistry and originality, with its value lying not only in the fragrance but also in the packaging. These perfumes are exclusively manufactured with aromas that are more sophisticated, with subtle tones and perfect balance. Luxury perfumes are commonly categorized into men, women, and unisex. They signify the style and personality of an individual, and a good scent also influences mood, emotions, behavior, perception, and human thoughts. These perfumes are widely available across online and offline retail stores.

Luxury Perfume Market Trends:
The escalating brand consciousness along with the growing expenditures on high-end personal grooming products are primarily driving the global luxury perfume market. In addition to this, the expanding working women population, increasing consumer disposable income levels, and elevating levels of urbanization are some of the other key factors augmenting the sales of luxury perfumes. Moreover, the rising influence of celebrity endorsements coupled with the wide product availability on e-commerce platforms supported by discounted offers, doorstep delivery, faster product launches, etc., is creating a positive outlook for the luxury perfume market. Besides this, the introduction of innovative perfume variants that adapt quickly to consumers’ skin pH levels is acting as another significant growth-inducing factor. Additionally, the emerging trend of gifting exclusive perfumes on special occasions, including festivals, birthdays, anniversaries, etc., is further bolstering the global market. Apart from this, several key players are utilizing various marketing strategies, such as introducing luxury perfumes in smaller packages and bundling them with other products like deodorants to expand their consumer base, thereby stimulating the product demand. Furthermore, the shifting consumer preferences from synthetic perfumes towards natural ones due to the escalating concerns over allergies and toxins have led to the launch of oud-based fragrances. This, in turn, is also propelling the growth of the market. Additionally, the increasing popularity of sustainable and eco-friendly product variants coupled with the emerging trend of fragrance customization is expected to drive the global luxury perfume market during the forecasted period.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury perfume market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on price, end user and distribution channel.

Breakup by Price:

$50 - $100
$100 - $200
Above $200

Breakup by End User:

Male
Female
Unisex

Breakup by Distribution Channel:

Specialty Stores
Online Stores

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Chanel (Chanel Limited), Clive Christian (Nichebox S.R.L.), Creed Boutique LLC, Floris London, Gianni Versace S.r.l. (Capri Holdings), Giorgio Armani S.p.A., Guccio Gucci S.p.A. (Kering), Hermès International S.A. (H51 SAS), LVMH Moët Hennessy Louis Vuitton, Prada Holding S.P.A., Ralph Lauren Corporation and The Estée Lauder Companies Inc.

Key Questions Answered in This Report:
How has the global luxury perfume market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global luxury perfume market?
What are the key regional markets?
What is the breakup of the market based on the price?
What is the breakup of the market based on the end user?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global luxury perfume market and who are the key players?
What is the degree of competition in the industry?