Influence Of Social Media On People, Rising Disposable Income, And Increasing Demand For High-Quality Ingredients In Emerging Economies Are Expected To Drive The Luxury Perfume Market
Rockville, Dec. 09, 2022 (GLOBE NEWSWIRE) -- According to this new study by Fact.MR, a market research and competitive intelligence provider, the global luxury perfume market reached US$ 14.1 billion in 2022 and is forecasted to expand at a CAGR of 5.6% between 2023 and 2033.
Increasing need for personal grooming has had a positive impact on the growth of the luxury perfume market. Both men and women are attracted towards luxury products. This trend is much more positive in the Asia Pacific region, which presents lucrative opportunities for luxury perfume manufacturers. Furthermore, rising disposable income has led consumers to spend more on luxurious beauty product. Nowadays, men are spending more as compared to earlier times and are quickly adopting beauty products more broadly.
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For example, men in India have become more conscious regarding their looks and are spending more time and money on the latest products as they are well-versed with the new trends due to social networks.
Key Takeaways from Market Study
The global luxury perfume market is expected to be valued at US$ 24.3 billion by 2033, expanding at a CAGR of 5.6%
The market expanded at 3.6% CAGR for the period of 2018 to 2022.
Under product type, Eau de Parfum dominates the market and is expected to be valued at US$ 5.1 billion in 2023.
North America led the global market with a share of 25.1% in 2022.
Offline sales dominate representing 66.9% market share in 2022.
North America and South Asia & Oceania’s demand for luxury perfumes is expected to increase at CAGRs of 5.1% and 7.2%, respectively.
Market players are expanding their technology to provide consumers with the best virtual try-on experiences in stores. They are also trying to continuously innovate and are using artificial intelligence-powered tools to provide personalized advice on product selection. Manufacturers are strategizing to focus on sustainability in various streams of businesses. They are focusing on sustainable methods to ensure the sourcing of top-quality raw materials and ensure a smooth supply chain.
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Key companies in Luxury Perfume Market:
LVMH Moet Hennessy Louis Vuitton S.E.
CHANEL International B.V
Giorgio Armani Beauty
Capri Holdings Limited
Segmentation of Luxury Perfume Industry Research
By Product Type :
Eau de Parfum
Eau de Toilette
Eau de Cologne
By Consumer Orientation :
By Sales Channel :
Hypermarkets / Supermarkets
Company / Brand Websites
By Region :
South Asia & Oceania
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global luxury perfume market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on Product Type (Eau de Parfum, Eau de Toilette, Eau de Cologne, Eau de Cologne), Customer Orientation (Male, Female, Unisex), and Sales Channel (Offline (Hypermarkets / Supermarkets, Duty-Free stores, Specialty Stores, Multi-brand Stores, Standalone Stores) & Online (Company / Brand Websites, E-commerce Platforms)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Table of Content
1. Market - Executive Summary
2. Market Overview
2.1. Market Definition and Introduction
2.2. Market Taxonomy/ Research Scope
3. Market Background and Foundation Data
3.1. Global Market Overview
3.2. Global Perfume Market Overview
3.3. Global Flavors & Fragrance Market Overview
3.4. Market Opportunity Assessment
3.4.1. Total Available Market (US$ million)
3.4.2. Serviceable Addressable Market (US$ million)
3.4.3. Serviceable Obtainable Market (US$ million)
3.5. Market Dynamics
3.5.1. Market Growth Drivers
3.5.2. Market Restraints
3.5.3. Market Opportunities
3.5.4. Market Trends
3.6. Macro- Economic Factors
3.7. Forecast and Factors – Relevance and Impact
3.8. PESTLE Analysis
3.9. Porter’s Five Force Analysis
3.10. Investment Feasibility Analysis
3.11. Key Success Factors
3.12. Industry Value and Supply Chain Analysis
3.12.1. Value Added at Each Node of Supply Chain
3.12.2. Gross Profitability Margins (at Every Level)
3.12.3. List of Key Participants
Check out more related studies published by Fact.MR Research:
Perfume Market: Global sales of perfumes are estimated to reach US$ 40.4 Bn in 2022, and the market is forecasted to surpass a valuation of US$ 69.7 Bn by 2032, expanding at a CAGR of 5.6% from 2022 to 2032. Worldwide perfume consumption accounted for around 9% share of the global beauty market in 2021. The global perfume market is estimated to provide an absolute $ opportunity of US$ 29.3 Bn during the forecast years of 2022-2032.
Body Mist Market - The global body mist market is projected to expand steadily at a 5% value CAGR, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 6 Billion. Considering this steady growth along with the booming demand in the global market, the body mist market is expected to reach US$ 8.95 Billion by 2032.
Fragrances Market - Global demand for fragrances is expected to reach a value of US$ 62.6 Bn in 2021. As per Fact.MR, overall market value is expected to reach US$ 99.2 Bn by 2031, rising at a CAGR of 4.7% for 2021-2031. Increasing preference for hygiene products and growing awareness of fitness are key driving factors for growth in the sales of fragrances.
Dog Perfume Market: According to the latest research by Fact.MR, the dog perfume sales is set to witness moderate growth during 2021-2031. Demand for dog perfume will witness steady recovery in the short term, with an optimistic growth outlook in the long run. Factors such as increasing pet dog adoption and increasing awareness on pet dog hygiene is estimated to contribute towards sales growth.
Perfume Ingredient Chemicals Market: Perfume ingredient chemicals have gained widespread prominence in personal care, household and textile industry. In the recent past, demand for perfume ingredient chemicals has increased with its utilization in the food and beverages industry. Trend for halal certified products has enabled perfume manufacturing companies to ensure freshness of their products which is pushing the demand for natural ingredients.
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