Luxury Perfume Market to Reach US$ 19.5 Billion by 2028 According to the latest research report, 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.
Global Luxury Perfume Industry Trends and Drivers:
The luxury perfume market is primarily being driven by increasing brand awareness and rising spending on high-end personal grooming products. In addition, the growing female workforce, rising disposable incomes, and the trend of urbanization are further bolstering market growth. Moreover, the introduction of innovative fragrance variants that quickly adapt to consumers' skin pH levels and the growing popularity of gifting exclusive perfumes for special occasions, such as birthdays, festivals, and anniversaries, are also catalyzing the global market.
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Apart from these factors, the rising influence of celebrity endorsements and the widespread product availability across e-commerce platforms, supported by doorstep delivery, discounted offers, faster product launches, and other incentives, are serving as significant growth-inducing factors. Additionally, shifting consumer preferences from synthetic scents towards natural ones and the launch of oud-based fragrances, driven by growing concerns about allergies and toxins, are also stimulating market growth. Furthermore, the high demand for eco-friendly and sustainable product variants and the emerging trend of aroma customization are expected to further bolster the luxury perfume market in the coming years.
Who Are The Key Players/Companies In The Global Luxury Perfume Market?
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), Herms International S.A. (H51 SAS), LVMH Mot Hennessy Louis Vuitton, Prada Group Holding S.P.A., Ralph Lauren Corporation and The Este Lauder Companies Inc.