Luxury Perfumes Market Size 2021 Analysis By Industry Share, Business Strategies, Emerging Demands, Growth Rate

 

Market Highlights

In the global market there are numerous brands of luxury perfumes available for consumers to purchase. The demand for luxury perfumes replies on factors such as the concentration of fragrances and chemistry of perfumes emitting floral, oriental, and wood or fresh among others. A fragrance concentration is referred to the strength that a fragrance has, and higher fragrance concentration contain more perfume oils and less alcohol which are expected to be directly proportional to its longevity. Inclination for luxury perfumes is also recognized as a sense of brand loyalty, nostalgia, self–identity, and as a significant part of daily as well as occasional grooming for all consumers.

Based on product type, the global luxury perfumes market has been segmented into parfum, eau de parfum, eau de toilette, eau de cologne, and others. The eau de toilette segment is expected to dominate the global luxury perfumes market during the forecast period. Eau de toilette (EDT) offers a fragrance concentration between 5% and 15%. Popularity of EDT is growing among social classes since it is cheaper than parfum and provides a decent longevity of fragrance. The fragrance by EDT is expected to last for two to three hours. Increasing application of eau de toilette as daywear owing to reasons such as maintaining a status symbol, covering body odor, and refreshing notes during humid conditions. However, eau de parfum (EDP) is expected to register the highest CAGR since it offers benefits to sensitive skin than other fragrance types. Suitable for everyday use and the longevity of four to five hours after being sprayed are expected to make the EDP segment grow at the fastest rate during the forecast period.

Key Players:

Some of the key players in the global market are Chanel S.A. (France), Guccio Gucci S.p.A. (Italy), The Estée Lauder Companies Inc. (US), Hermès International S.A. (France), Ralph Lauren Corporation (US), Clive Christian Perfume Limited (UK), Louis Vuitton Malletier S.A (France), Hannaford Bros. Co., LLC (US), Gianni Versace S.p.A. (Italy), and Dolce & Gabbana S.R.L. (Italy).

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Market Segmentation

The global luxury perfumes industry has been segmented based on product type, end-user, distribution channel, and region.

By product type, the global luxury perfumes market has been segregated into parfum, eau de parfum (EDP), eau de toilette (EDT), eau de cologne (EDC), and others.

By end-user, into men, women, and unisex.

 

On the basis of distribution channel, the global luxury perfumes market has been divided into store based and non-store based. The store-based segment has been further segregated into hypermarkets and supermarkets, specialty stores, and others.

Regional Segmentation

The global luxury perfumes industry has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.

The luxury perfumes market in Europe is expected to dominate during the forecast period owing to the high fashion consciousness among the people of the region especially in France and Italy. Owing to the fashion consciousness of the people majorly in France and Italy, major players originated in the region offer exquisite fragrances in lavish bottles which boost the regional demand for luxury perfumes. 

Asia-Pacific is expected to be the fastest growing region in the luxury perfumes market during the forecast period. Increasing awareness about global fashion trends and strong promotional activities by major players followed by increasing buying power are projected to be the major drivers fueling the regional market growth during the forecast period.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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