Market Size of Luxury Perfume Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Luxury Perfume Market Analysis
The luxury perfume market is projected to register a CAGR of 6.2% over the next five years. Growing brand consciousness and increasing expenditure for luxury goods among millennials have been supporting market growth over the last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products, along with customized packaging of luxury perfumes. This strategy makes the products quite affordable and drives the market growth.
- Demand for organic, cruelty-free products is increasing due to consciousness among consumers about the use of organic products. Therefore, the market players are enhancing their product quality by use of organic ingredients. For instance, in October 2021, Versace launched six new perfumes under its Atelier Versace Collection. These perfumes are unisex and are available in combinations of wood, spicy, and aromatic fragrances.
- Growing brand consciousness and increasing expenditure for luxury goods among millennials have been supporting market growth over the last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products, along with customized packaging of luxury perfumes. This strategy makes the products quite affordable and d market growth. Demand for organic, cruelty-free products is increasing due to consciousness among consumers about the use of organic products; therefore, the market players are enhancing their product quality by use of organic ingredients.
- For instance, in October 2021, Versace launched six new perfumes under its Atelier Versace Collection. These perfumes are unisex and are available in combinations of wood, spicy, and aromatic fragrances.ph Lauren Corporation launched Polo Earth Eau De Toilette, a unisex vegan fragrance formulated without sulfates, phthalates, artificial preservatives, or colorants.
