Perfumes are fragrant liquids that are made up of essential oils which are extracted from various flowers and spices, which produce a pleasant smell. Most common ingredients used in a perfume are woods, grasses, resins, spices, balsams, leaves, fruits, roots, animal secretions and gums. A person’s perfume can signify their style, personality and individuality, it can also influence an individual’s behavior, emotions, mood, thoughts and perception. Manufacturing perfumes has now turned into a mainstream business in the cosmetic industry. There has been a huge demand for fragrances in the beauty sector, which is anticipated to drive growth of the global luxury perfumes market.
Dynamics:
Increasing production and availability of luxury perfumes is estimated to augment growth of the global luxury perfumes market during the forecast period. For instance, Chanel launched a new perfume Coco Mademoiselle L'Eau Privee in 2020, this new perfume is designed for women and has a floral oriental fragrance. Moreover, the rising availability of counterfeit products in the market is expected to hamper growth of the global luxury perfumes market over the forecast period.
Impact of COVID-19:
COVID-19 has caused a huge impact on various sectors of society and it has been declared as a health emergency in 2020. During the pandemic, lockdowns were imposed, travelling was restricted, quarantines and all market were shut down due to various restrictions imposed by the governments in many economies. This also affected the luxury perfumes market and led to decrease in sale of these luxury perfumes. All luxury stores were shut down and people could not visit these stores due to the imposed lockdowns. Post COVID-19, many companies are planning to launch new products in order to attract customers and increase their sales. Marc Jacob launched a new women’s perfume in 2020, called as Perfect Eau de Parfum.
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Key Takeaways:
The global luxury perfumes market is estimated to exhibit significant growth, exhibiting a CAGR of % during the forecast period, owing to increasing expansion by key players in the market. For instance, Norfolk Essential Oils, invested USD 333,472 in November 2020, for the expansion of their business and doubling the production capacity of essential oils.
North America is estimated to witness significant growth in the global luxury perfumes market over the forecast period, owing to increased focus on personalization of luxury products.
Key players active in the global luxury perfumes market are Creed Boutique, llc, Pheonix Fragrance ltd., Clive Christian, Estée Lauder Companies Inc., Guccio Gucci s.p.a., Giorgio Armani s.p.a., L and L Luxury Company ltd and Floris London.
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