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.
For More Information Click Here - https://www.coherentmarketinsights.com/market-insight/luxury-perfumes-market-1290
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.
About Coherent Market Insights
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Contact Us
Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
JAPAN:+81-50-5539-1737
INDIA:+91-848-285-0837
Email: [email protected]
