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Perfumes are having much more than a moment, and the Prestige Fragrance industry is delivering the goods—from small to large, and affordable to fantastical.
May 9, 2023
By: Jamie Matusow
Editor-in-Chief
Despite the worldwide pandemic and quarantine restrictions, consumers indulged in fragrance—and continue to relish the idea of pampering themselves via fine scents. In fact, the global fragrances market has been on the rise for the past couple of years and last year, even eclipsed skincare’s ongoing popularity. “Natural” ingredients and customized fragrances are boosting the trend for high-end choices. According to a recent report from Grandview Research, the global perfume market size was valued at $50.85 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. The researcher determined that market growth is “attributed to the growing trend of personal grooming, coupled with increasing demand for luxury and exotic fragrances.” Data released recently from Circana (formerly IRI and The NPD Group), found that Gift Sets and Minis are highlighting sales in the Prestige Fragrance category. According to Larissa Jensen, beauty industry advisor at Circana—and a member of Beauty Packaging’s Board of Advisors—“sales of fragrance gift sets sold in the prestige market grew by 31%, aided by more dedicated shelf space and consumers finding value in these types of products.” Jensen said that Prestige fragrance sizes under 1oz. accounted for nearly 40% of unit sales in Q1, a 3-point increase versus last year—”appealing to consumers looking to easily carry their fragrances with them, or to own a luxury fragrance at a lower price-point.” But as you’ll see here, full-size launches have pulled out all the stops—and are utilizing creative, artful packaging to attract an upscale crowd.
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