According to a new report published by Allied Market Research, titled, “Home Fragrance Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global home fragrance market size was valued at $5.6 billion in 2018 and is projected to reach $9.1 Billion by 2026, registering a CAGR of 6.3% from 2019 to 2026.
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Home fragrances facilitate in releasing aroma that helps in eliminating unpleasant odor, thereby creating a soothing environment in homes. Moreover, they aid in minimizing fatigue, relieving stress, and enhancing mood. Some of the most common home fragrances preferred by the consumers include fantasy, floral, fresh & clean fruity, and gourmand. A wide range of home fragrance diffusers are available in the market, including electric diffusers, essential oil diffusers, aromatic candles, specialty incense sticks, sprays, and others. Thus extended product offering facilitated by key manufacturers is one of the key factors in driving the demand for home fragrance market. In addition, the expansion of distribution channels such as online stores, discount stores, supermarkets, hypermarkets, convenience stores, and more has made these home fragrances easily accessible to the consumers.
The scented candles segment is anticipated to garner highest home fragrance market share during the forecast period. This is attributed to the fact that consumers use scented candles to enhance the aesthetics of homes and to reinforce health & wellness. Moreover, the availability of innovative designs, color, and sizes of scented candles has driven the sales of scented candles among the consumers. In addition to this, the trend of gifting scented candles as well as customizable aromatic candles on several occasions such as birthdays, house warmings, and dinner parties is expected to boost the growth of the segment during the home fragrance market forecast.
Upsurge in demand for natural home fragrances is anticipated to boost the growth of home fragrance market in the upcoming years. This is attributable to rise in consumer awareness regarding the ill effects of synthetic home fragrances such as headache, nausea, dizziness, and others. Moreover, home fragrance manufacturers are now indulged in launching natural and environmental-friendly home fragrances to meet the growing customer demands, which propels the home fragrance market growth. For instance, OPSO brand launched its first natural home fragrance that is produced from natural tree resins, which are environmental friendly, thus creating a natural, cozy, and fresh atmosphere in homes.
The global home fragrance market analysis is segmented on the basis of product, distribution channel, and region. Depending on product, the home fragrance market is classified into diffusers, sprays, scented candles, and others. By distribution channel, it is fragmented into supermarkets/hypermarkets, online stores, convenience stores, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the home fragrance industry Procter & Gamble, S. C. Johnson & Son, Inc., Voluspa, Newell Brands, NEST Fragrances, LLC, Godrej aer. Bougie et Senteur, Prestige Personal Care, Faultless Brands, and Ripple Fragrances Pvt. Ltd.
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Key Findings of the Home Fragrance Market:
• By product, the scented candle segment accounted for the highest market share in 2018, growing at a CAGR of 5.9% from 2019 to 2026.
• Depending on distribution channel, the supermarket/hypermarket segment occupied the maximum share in home fragrance market in 2018, and is expected to dominate the home fragrance market.
• Region, Europe accounted for about 34.9% in 2018 of the market, and is expected to grow at a CAGR of 5.8%.
Reason to Buy:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Home Fragrance market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Home Fragrance Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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