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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Availability of wide range of home fragrance diffusers and the need to create memorable, personal, and a relaxing environment drive the growth of the global home fragrance market. However, rise in consumer awareness regarding ill effects of synthetic fragrances such as dizziness, headaches, respiratory distress, nausea, and others restrain the market growth. On the other hand, extended product offerings and expansion of distribution channels have created new opportunities in the industry.
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.
Based on product type, the scented candles segment contributed nearly two-fifths of the total share of the global home fragrance market in 2018, and is expected to maintain its dominant position during the forecast period. This is due to surge in demand for aromatherapy including reducing stress, relaxation & refreshing mood along with home décor.
Based on distribution channel, the supermarket/hypermarket segment held the largest market share in the global home fragrance market, accounting for nearly one-third of the total market share in 2018, and will maintain its top position in terms of revenue throughout the forecast period. This is due to the benefit of choosing different home fragrances based on their choices and assistance by store associates to choose the right product.
Based on region, Europe held the highest market share in terms of revenue, contributing for nearly one-third of the global home fragrance market in 2018, and is estimated to maintain its dominance during the forecast period. This is due to increase in per capita expenditure for home care products and increase in standards of living in the region.
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North America held the second position in terms of revenue in 2018 and will maintain its position by 2026. Moreover, Asia-Pacific is expected to maintain the largest CAGR of 7.6% from 2019 to 2026, owing to rise in health consciousness among the consumers, rapid urbanization, and emergence of online distribution channels in the region.
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.
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%.
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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.
Related Reports:
○ Fragrance and Perfume Market by Manufacturer, Region, Type and Application Forecast to 2029
○ Middle East Fragrances Market is projected to reach $4,414.1 million by 2027
○ Scented Candles Market Analysis, Share, Trends, Opportunities and Forecasts by 2027
https://www.alliedmarketresearch.com/scented-candles-market-A08011
○ Luxury Perfume Market is expected to reach $16.8 Bn by 2026
https://www.alliedmarketresearch.com/luxury-perfume-market
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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