Global Home Fragrance Market Expected to Reach USD 9.1 billion by 2025
20-jun-19 The global home fragrance market expanding at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. High demand for home fragrances, growing need for aromatherapy at households, introduction of new aesthetic pleasing products, change in consumer preferences, and improved standard of living are driving the global market. In addition, increasing awareness regarding hygienic lifestyle is expected to drive the market in the forecast period.
Supermarkets and hypermarkets generated a revenue of USD 3.4 billion in 2018. Availability of home scents is increasing in these channels due to growing trend of improved lifestyle and need for a relaxed environment with aroma. The online distribution channel segment is expected to expand at a CAGR of 5.1% over the forecast period where the consumer can access a wide range of scents. This is expected to remain a key driver for the market growth over the forecast period. Portals such as Alibaba, Amazon, Big basket, Grofers, Walmart, and Pepper fry are a few of them that are engaged in e-commerce for home fragrances.
The spray product segment held the largest share and generated a revenue of USD 2.2 billion in 2018. This segment consists of lavender, jasmine, and rose fragrances applicable for bedrooms and washrooms. Scent candles are likely to expand at a CAGR of 4.1% over the forecast period. Diffusers are anticipated to register a CAGR of 3.9% as they have the ability to control home scent experience. Growing awareness regarding performance and functionality of home fragrance products, such as controlled release systems, is a key factor driving the product demand.
Demand for these scents has increased due to increasing consciousness of home aroma as a personality reflector. But apart from showcasing the lavish lifestyle, manufacturers are making people aware about the benefits and comfort that a consumer can gain from these various home fragrances. Major market players have been carrying out extensive research and development to make these products available to consumers as per their needs.
For instance, various market players are involved in the manufacturing of a variety of home scents that could restore the essence of aroma. Innovations such as Airia, a home fragrance launched by Procter and Gamble that can be controlled through smartphone app with the help of ink jet technology, are driving the demand for these fragrances in upcoming years.
Europe was the largest regional home fragrance market in 2018 and generated a revenue of USD 2.2 billion. The region is expected to maintain its lead over the forecast period. Key players in the global market include Reckitt Benckister; Procter and Gamble; Godrej; S. C. Johnson & Son, Inc.; Air Esscentials; Newell Brands; 3M company; Scent Air; Esteban Paris; and Korona Candles S.A.
Further key findings from the study suggest:
• By product,candles are expected to register a CAGR of 4.1% from 2019 to 2025, followed by diffusers with a CAGR of 3.9%. Sprays dominated the global market with a revenue share of 33.6% in 2018
• Europe dominated the market in 2018 with a revenue of USD 2.2 billion. This trend is projected to continue over the next few years. Product demand is growing in Asia Pacific due to increase in awareness and changing taste and preference for home odor
• The home fragrance market is highly competitive due to presence of the main players including Reckitt Benckister; Procter and Gamble; Godrej; and S. C. Johnson & Son, Inc.
• Newell Brands joined hands with Wood Wick and Chesapeake Bay Candle brands in 2017 to expand its product portfolio
• Various manufacturers are concentrating on new product launches and capacity expansion to estimate existing and future demand patterns from upcoming product segments.
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Supermarkets and hypermarkets generated a revenue of USD 3.4 billion in 2018. Availability of home scents is increasing in these channels due to growing trend of improved lifestyle and need for a relaxed environment with aroma. The online distribution channel segment is expected to expand at a CAGR of 5.1% over the forecast period where the consumer can access a wide range of scents. This is expected to remain a key driver for the market growth over the forecast period. Portals such as Alibaba, Amazon, Big basket, Grofers, Walmart, and Pepper fry are a few of them that are engaged in e-commerce for home fragrances.
The spray product segment held the largest share and generated a revenue of USD 2.2 billion in 2018. This segment consists of lavender, jasmine, and rose fragrances applicable for bedrooms and washrooms. Scent candles are likely to expand at a CAGR of 4.1% over the forecast period. Diffusers are anticipated to register a CAGR of 3.9% as they have the ability to control home scent experience. Growing awareness regarding performance and functionality of home fragrance products, such as controlled release systems, is a key factor driving the product demand.
Demand for these scents has increased due to increasing consciousness of home aroma as a personality reflector. But apart from showcasing the lavish lifestyle, manufacturers are making people aware about the benefits and comfort that a consumer can gain from these various home fragrances. Major market players have been carrying out extensive research and development to make these products available to consumers as per their needs.
For instance, various market players are involved in the manufacturing of a variety of home scents that could restore the essence of aroma. Innovations such as Airia, a home fragrance launched by Procter and Gamble that can be controlled through smartphone app with the help of ink jet technology, are driving the demand for these fragrances in upcoming years.
Europe was the largest regional home fragrance market in 2018 and generated a revenue of USD 2.2 billion. The region is expected to maintain its lead over the forecast period. Key players in the global market include Reckitt Benckister; Procter and Gamble; Godrej; S. C. Johnson & Son, Inc.; Air Esscentials; Newell Brands; 3M company; Scent Air; Esteban Paris; and Korona Candles S.A.
Further key findings from the study suggest:
• By product,candles are expected to register a CAGR of 4.1% from 2019 to 2025, followed by diffusers with a CAGR of 3.9%. Sprays dominated the global market with a revenue share of 33.6% in 2018
• Europe dominated the market in 2018 with a revenue of USD 2.2 billion. This trend is projected to continue over the next few years. Product demand is growing in Asia Pacific due to increase in awareness and changing taste and preference for home odor
• The home fragrance market is highly competitive due to presence of the main players including Reckitt Benckister; Procter and Gamble; Godrej; and S. C. Johnson & Son, Inc.
• Newell Brands joined hands with Wood Wick and Chesapeake Bay Candle brands in 2017 to expand its product portfolio
• Various manufacturers are concentrating on new product launches and capacity expansion to estimate existing and future demand patterns from upcoming product segments.
Request a Sample Copy of This Report: https://www.radiantinsights.com/research/home-fragrance-market/request-sample
If you have any special requirements, please let us know and we will offer you the report as you want.
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