The global home fragrance market size is anticipated to register a revenue of USD 9.1 billion by the year 2025, according to a new report by Million Insights. It is expected to grow with 4.4% CAGR over the forecasted period, 2019 to 2025. This growth can be attributed to the rising demand for home fragrance, increasing awareness about aromatherapy and improved standard of living of the consumers. Also, the rising need for improvement of the air quality is expected to fuel the market growth of home fragrances market during the forecasted years, 2019 to 2025.
In 2018, the segment of supermarket & hypermarkets was valued USD 3.4 billion. This growth can be attributed to the rising demand of physical examination of the product before making the buying decision. Also, the store associates help in selecting the products as per the desired specifications of the consumers. The segment of the online distribution channel is expected to grow at a CAGR of 5.1% from, 2019 to 2025. A majority of the manufacturers have started selling their products through their online portals and e-commerce websites like Amazon, Alibaba, and Walmart by establishing tie-ups with them.
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In 2018, the segment of spray held the largest share of USD 2.2 billion. They are cost-effective as compared to the rest of the product types and hence are becoming popular across the developing regions of Asia Pacific and Middle East & Africa. The segment for candles is projected to have the fastest growing CAGR of 4.1% from, 2019 to 2025. It is followed by the segment of diffusers.
In 2018, the region of Europe was the largest regional market holding a share of 32.3%. Majority of the developed countries like the U.K., France, and Germany drive the market for home fragrance across this region. The region of Asia Pacific is expected to register the fastest growing CAGR of 4.7% during the forecasted years, 2019 to 2025. The factors responsible for this growth are the increasing disposable income and the awareness about improvement in the quality of air owing to the rising pollution and dust particles.
The key players in the market of home fragrance are Procter and Gamble; Reckitt Benckister; Newell Brands; Esteban Paris; 3M company and Seda France, Inc. These manufacturers have started focusing on product development and innovation to launch new fragrances as desired by the consumers.
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Further key findings from the report suggest:
• The candle product type is expected to witness a CAGR of 4.1% during the forecasted period followed by the diffusers.
• In 2018, the product type of sprays dominated the global market with a share of 33.6%.
• Among the regional segment, Europe had dominance over the rest and had acquired a share of USD 2.2 billion in the global home fragrance market.
• The demand for home fragrance products is increasing across Asia and Pacific region due to rising awareness and preference to improve the quality and fragrance if the air.
• An increase in the standard of living of consumers and rising concerns over the quality of the air is providing an opportunity for the manufacturers to boost their sales.
Million Insights has segmented the global home fragrance market on the basis of end use, distribution channel and region:
Home Fragrance End Use Type Outlook (Revenue, USD Million, 2015 – 2025)
Home Fragrance Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Supermarkets & Hypermarkets
• Convenience Stores
Home Fragrance Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
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