PORTLAND, Oregon and PUNE, India, January 25, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Air Freshener Market by Product, Application, and Type of Customer: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global air freshener market is estimated to reach $12 billion by 2023, registering a CAGR of 3.2% from 2017 to 2023. North America accounted for 32% share of global air freshener market in 2016.
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Various types of air fresheners are available in the form of sprays/aerosols, electric fresheners, gels, candles and others. Sprays/aerosols segment accounted for around 46% share of the overall market in 2016. This segment is anticipated to lead the market throughout the forecast period, owing to higher popularity among households for the purpose of home care. The gel air fresheners segment possesses high growth potential, owing to their increased usage in cars. Further, air fresheners with battery-operated dispenser systems are gaining importance over electric counterparts, as they do not require a plug-in socket. Candle air fresheners are preferred for festive and other occasional use; however, cases of fire accidents have limited their adoption in mainstream application areas.
Residential usage is the largest application segment, accounting approximately 56% of the market in 2016, owing to the large-scale adoption of air fresheners in households. However, in terms of growth, the application segments of cars and commercial spaces, such as hotels and malls, are expected to witness higher growth rates during the forecast period. The growth in adoption of air fresheners in cars is expected to be supplemented by increase in car sales and surge in use of gel-based fresheners among car owners.
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Individual and enterprise are the two types of customers for air fresheners. Individual customers accounted for higher share in 2016, owing to higher rate of adoption among individuals and households for the purpose of home care and in cars. This segment is expected to maintain its dominant position throughout the forecast period.
Key findings of the study
- In 2016, sprays/aerosols air fresheners segment was the highest revenue contributor, and is expected to continue to lead the market through 2023.
- Residential usage dominated the application segment in 2016, and is projected to maintain this trend throughout the analysis period.
- By type of customer, individual customer is expected to account for a larger share of the overall sales revenue.
- Asia-Pacific is projected to register the highest growth rate, accounting for nearly 30% of the market revenue by 2023.
The key players in the global air freshener market are Procter & Gamble Co., Reckitt Benckiser Inc., Henkel KgaA, Church & Dwight Co. Inc., Car-Freshener Corporation, SC Johnson & Son Inc., Kobayashi Pharmaceutical Co. Ltd., Godrej Household Products Ltd., Farcent Enterprise Co. Ltd. and Jarden Corporation. These players have launched air fresheners with a variety of fragrances and other innovative value propositions to gain a competitive advantage.
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SOURCE Allied Market Research