PORTLAND, Oregon, Nov. 11, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Home Fragrance Market by Product (Diffusers, Sprays, Scented Candles, and Others) and Distribution Channel (Supermarkets/Hypermarkets, Online Stores, Convenience Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global home fragrance industry generated $5.62 billion in 2018, and is expected to garner $9.12 billion by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
Prime determinants of growth
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.
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The scented candles segment to maintain its dominant position by 2026
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. However, the sprays segment is estimated to grow at the highest CAGR of 7.1% from 2019 to 2026, owing to its portability and ability to offer flexibility in the ways of using it in homes.
The supermarket/hypermarket segment maintain its top position during the forecast period
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. However, the online stores segment is expected to grow at the fastest CAGR of 7.0% from 2019 to 2026. This is due to due to high penetration of internet and convenience in shopping, continuous service, and a wide range of choice offered to the customers.
Europe to dominate in terms of revenue by 2026, North America to follow
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. 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.
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Leading market players
- Procter & Gamble
- S. C. Johnson & Son, Inc.
- Newell Brands
- NEST Fragrances, LLC
- Godrej aer. Bougie et Senteur
- Prestige Personal Care
- Faultless Brands
- Ripple Fragrances Pvt. Ltd.
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