NEW YORK, Dec. 10, 2021 /PRNewswire/ -- The "Home Fragrances Market by Distribution Channel and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the home fragrances market between 2020 and 2025 is USD 2.22 billion, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 4.88% during the forecast period. Factors influencing the market positively and negatively are also covered in this report.
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Key Market Dynamics:
The flourishing fragrance industry is notably driving the home fragrance market growth. Increased demand from customers for enriched perfumes coupled with an increased reliance on aromachology for stress reduction has played a pivotal role in driving the demand for fragrances. The growth of this market is further attributed to the growing disposable income in emerging economies such as India and China leading to a shift in the consumption patterns toward premium products. Furthermore, the high demand for customized home fragrances enriched with natural ingredients plays a vital role in driving the revenue inflow of the global home fragrances market. In addition, other factors such as adoption of advanced technologies and increase in disposable incomes are also expected to drive the market's growth during the forecast period.
The harmful impact of home fragrance ingredients is one of the factors that will limit the market's growth during the forecast period. Exposure to harmful ingredients including phthalates present in home fragrances can increase the risk of endocrinal, reproductive, and developmental problems. In addition, essential oils and scented candles often release toxins and parrafin, which, can further, lead to damage to the liver, kidneys, and nervous system, which can lead to serious health issues, including hormonal disruptions, behavioral problems, and learning disabilities. Furthermore, other factors such as criticality of inventory management and product sourcing and threat of counterfeit products will also limit the market's growth during the forecast period.
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The home fragrances market report is segmented by distribution channel (offline and online) and geography (Europe, North America, APAC, MEA, and South America). The offline distribution channel held the largest home fragrances market share in 2020 and will continue to retain its dominance in the market during the forecast period. Home fragrances manufacturers sell their products through specialty stores and other retailing formats, which intensifies market competition. Vendors are also resorting to the online-to-offline (O2O) business strategy to enhance sales from offline distribution channels and simultaneously promote a digital experience. The adoption of these strategies will help vendors to increase their market shares and expand their consumer base.
In terms of Geography, Europe was the largest revenue-generating segment APAC was the largest revenue-generating regional segment of the home fragrances market. The region will be the leading region with 34% of the market's growth during the forecast period. The growth of the regional segment can be attributed to factors such as the presence of a huge consumer base and the penetration of key vendors. China is the key market for home fragrances in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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Some Companies Mentioned
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Home Fragrances Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
Market growth 2021-2025 |
USD 2.22 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.67 |
Regional analysis |
Europe, North America, APAC, MEA, and South America |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, China, France, UK, and Brazil |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
AirEsscentials Inc., Archipelago Inc., Aroma360 LLC, Beaumont Products Inc., Bolsius International BV, Henkel AG and Co. KGaA, Newell Brands Inc., Reckitt Benckiser Group Plc, S. C. Johnson and Son Inc., and The Procter and Gamble Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
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SOURCE Technavio
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