The global home fragrance market size is expected to reach USD 27.63 billion by 2027 while exhibiting a CAGR of 3.1% between 2020 and 2027. This is attributable to the large presence of the youth population that is majorly driving the labor force and the rising residential sector that propels the demand for innovative home fragrance products globally. Fortune Business Insights published this information in its latest report, titled, “Home Fragrance Market Size, Share & Industry Analysis, By Product Type [Candles (Unscented and Scented), Room Sprays, Reed Diffusers, Essential Oils, and Incense Sticks], and Distribution Channel (Online and Offline), and Regional Forecast, 2020-2027.”
List of the Companies Profiled in the Global
Market for Home Fragrance:
- The Procter & Gamble Company (Cincinnati, Ohio, US)
- The 3M Company (Saint Paul, Minnesota, USA)
- S. C. Johnson & Son, Inc. ( Racine, Wisconsin, USA)
- Reckitt Benckiser Group plc (Slough, UK)
- Newell Brands (Atlanta, Georgia, USA)
- Circle E Candles (Houston, USA)
- Esteban Paris (France)
- Broken Top Candle Company (Oregon, USA)
- Bridgewater Candle Company (South Carolina, USA)
- The Copenhagen Candle Company LTD (HA, United Kingdom)
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REPORT COVERAGE-
The report
includes a detailed assessment of various growth drivers and restraints,
opportunities, and challenges that the market will face during the projected
horizon. Additionally, the report provides a comprehensive research into the
regional developments of the market, affecting its growth during the forecast
period. It includes information sourced from the advice of expert professionals
from the industry by our research analysts using several methodologies. The
competitive landscape offers further detailed insights into strategies such as
product launches, partnerships, mergers and acquisitions, and collaborations
adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS-
Presence of Youth Population to Favor Market
Growth
According to
the data published by UNICEF in October 2019, South East Asia is estimated to
be the largest youth labor force having on an average around 1,00,000 people
joining the workforce every day. The large presence of youth is leading to the
surging residential sector as the youth are either staying on rent or owning
properties that are likely to boost the demand for innovative home
fragrance products across the globe. Additionally, to cater to the growing
demand for luxury candles the manufacturers are developing new products that
will bode well for the global candle and home fragrance market growth during
the forecast period.
Read Detailed Summary of This Research Report:
https://www.fortunebusinessinsights.com/home-fragrance-market-102422
REGIONAL INSIGHTS-
Presence of Luxurious Homes in North America
to Favor Growth
Among all
the regions, North America is expected to hold the highest position in the
global home fragrance market in the forthcoming years. This is
attributable to the presence of luxurious homes in countries such as the United
States that is expected to drive the demand for advanced candle and home
fragrance products in the region.
The market
in Europe is expected to showcase significant market growth during the forecast
period. This is ascribable to factors such as the rising spending on home care
and maintenance products that is expected to boost the adoption of advanced home fragrance products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE-
Major Companies Focus on Collaboration to
Develop Innovative Room Fragrance Products
The global home fragrance market is fragmented by the presence of major
companies that are striving to maintain their presence and gain a major chunk
in terms of revenue during the forecast period. These companies are
collaborating with other companies to develop innovative home
fragrance products and further brighten their market prospects.
AN INDUSTRY DEVELOPMENT-
- September 2019 – Norlan announces its collaboration with Mark Buxton to develop three new home fragrances. The three fragrances are On the Dense Wet Edge of the Highlands, Below the Looming Sharp Rocks of Skye, and Where the Coast Divides the Water and Sky on Islay. Additionally, the companies launched a ceramic diffuser that increases the dispersion of the scent.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/home-fragrance-market-9655
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