The global
home fragrances market is expected to post a CAGR close to 5% during
the period 2019-2023, according to the latest market research report by
Technavio. A key factor driving the growth of the market is the diversified
product portfolio of key vendors. Currently, vendors operating in the global
home fragrances market offer a wide range of products such as home fragrances
sprayers, sachets, candles, and diffusers. Moreover, the introduction of the
Internet of Things (loT) into the home fragrances business has further
triggered its demand. For instance, Prolitec, one of the key vendors operating
in the global fragrances market introduced Aera. It is a smart home fragrance
device operable with a smartphone app named Aeraforhome.com. Similarly, many
vendors are coming up with fragrances enriched with natural essential oils and
have anti-bacterial, anti-viral, and anti-fungal properties. The introduction
of such advanced air diffusers and design innovations are expected to lead to
product premiumization thereby contributing to the expansion of the global
market.
Global home fragrances market: Increasing emergence of customized home
fragrance candles
Customization of home fragrance candles has emerged as the latest trend
in the global home fragrances market. Vendors are offering the extra benefit of
designing the candles according to the unique taste and preferences of
individual buyers. Moreover, customers have the freedom to choose the shape,
size, color, texture, and fragrances of candles as per the occasion for which
it is required. The freedom to design candles helps manufacturers to expand
their product portfolio and cater to the buying preference of consumers. These
innovations have a positive impact on the volume of sales and stimulate healthy
competition in the market.
“Innovations in aromatherapy diffusers, plug-ins, and customized
fragrance candles have grabbed the attention of retailers and millennials.
Moreover, attractive fragrance diffusers are equipped with essential oils such
as chamomile, cedarwood, peppermint, rose, eucalyptus, sandalwood, tea tree,
and lavender which positively grabs the attention of buyer thereby further
increasing the revenue of global home fragrances market,” says a senior analyst
at Technavio.
Global home fragrances market: Segmentation analysis
This market research report segments the
global home fragrances market by distribution channel (offline and online)
and geographical regions (Europe, North America, APAC, MEA, and South America).
The European region led the market in 2018, followed by North America,
APAC, MEA, and South America respectively. However, during the forecast period,
the APAC region is expected to register the highest incremental growth due to
rising internet penetration which has fueled the sale of home fragrances
through online channels.
Some of the key topics covered in the report include:
Market Landscape
·
Market ecosystem
·
Market characteristics
·
Market segmentation analysis
Market Sizing
·
Market definition
·
Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
·
Regional comparison
·
Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
·
Vendors covered
·
Vendor classification
·
Market positioning of vendors
·
Competitive scenario
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