Pune, India , Dec. 06, 2023 (GLOBE NEWSWIRE) — The global home fragrance market size is expected to reach USD 27.63 billion by 2026, exhibiting a CAGR of 3.1% during the forecast period. The rising urban population is anticipated to emerge as the key factor driving the growth of this market, finds Fortune Business Insights™ in its recent report, titled “Home Fragrance Market Size, Share, and Regional Forecasts, 2023-2027”.
The UN Department of Economic and Social Affairs (DESA) estimates that presently, nearly 55% of the world’s population lives in urban areas. By 2050, the DESA projects, close to 68% of the global population will inhabit urban areas, adding 2.5 billion urban dwellers across the globe. Enlarging urban areas are hubs for pollution, heat, and unpleasant smells. Residential air fresheners provide relief from these nuisances and therefore, their demand is set to spike in the forthcoming years. These products are available in different fragrances derived from natural extracts such as fruits and flowers, which further incentivizes their purchase value for urban residents.
According to the home fragrance market report, the value of this market stood at USD 5.61 billion in 2018.
The report additionally shares the following information:
- 360-degree analysis of the market drivers and restraints and their influence on the share, size, and overall growth of the market;
- Comprehensive research into the regional and competitive dynamics of the market;
- In-depth study of every market segment; and
- Precise projections of the upcoming trends and prospects for the market.
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List of the Companies Profiled in the Global Home Fragrance Market:
- ScentAir Technologies, LLC
- Voluspa
- Seda France Inc.
- Newell Brands, Inc.
- Jo Malone London Inc.
- KORONA Candles Sp. z o.o.
- S. C. Johnson & Son, Inc.
- NEST Fragrances
- Procter & Gamble Co.
- Reckitt Benckiser Group plc
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2027 |
| Forecast CAGR | 3.1% |
| 2027 Value Projection | USD 27.63 Billion |
| Market Size in 2019 | USD 22.89 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Home Fragrance Market Growth Drivers | Increasing Presence of Youth Population to Favor Growth |
| Rising Residential Sector to Augment Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/home-fragrance-market-102422
Market Driver
Rising Investment in the Real Estate Sector of Emerging Economies to Aid Market Expansion
Developing nations such as India and China have a booming real estate sector owing to rapid urbanization and industrialization. The thriving real estate market in these countries holds tremendous investment opportunities for both domestic and foreign players, which is one of the top home fragrance market trends. For example, a report published in the Economic Times in January 2020 revealed that Foreign Direct Investment (FDI) in the Indian real estate sector is projected to increase by 5%, equivalent to an infusion of roughly USD 6.5 billion in the coming decade. Moreover, emerging economies are expected to house the largest number of urban dwellers in the next few decades. For instance, the World Economic Forum (WEF) reports that China, Nigeria, and India will together account for approximately 33% of the rise in global urban population by 2050. The home scent market stands to benefit from these projections.
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Competitive Landscape:
Increasing Focus on Nature-based Products to Fuel Market Competition
According to the home fragrance market analysis, key players in this market are focusing on developing and launching products derived from natural raw materials. This is emerging as a popular strategy among companies that intend to widen their consumer base and entrench their position in the market.
Regional Analysis:
Asia-Pacific to Showcase Speediest Growth; North America to Command the Market Share
With a revenue generation of USD 1,898 million in 2018, North America is poised to decidedly lead the home fragrance market share during the forecast period. Increasing demand for commercial and residential spaces in the US and Canada is anticipated to be the central growth driver for the market in this region.
Asia-Pacific is expected to be the fastest-growing region in this market, states the home fragrance market research, on account of the growing urban population and rising disposable income, especially in India and China. In addition to these, development in the organized retail sector in this region will further support the expansion of the market.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Home Fragrance Market Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Candles (Unscented & Scented)
- Room Sprays
- Reed Diffusers
- Essential Oils
- Incense Sticks
- By Distribution Channel (Value)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
Key Industry Developments:
- January 2020: UK-based Reckitt BencKiser-owned Air Wick launched a suite of home fragrances under the BOTANICA by Air Wick brand name. Home freshening products in this product line are derived from natural and exotic ingredients that provide superior air care in indoor settings. They are also packaged in environment-friendly materials so that they can be easily recycled.
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