Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, 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 products globally. Fortune Business Insights published this information in its latest report, titled, “Home Fragrance Market, 2020-2027.”
COVID-19 has led to Dearth of Skilled Labors and Dwindling Sales Revenues
The pandemic having affected several nations has had severe effects on the economy. Owing to the imposition of lockdown, major disruption in industrial and supply chain has led to lower sales revenue. Additionally, most of the workers returning to their native in the backdrop of less availability of work are expected to hinder the market growth in the forthcoming years. However, the private companies are trying to bring back the labor force with support from the government by offering lucrative incentives and allowances. This will favor market growth in the near future.
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Toothpaste Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 3.1% |
| 2027 Value Projection | USD 27.63 Billion |
| Base Year | 2019 |
| Home Fragrance Market Size in 2019 | USD 22.89 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Product Type, By Distribution Channel, By Region |
| Home Fragrance Market Growth Drivers | Growing Demand for Spa Services |
| Increasing Focus on Developing Smart Room Fragrance by Manufacturers |
Fortune Business Insights™ lists out all the home fragrance market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- The Procter & Gamble Company (Cincinnati, Ohio, US)
- The 3M Company (Saint Paul, Minnesota, USA)
- 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)
The home fragrance products are majorly adopted across households to reduce unpleasant smell and spread positivity. These products bring a calming effect with their aromatic scent. Additionally, they aid in reducing stress and making the surrounding relaxed by improving mental focus.
What does the Report Include?
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 home fragrance market growth during the forecast period.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/home-fragrance-market-102422
SEGMENTATION
Candle Segment Held 35.89% Market Share in 2019
The candle segment, based on product type, held a market share of about 35.89% in 2019 and is likely to gain momentum owing to the increasing demand for innovative and aromatic candles for gifting purposes.
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 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 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 candle and home fragrance products in the region between 2020 and 2027.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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 candle and home fragrance products and further brighten their market prospects.
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Detailed Table of Content:
- 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)
- Online
- Offline
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
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.
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Frequently Asked Questions (FAQs):
1. How much is the home fragrance market worth?
Answer: Fortune Business Insights says that the market size was USD 22.89 billion in 2019 and is projected to reach USD 27.63 billion by 2027.
2. What was the value of the market in North America in 2019?
Answer: In 2019, the North America market value stood at USD 8.43 billion.
3. At what CAGR is the market projected to grow in the forecast period (2020-2027)?
Answer: Growing at a CAGR of 3.1%, the market will exhibit steady growth in the forecast period (2020-2027).
4. Which is the leading segment in the market?
Answer: The candle segment is projected to be the leading segment in this market during the forecast period under product type segmentation
5. What is the key factor driving the market?
Answer: The rising adoption of a hygienic lifestyle is the major factor driving the growth of the market.
6. Who are the major players in this market?
Answer: Procter and Gamble, Seda France, Inc., and S. C. Johnson & Son are few major players in the North America Market.
7. Which region held the highest share in the market?
Answer: North America dominated the market share in 2019.
8. Which factor is expected to drive the adoption of this product?
Answer: The rising awareness of the enhancement of various mental health issues is expected to drive the adoption of the product.
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