LONDON--(BUSINESS WIRE)--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.
As per Technavio, the increasing emergence of customized home fragrance candles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global home fragrances market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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
About Technavio
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 consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. 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.
If you are interested in more information, please contact our media team at media@technavio.com.
