According to the latest report published by Credence Research, Inc. “Global Home Fragrance Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global market accounted for US$ 6,691.4 Mn in 2017, expanding at a CAGR of 5.3% from 2018 to 2026.
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Fragrance is considered a functional ingredient in home care products to mask unpleasant odors. Home fragrances are becoming an essential item in several households owing to their properties of creating a favorable environment at homes. These products are made with various types fragrances such as lavender, jasmine, eucalyptus and others that help to liven up the mood of the consumers, thereby creating a stress free environment Growing demand for natural essential oils in home fragrance products is also resulting in the growing demand for home fragrance products. Rising discretionary income leading to increasing inclination of consumers towards various types of home fragrance products is another factor responsible for the steady growth of the home fragrances market.
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The online channel segment is witnessing rapid growth among consumers for purchasing home fragrance products. Online sales amounted to more than US$ 2.5 Trn in 2018, which is expected to cross the US$ 4.5 Trn market by the end of 2021. Round the clock availability, and fast turnaround time are some of features offered by online purchases that are particularly preferred by the millennials. The lucrative nature of the e-commerce industry has urged several manufacturers of home fragrances to operate online.
Europe dominated the global market for home fragrances in 2017. However, Asia Pacific identified as the fastest growing market for home fragrances during the forecast period from 2018 to 2026. China, Japan and India are the front-runners to the growth of the industry at present. Growing middle class population in these countries contributing to the growth of the home fragrance industry. The middle class population in China expected to cross the 750 million mark by the end of 2022, which will be equivalent to 76% of the total population. The standard of living in China has witnessed a rapid increase over the past five years, with personal income witnessing an annual growth of 7% during the same period. According to National Bureau of Statistics (NBS) China, per capita disposable income of the country stood at US$ 4,099.4 in 2017, with median income at US$ 3,566.8. These statistics portray a promising growth of the home fragrances market in China
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Geographic expansion, merging, acquisition and new product launch are some of the strategies adopted by the players to remain competitive among themselves. The 3M Company is a multinational conglomerate operating in the fields of consumer goods, industry and healthcare and is one of the dominant player in this market. In 2016, the Company introduced Filtrete Whole House Air Fresheners, which has five different scents such as floral, vanilla, cinnamon, linen and berry. Unlike plug-in fresheners and candles, that adds fragrance in a particular room, Filtrete Whole House Fresheners releases fragrances to multiple rooms using home’s forced-air cooling and heating system vents.
The global home fragrance market comprises of large number of regional and international players thus making the market fragmented in nature. Some of the major players operating in the market are 3M Company, SC Johnson & Son, Inc., Air Esscentials, Givaudan S.A, Scent Air, Newell Brands, Bath & Body Works, Korona Candles S.A, Reckitt Benckiser, Procter & Gamble among others. Manufacturers compete among themselves on delivering high quality products in order to gain competitive advantage.
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