The Asia Pacific Home Fragrance Market would witness market growth of 9.4% CAGR during the forecast period (2023-2030).
Developing goods compatible with smart home technologies is an emerging trend in the market. For instance, some businesses are creating aroma diffusers that can be operated by a smartphone app, enabling users to schedule fragrance delivery and change the scent intensity. The industry has also benefited from more public awareness of home fragrances due to media like television ads, and others.
As people place greater value on the upkeep and enhancement of their houses, home fragrances are steadily gaining popularity. Among the benefits of using the product is its ability to reduce or eliminate offensive odors, increase energy, sharpen attention, and help the immune system. In addition, the booming rise of the spa industry, which is frequently utilized to relax and de-stress its clientele, has made a substantial contribution to the rising demand.
It is anticipated that the young population will have a positive impact on economic growth because they make up a sizeable proportion of the working population. This is attributed to the fact that this portion of the population rents and buys homes and apartments on a massive scale. For instance, Southeast Asia is expected to have the highest youth labor force, with almost 100,000 people entering the workforce every day, according to figures published by UNICEF in October 2019. In terms of merging technologies or coming up with appealing appearances and designs, a sizeable number of businesses producing items geared exclusively at the youth demographic are anticipated to play a big effect in helping the market gain traction.
The China market dominated the Asia Pacific Home Fragrance Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,610.5 million by 2030. The Japan market is experiencing a CAGR of 8.6% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 10% during (2023 - 2030).
Based on Product, the market is segmented into Sprays, Scented Candles, Essential Oils, Incense Sticks and Others. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Specialty Store, Online, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Home Fragrance Market is Projected to reach USD 19.4 Billion by 2030, at a CAGR of 8.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seda France, Inc., Newell Brands, Inc., Bath & Body Works, NEST Fragrances, S. C. Johnson & Son, Inc., The Estee Lauder Companies, Inc., The Procter and Gamble Company, Reckitt Benckiser Group PLC, Bougie et Senteur and Scentair Technologies, Inc.
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