Global Market Research Company US Global Home Fragrances Market Forecast & Opportuni | Page 17

I N D U S T RY B R I E F
According to TechSci Research report, “Global Home Fragrances Market By Product Type, By Distribution Channel, By Region, Competition,
Forecast & Opportunities, 2024”, home fragrances market, globally, is projected to reach $ 9.4 billion by 2024, as they create a favorable environment at
home. Moreover, launch of new aesthetically pleasing products, personalization of the products and usage of natural ingredients in the products are
expected to boost demand for home fragrances during forecast period. S. C. Johnson & Son, Inc., Reckitt Benckiser Group plc (RB) and The Procter &
Gamble Company are among the major players operating in global home fragrances market.
In terms of distribution channel, global home fragrances market has been categorized into store-based retail and non-store-based retail. Of these, store-
based retail segment accounted for majority market share in 2018 and is likely to maintain its leading market dominance in coming years. The non-store-
based retail segment is anticipated to register growth during 2019-2024, owing to growing popularity of the e-commerce market. Moreover, e-commerce
and technology are transforming this category with new user experiences, where luxury brands and small start-ups alike are racing to embrace e-
commerce, making this channel even stronger.
Asia-Pacific region is expected to grow at the fastest rate in global home fragrances market during the forecast period, owing to increasing awareness
about leading a hygienic lifestyle. Japan and China are the major markets for home fragrances in the Asia-Pacific region. Rising middle-class population
and growing disposable income in these countries are few of the major factors contributing to the region’s home fragrances market growth. Moreover,
growing e-commerce market, owing to more than ever increasing internet penetration in the region is likely to aid the market growth.
“Growing inclination towards a hygienic lifestyle and favorable home environment is driving the global home fragrances market. Increasing disposable
income in Asia-Pacific is leading to lifestyle changes. All the aforementioned factors are expected to offer growth opportunities to players operating in
global home fragrances market over the course of next five years.”, said, Mr. Karan Chechi Research Director with TechSci Research, a research-based
global management consulting firm.