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The global home fragrance market size is expected to experience a considerable growth by reaching USD 27.63 billion by 2027. The growth is attributed to the growing number of spa centers that is likely to favor the adoption of innovative products across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Home Fragrance Market Size, Share & COVID-19 Impact Analysis, By Product Type [Candles (Unscented and Scented), Room Sprays, Reed Diffusers, Essential Oils, and Incense Sticks], and Distribution Channel (Online and Offline), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 22.89 billion in 2019 and is projected to exhibit a CAGR of 3.1% between 2020 and 2027.
NEST Fragrances Launches Innovative Smart Home Fragrance Diffuser to Brighten its Market Prospects
In September 2020, NEST Fragrances, a leading lifestyle fragrance company, in partnership with Pura, a smart home fragrance solutions provider, announced the launch of a new Smart Home Fragrance Diffuser. Powered by Pura, the diffuser device can be controlled by a smartphone. Additionally, the device includes intelligent features such as adjusting the intensity of the scent, switching between two fragrances at the push of the button, and creating customized scent schedules. The device is expected to go on sale by mid-October across all convenience stores in the United States.
Laura Slatkin, Founder of NEST Fragrances, said, “We aim to explore and develop innovative products that allow our consumers to enjoy the extraordinary scent of our luxurious products. The fragrance products are developed considering the customers’ evolving lifestyles.”
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Growing Number of Spa Centers to Surge Demand
According to the International Spa Association, there are about 19,733 Health & Wellness Spa centers doing brisk business in the United States as of 2020. Additionally, in 2017, the average revenue of each spa was estimated to be around $803,000, a 1.9% increase compared to 2016. The growing number of spa centers owing to the rejuvenating regime followed by the working population is driving the demand for innovative candle and home fragrance products. These products aid in relaxing the body and mind and, therefore, are widely adopted by spa centers across the globe. This is expected to bode well for the growth of the global market in the forthcoming years.
Eminent Companies Develop Innovative Fragrance Products to Strengthen Their Market Positions
The global home fragrance market is experiencing a healthy competition between major companies to maintain their stronghold. These companies are focusing on launching innovative candle and home fragrance products to cater to the growing demand from the residential and commercial sectors. Additionally, other key players are striving to maintain their presence by adopting strategies such as partnership, collaboration, and merger and acquisition that will contribute to the growth of the market during the forecast period.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Product Type, Distribution Channel, and Geography
By Product Type
By Distribution Channel