(MENAFN- America News Hour) Recent report published by research nester titled
“air freshener market : Global Demand Analysis & Opportunity Outlook 2024”
delivers detailed overview of the global air freshener market in terms of market segmentation by product type, by application, by packaging material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global air freshener market is segmented into product type such as spray, electric air fresheners, gel air fresheners, candle air freshener and others (Liquid air fresheners, solid air fresheners, crystal bead air fresher). Among these segments, spray air fresheners segment is expected to occupy top position in overall air freshener market during the forecast period.
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The market of spray air freshener is growing due to the increasing popularity among residential users. Further, demand for spray air freshener in developing countries such as India and others is expected to increase over the forecast period due to rising affluent middle class population across the globe.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Increasing Affluence of Middle Class Population in Developing Nations
Middle class population of various developed and developing countries such as U.S., Canada, China, India and others are adopting air freshener owing to the growing importance of aromatherapy. Moreover, rising disposable income and rapid urbanization is anticipated to positively impact the growth of the global air freshener market.
Growing Consumer Preference for Natural Fragrances
Rising consumer preferences for air fresheners with natural fragrances is anticipated to strengthen the growth of the market. Moreover, innovations and expansion of natural fragranced air freshener product portfolio by various companies is also anticipated to positively impact the growth of the market.
Although, lack of product awareness and economic fluctuations in developed markets such as Europe are some of the factors is likely to dampen the growth of air freshener market during the forecast period.
Global air freshener market is expected to flourish at a significant CAGR of 2.9% during the forecast period. Moreover, the global air freshener market is expected to garner USD 14.2 Billion by the end of 2024. The global demand for air freshener is increasing due to the rising concern for indoor air quality. Further, rising disposable income among middle class is expected to spur the growth of the global air freshener market over the forecast period.
Europe grabbed the largest percentage in overall air freshener market in 2016. Factors such as high standard of living and high disposable income are predicted to trigger the growth of air freshener market in the Europe region. Asia Pacific is projected to witness highest CAGR growth during the forecast period.
Burgeoning population, rising disposable income and untapped potential of air freshener in Asia-Pacific market is the major reason which is driving the demand for air freshener in Asia-Pacific region. In Asia-Pacific region, Japan, China, South Korea and India are the major countries which are creating a huge demand for the air freshener. Factors such as rising affluence among middle class population are boosting the demand for air freshener market.
This report also provides the existing competitive scenario of some of the key players of the global air freshener market which includes company profiling of
Procter & Gamble Co.,
S.C. Johnson & Son, Reckitt Benckiser, Godrej Industries Ltd., Henkel AG & Co. KGaA, Farcent Enterprise, HandStands, Kobayashi Pharmaceutical Co., Ltd., Blue Magic and Church & Dwight Co. Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the Global air freshener market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
The Final Report will cover the impact analysis of COVID-19 on this industry @
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