The pandemic having affected several nations has had severe effects on the economy. Owing to the imposition of lockdown, major disruption in industrial and supply chain has led to lower sales revenue. Additionally, most of the workers returning to their native in the backdrop of less availability of work are expected to hinder the market growth in the forthcoming years. However, the private companies are trying to bring back the labor force with support from the government by offering lucrative incentives and allowances. This will favor market growth in the near future.
The global candle and home fragrance market size is expected to reach USD 27.63 billion by 2027 while exhibiting a CAGR of 3.1% between 2020 and 2027. This is attributable to the large presence of the youth population that is majorly driving the labor force and the rising residential sector that propels the demand for innovative candle and home fragrance products globally COVID-19 has led to Dearth of Skilled Labors and Dwindling Sales Revenues
The candle and home fragrance products are majorly adopted across households to reduce unpleasant smell and spread positivity. These products bring a calming effect with their aromatic scent. Additionally, they aid in reducing stress and making the surrounding relaxed by improving mental focus.
What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Presence of Youth Population to Favor Market Growth
According to the data published by UNICEF in October 2019, South East Asia is estimated to be the largest youth labor force having on an average around 1,00,000 people joining the workforce every day. The large presence of youth is leading to the surging residential sector as the youth are either staying on rent or owning properties that are likely to boost the demand for innovative candle and home fragrance products across the globe. Additionally, to cater to the growing demand for luxury candles the manufacturers are developing new products that will bode well for the global candle and home fragrance market growth during the forecast period.
SEGMENTATION
Candle Segment Held 35.89% Market Share in 2019
The candle segment, based on product type, held a market share of about 35.89% in 2019 and is likely to gain momentum owing to the increasing demand for innovative and aromatic candles for gifting purposes.
REGIONAL INSIGHTS
Presence of Luxurious Homes in North America to Favor Growth
Among all the regions, North America is expected to hold the highest position in the global candle and home fragrance market in the forthcoming years. This is attributable to the presence of luxurious homes in countries such as the United States that is expected to drive the demand for advanced candle and home fragrance products in the region.
The market in Europe is expected to showcase significant market growth during the forecast period. This is ascribable to factors such as the rising spending on home care and maintenance products that is expected to boost the adoption of advanced candle and home fragrance products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Collaboration to Develop Innovative Room Fragrance Products
The global candle and home fragrance market is fragmented by the presence of major companies that are striving to maintain their presence and gain a major chunk in terms of revenue during the forecast period. These companies are collaborating with other companies to develop innovative candle and home fragrance products and further brighten their market prospects.
Industry Development:
September 2019 – Norlan announces its collaboration with Mark Buxton to develop three new home fragrances. The three fragrances are On the Dense Wet Edge of the Highlands, Below the Looming Sharp Rocks of Skye, and Where the Coast Divides the Water and Sky on Islay. Additionally, the companies launched a ceramic diffuser that increases the dispersion of the scent.
List of the Companies Profiled in the Global Market for Candle and Home Fragrance:
- The Procter & Gamble Company (Cincinnati, Ohio, US)
- The 3M Company (Saint Paul, Minnesota, USA)
- S. C. Johnson & Son, Inc. ( Racine, Wisconsin, USA)
- Reckitt Benckiser Group plc (Slough, UK)
- Newell Brands (Atlanta, Georgia, USA)
- Circle E Candles (Houston, USA)
- Esteban Paris (France)
- Broken Top Candle Company (Oregon, USA)
- Bridgewater Candle Company (South Carolina, USA)
- The Copenhagen Candle Company LTD (HA, United Kingdom)
