Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global air freshener market generated $10.12 billion in 2017, and is estimated to reach $13.27 billion by 2025, growing at a CAGR of 3.5% from 2018 to 2025.
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Surge in demand for air care, rise in issues related to indoor air quality, and changes in lifestyle preferences drive the growth in the market. In addition, significant increase in car sales supplement the growth. However, high initial cost of production hinders the market growth. On the other hand, demand for high-end lifestyle and surge in usage of air fresheners in hospitals and healthcare centers create new pathways in the industry.
Sprays/aerosols segment to maintain its leadership status by 2025
The sprays/aerosols segment accounted for nearly half of the total market share in terms of revenue in 2017, and is expected to maintain its leadership status by 2025. This segment is also projected to register the fastest CAGR of 4.3% from 2018 to 2025. This is attributed to ease of availability across the world and widespread adoption for usage in cars. Based on type, the research also analyzes electric air fresheners, gels air fresheners, candles air fresheners, and others.
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Individual customer segment to maintain its dominance throughout the forecast period
Based on type of customer, the individual customer segment held the major share in the market in 2017, contributing more than two-thirds of the total market, and will maintain its dominance throughout the forecast period. This is due to increase in inclination of consumers toward sanitation along with premium products along with ease of accessibility. However, the enterprise customer segment is estimated to register the highest growth rate with a CAGR of 4.3% from 2018 to 2025, owing to requirement of maintaining good hygiene in offices and other landmarks.
Asia-Pacific to grow at the fastest CAGR
Asia-Pacific would grow at the fastest CAGR of 5.2% from 2018 to 2025, owing to inclination toward luxury in the populous countries such as India and China. However, Europe contributed the major share in 2017, accounting for more than one third of the total share, and is estimated to maintain its lead position during the forecast period. This is due to presence of developed retail infrastructure that offers ease in availability.
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Frontrunners of the industry
Leading market players analyzed in the research include Procter & Gamble Co., Henkel KGaA, Reckitt Benckiser Inc., Car-Freshener Corporation, Church & Dwight Co. Inc., Kobayashi Pharmaceutical Co. Ltd., SC Johnson & Son Inc., Farcent Enterprise Co. Ltd., Godrej Household Products Ltd., and Newell Brands.
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