Global Fragrance Diffuser demand is projected to be valued at nearly US$ 27.75 Billion in 2022, forecast to grow at a CAGR of 7.08% to be valued at approx.
The global fragrance diffuser demand is projected to be valued at nearly US$ 27.75 Billion in 2022, forecast to grow at a CAGR of 7.08% to be valued at approx. US$ 55 Billion from 2022 to 2032. Growth is attributed to the rising demand for renovation projects and development in residential and commercial construction.
As per the latest report published by International SPA Association (ISPA), the industry is likely to experience stable growth with upsurges in overall revenue, locations, number of spa visits, and revenue per visit in the United States.
The growth in the number of spa stores being launched across several countries including the United States, coupled with an escalation in the number of spa visits, is one of the crucial driving aspects for sales of aromatherapy diffusers in spa centers in the country.
The market for fragrance diffusers is anticipated to reach around US$ 27.75 billion in 2022 and is expected to increase at a CAGR of 7.08 percent to reach roughly US$ 55 billion from 2022 to 2032. Growth is attributable to increase in residential and commercial building as well as the rising demand for renovation projects.
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Reasons for Covering Fragrance Diffuser Market Title
Expanding fragrance industry, consumers are demanding for natural fragrances due to rise in health consciousness and side effect associated with products such as allergies and toxins, growing demand for luxury home fragrance, the rise in need for alternative to allopathic drugs worldwide are the factors influencing the growth of the fragrance diffuser market in the near future.
Additionally, growing consumption of fragrances to reduce stress and stimulate the mind along with increasing adoption of fragrance diffuser with silent ultrasonic technology are some other factors fueling the growth of the fragrance diffuser market during the forecast period. However, direct intake of essential oil can adversely affect such as rashes and allergies. Thus, fragrance diffuser is one of the safest technique for consumption of essential oils which may boost the revenue of fragrance diffuser market in the near future.
Global Fragrance Diffuser Market: Key Players
Some of the key players operating in the global fragrance diffuser market are Ripple Fragrances Company, Ellia USA Company, Reckitt Benckiser Group PLC, ArOmis Company, SpaRoom Company, doTERRA International, NEST Fragrances Corporation, GreenAir Inc., Artnaturals Company, Organic Aromas, Young Living Essential Oils, and other players.
Due to continuously changing consumer buying behavior, companies in the fragrance industry are focusing on the introduction of exciting, and unique fragrances to attract consumers and have a competitive edge among their competitors is one of the leading factor driving the growth of the global fragrance diffuser market.
Moreover, a rapid rise in popularity of aromatherapy for medical purpose, growing consumption of essential oil such as lavender oil helps in curing migraine problems, and rosemary oil help in improving concentration levels attributed to the growth of global fragrance diffuser market.
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Also, growing product premiumization trend and demand for unique designed fragrance diffuser is expected to increase the fragrance diffuser market during the forecast period. However, the presence of unregulated local players in the Asia-Pacific region has been created a thread for various multinational brands to increase their penetration in the developing countries may hinder the growth of fragrance diffuser market during the forecast period.
Opportunities for Global Fragrance Diffuser Market Participants
Rapidly rise in demand for essential oils for aromatherapy. Essential oils have both physiological and psychological healing properties. Thus, aromatherapy uses essential oils to enhance the health of the body, spirit, and mind is the primary factor due to which fragrance diffuser market is expected to grow at a rapid pace, over the forecast period.
Moreover, expanding the premium product market and an increasing number of young consumer seeking luxury products as well as speedily growing popularity of social media and online retailers. The luxury brands in the fragrance diffuser market are adopting product premiumization strategy to meet growing consumer demand for innovative products with high quality is attributed to the growth of the fragrance diffuser market during the forecast period.
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Aug 04, 2022
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