EUROPE AIR FRESHENERS MARKET
1.1. Market Definition
1.2. Market Segmentation
1.3. Product Overview
2. Research Methodology
2.1. Variables (Dependent and Independent)
2.2. Multi Factor Based Sensitivity Model
3. Executive Summary- Europe Air Freshener Market
4. Market Dynamics
4.4. Brand prices by product
7. Competitive Landscape
7.1. Company Profiles
7.1.1. Henkel AG & Co. KGaA
7.1.2. Reckitt Benckiser Group plc.
7.1.4. Aqua Aroma
7.1.6. Jess s.r.o.
7.1.7. ELiX Corporate Group
Growing concerns for Improving Air Quality and high demand for Natural Air Fresheners
The European market has been witnessing a rise in demand among the consumers in the region for natural air fresheners, owing to various reasons such as these natural air fresheners are made with natural ingredients such as essential oils and various herbs that are considered to be safe for the users. Moreover, several artificial fresheners that are being offered for sale in the market offer a pleasant fragrance which can also cause problems for the health of individuals. Poor levels of indoor air quality arise as a result of greater usage of artificial air fresheners that can cause adverse health effects to the lungs and sometimes throats of individuals which can lead to asthma and other problems related to breathing in individuals. According to gov.uk, a public sector information website that has been created by the Cabinet Office of the United Kingdom Government, it had reported that Non-methane volatile organic compounds can cause vapour to be released from products such as air fresheners and has also undertaken to reduce emissions that arise from Non-methane volatile organic compounds by 39% by the year 2030.
Growing Disposable Incomes of Individuals and rise in the number of vehicles sold in the region
The standard of living of individuals in the European region have been growing over the last decade, with a greater number of individuals being in possession of disposable incomes who are attracted towards air fresheners that can provide good fragrance in the places where they are being used. Additionally, the number of vehicles sold in the European region have been rising steadily, which has generated higher demand among the population in the region to consume air fresheners for their domestic use in vehicles that can release a fragrance by providing an aroma in a specified area, in addition to masking any form of odour that might be present in such area. According to European Automobile Manufacturers Association (ACEA), the passenger car registrations in the EU had remained stable last year, which is expected to fuel the demand for air fresheners among the population in the region over the next few years.
Many of the air fresheners that are being used also hold a diverse variety of fragrances, including essential oils. The chemicals that are found in fragrances emit a pleasant odour, although serious health risks are posed if there is considerable exposure for a longer period of time. Apart from that, the release of volatile organic compounds into the air, and higher chances of occurrence of indoor air pollution cannot be ruled out, even though they are preferred by individuals in the region are some of the factors that could limit the growth of the market.
By Product Type
On the basis of product type, the Europe air freshener market is segmented into aerosol-based air freshener, gel-based, electric air freshener, air ionizers, oil diffusion, fragrance sachets, reed diffusers and others. The aerosol-based air freshener segment that held a market share of 26.34% in 2018 is estimated to register significant growth over the forecast period. This is owing to the fact that these air fresheners are easy to use, in addition to their designs which look attractive for consumers apart from their usefulness.
By Distribution Channel
On the basis of distribution channel, the market is further segmented into offline and online. The offline segment is anticipated to hold the largest market share over the forecast period. However, online segment is predicted to register a significant growth rate over the forecast period, owing to increasing number of users conducting their transactions of purchasing products through the online mode.
By End User
The end user segment comprises of residential, commercial and automotive segments. The residential segment is estimated to occupy the largest market share over the forecast period, as these air fresheners can help cover up the odour that might be present and make them smell better, which is mainly due to lower ventilation levels that might be present inside the homes that can cause obnoxious smells to be present inside the homes.
Some of the affluent industry leaders in the Europe air freshener market are Henkel AG & Co. KGaA, Reckitt Benckiser Group plc, Tasotti, Aqua Aroma, Tropikcar, Jess s.r.o. and ELiX Corporate Group. Additionally, few other players in the market have also been engaged actively in the offering of different kinds of air fresheners in the Europe air freshener market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.