LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global fragrance diffusing device market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global fragrance diffusing device market will grow at a CAGR of almost 10% during the forecast period. Introduction of technologically advanced product ranges is a major factor driving the market’s growth.
Apart from delivering fragrance and eliminating foul odors from the air in a room, many smart fragrance diffusing devices are introduced in the market that can automatically change the fragrance based on the needs of the users. The smart fragrance diffusing device is different from other smart home products as it is not solely dictated by a mobile application. This feature sets these products apart from other smart products or diffusers. The application can be manually operated to diffuse certain fragrances. The fragrance diffusing device can operate on its own and chooses the best scent to match the user's daily routine.
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In this report, Technavio highlights the growing wellness tourism industry on a large scale as one of the key emerging trends driving the global fragrance diffusing device market:
Growing wellness tourism industry on a large scale
Spas have become an essential part of the wellness tourism. Hectic schedules and time-pressed lifestyles have contributed to health issues such as skin problems, obesity, poor immunity, heart problems, and different chronic diseases among consumers. Inbound international and inbound domestic wellness tourism are the two different kinds of wellness tourism. The increasing consciousness among consumers about their health and wellness is one of the factors that has been contributing to the growth of the global spa equipment market, including global fragrance diffusing device market.
Wellness tourism is on the increase as it improves the quality of life and prevents health issues. It is also one of the largest segments of the global tourism industry. The US, Germany, China, and Japan are some of the leading countries in the global wellness tourism market. The US leads in both kinds of wellness tourism.
Wellness tourism encourages people to travel to different countries with the purpose of stimulating health and well-being through physical, spiritual, and psychological activities. Global lifestyles changes and advanced health trends are drawing attention toward the impact of the wellness industry on improving life, enhancing the bottom lines of businesses, and reducing health-care costs. The wellness tourism industry contributes to around 5.5% and 6.5% of domestic and international trips respectively.
“The spa market contributes a significant portion to the overall wellness tourism industry. Spa tourism represents about 42% of wellness tourism expenditure and is expected to grow further in the next five years. Owing to growth in the wellness tourism market, the number of spa facility services have increased. This drives the demand for products related to spas. The global fragrance diffusing device market is expected to benefit from the growth in the wellness industry,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
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Global fragrance diffusing device market segmentation
This market research report segments the global fragrance diffusing device market based on product (manual control fragrance diffusing devices and smart fragrance diffusing devices), end-user (commercial users and residential users), and geography (the Americas, APAC, and EMEA).
The manual control fragrance diffusing devices segment held the largest market share in 2017, accounting for nearly 81% of the market. It was followed by the smart fragrance diffusing devices that contributed the second largest share in the market.
EMEA was the leading region for the global fragrance diffusing device market in 2017, accounting for a market share of close to 43%. It was followed by the Americas that held the second largest share in the market followed by APAC.
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