The global deodorizer bags market size is expected to reach USD 857.7 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.7% over the forecast period. The market is driven by increasing consumer awareness about health concerns, especially due to air borne diseases. Moreover, significant change in the consumer preference for different types of fragrances is expected to augment the demand for deodorizer bags.
The market is driven by increasing demand for the premium and quality products due to the natural ingredients present in them. Moreover, growing working class population and rising disposable income are likely to drive the demand for the products over the forecast period.
Enhanced freshness and capability of deodorizer bags to remove unpleasant odor are driving the product demand. Moreover, increasing number of product launches by the manufacturers is boosting the market growth. However, high cost of these products as compared to the other deodorizing agents has been a factor restraining the growth of the market.
The market in North America is anticipated to grow due to the rise in the sales of natural products, along with increasing product launches. The growth in the region is also attributed to growing health awareness among consumers and rise in the economic factors, such as disposable income and purchasing power for the consumers. Moreover, increasing sales in the automotive and footwear sector are anticipated to drive the product demand in Asia Pacific over the forecast period.
Growing interest in the natural and quality products among the working population due to their various health benefits will fuel the product demand in the market. Companies are expanding their geographical reach and developing novel products in order to gain a major share in the market. The market is recognized by a few initiatives such as mergers and acquisitions, limited extension, and online sales and developments, endeavored by the key players including Moso Natural; Home Pro Goods Inc.; California Home Goods Inc.; Etsy Inc.; and BreatheFresh Solutions.
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Further key findings from the study suggest:
Based on application, the cars segment is projected to expand at a CAGR of 9.8% over the forecast period. The residential segment dominated the market with an overall share of 72.3% in 2018
North America dominated the market in 2018 and accounted for 49.3% share of the overall revenue. This trend is projected to continue over the next few years owing to growing automotive industry, which is attributed to rise in mobility, mainly in developed countries
The deodorizer bags market in Asia Pacific is anticipated to witness growth due to increasing disposable income in countries, such as India, South Korea, China, and Japan
The industry is highly competitive due to presence of key players including Moso Natural; Home Pro Goods Inc.; California Home Goods Inc.; Etsy Inc.; and BreatheFresh Solutions
Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovations to estimate existing and future demand patterns from upcoming product segments.